Tag Archives: NAHB/Wells Fargo Housing Market Index (HMI)

With mortgage rates continuing to edge closer to the 8% mark, home builders have reduced home prices in order to boost sales. Just how many reported cutting home prices in October? We’ve got the answers.

“Incoming data shows that the construction of new homes rebounded in September, but as rates keep rising, home builders appear to be losing confidence,” said Freddie Mac Chief Economist Sam Khater. Check out the data and further insights after the link.

A new Zillow survey reveals that 80% of mortgage holders report having a rate of less than 5%, as over time, homeowners will come to terms with higher rates as commonplace.

A new report finds that labor issues continue to be a concern in the industry, with a decreased skilled labor pool magnified by an increase in the number and size of certain projects.

“Lack of existing inventory continues to drive buyers to new construction,” said National Association of Home Builders Chief Economist Robert Dietz.

The MBA reports that mortgage app volume rose for the fourth consecutive week, fueled by a continued drop in rates at the outset of the spring buying season.

S&P CoreLogic Case Shiller reports that despite a 20.4% annual gain in April 2022, home prices in the U.S. were down slightly from 20.6% recorded the previous month.

The MBA reports overall mortgage app volume slid 6.5% week-over-week, with buyers continuing to be shunned by a combo of high rates and prices, amid slowly rising inventory.

Mortgage rates rose slightly this week to 2.88%, still below 3%, with prospective homebuyers snatching up all available inventory.

The Census Bureau and HUD have found new home sales slowing in July, rising slightly over June’s totals, and limited by multiple supply-side headwinds.