Tag Archives: National Association of Realtors (NAR)

Even as mortgage rates edge closer to the 6% mark, homebuyers nationwide are faced with the prospect of low inventory, with new listings having fallen 21.8% year-over-year nationwide.

Continued low mortgage rates have not equated into a strong start to the spring homebuying season, as the MBA reports a decline in overall application volume after four consecutive weeks of increases.

A judge in the U.S. District Court for Northern Illinois has granted plaintiffs class certification in an antitrust suit against NAR that challenges home sellers paying the commissions of real estate agents representing homebuyers.

As the summer buying season approaches, the National Association of Realtors expects pending home sales numbers to make further incremental increases this year.

"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun.

“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.

As existing-home sales fall for the 12th consecutive month, Freddie Mac reports that the rise in rates to 6.50% has exacerbated affordability issues for homebuyers nationwide.

Existing-home sales have declined 0.7% month-over-month from December 2022, and 36.9% year-over-year, as the median existing-home sales price rose 1.3% from one year ago to $359,000.

“A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years,” National Association of Realtors Chief Economist Lawrence Yun said.

What caused the uptick in fixed mortgage rates, and what might it mean for the housing market in the months ahead?