Since mortgage rates hit nearly 8% last October, Redfin has found that homebuyers on a $3,000 monthly budget have gained significant purchase power since that time.
Read More »December Pending Home Sales Cross 8% Mark
"The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices," said Lawrence Yun, NAR Chief Economist.
Read More »Existing-Home Sales Fall to 30-Year Low
On an annual basis, existing-home sales (4.09 million) fell to the lowest level in nearly 30 years, while the median price reached a record high of $389,800 in 2023.
Read More »Kasper Steps Down as NAR President
Citing personal reasons, Tracy Kasper has informed the leadership team of the National Association of Realtors that she is stepping aside, to be replaced immediately by President-Elect Kevin Sears.
Read More »Mortgage App Volume Declines as Tumultuous Year Comes to a Close
Despite mortgage rates steadily falling over the last month of 2023, overall mortgage application volume slipped nearly 10% over a two-week span to close out the rollercoaster ride that was the housing market of 2023.
Read More »Sliding Mortgage Rates Renew Buyer Interest in November
Pending home sales in November remained the same as October 2023's report, however NAR expects that to change as the downward trend in mortgage rates is expected to shift home sales upward to close out 2023.
Read More »What 2024 Holds for the Housing Market
"Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region,” said Lawrence Yun, the NAR’s Chief Economist.
Read More »Pending Home Sales Drop on Monthly, Yearly Basis
“Today’s data signal that home sales activity is likely to remain steady, at a low level, over the next few months as limited options and significant affordability challenges weigh on buyers,” said Realtor.com Senior Economic Research Analyst Hannah Jones.
Read More »Existing Home Sales Experience Nearly 15% YoY Drop
"Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation," said NAR Chief Economist Lawrence Yun.
Read More »Will Stormy Commercial Real Estate Conditions Soon Clear?
"There's tremendous difficulty in the commercial real estate market with higher interest rates," said Lawrence Yun, the Chief Economist for the National Association of Realtors. But are there changes on the horizon?
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