Tag Archives: Realtor.com

After slight relief in mortgage rates last week, the Fed’s sixth rate hike of the year finds the housing market adjusting to rapidly tightening monetary policies, as rates returned north of the 7% mark.

As mortgage rates remain in the 7% range, app volume fell slightly this week, with the refinance share of volume hitting a low last seen in August of 2000.

"In a shifting and ultra-competitive marketplace, with twice as many real estate agents than listings, having insights from experienced agents—80% of whom are confident about making it long term as an agent—about what works best to power business growth has never been more valuable," said Donna August, VP of B2B Marketing at Realtor.com.

According to October’s Monthly Housing Market Trends Report from Realtor.com, data showed nationwide inventory of active listings grew 33.5% year-over-year to a two-year high.

Diminished demand in the housing market has been further dampened by erratic mortgage rates, which dipped slightly this week, as affordability issues continue to put buying significantly out of reach for many.

For the first time since April 2022, mortgage rates have surpassed the 7% mark, with many potential buyers now waiting to see where the market is headed, thus pushing home prices further downward.

The S&P CoreLogic Case-Shiller National Home Price NSA Index for August 2022 reported home price gains continued to slip, as inflation hit a four-decade high, resulting in less money in the pockets of Americans and diminished budgets.

In September 2022, existing-home sales fell for the eighth consecutive month. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today," said Lawrence Yun, Chief Economist for NAR.

Mortgage rates continue to force down application volume, with Freddie Mac reporting rates moving slightly upward yet again this week, adversely impacting the housing market as demand dwindles.

As the population continues to grow and single-family home builds slip, multifamily builds and build-to-rent are hitting historic highs.