Tag Archives: Realtor.com

Potential homebuyers are looking at areas with affordable home prices and lowered housing costs, according to a new WSJ/Realtor.com report, which showed the Midwest is emerging as a new option for home shoppers despite facing low inventory and a quick market pace.

As we head into Halloween, mortgage rates continue to edge closer to the 8% mark, resulting in the longest consecutive rate rise reported since the Spring of 2022. Click through to see what else buyers may fear as we enter the final months of 2023.

"With a record number of new units coming onto the market driving rent prices down, those who may have given up hope of homeownership may be able to leverage more affordable rental options—including downsizing to a smaller unit or considering a roommate for the near term—to help build savings for a future home," said Jiayi Xu, Economist at Realtor.com.

“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.

Freddie Mac reports the 30-year fixed-rate mortgage rose to an average of 7.57% this week, as purchase demand remains at a three-decade low.

Potential homebuyers are now co-buying and living with relatives for longer periods of time, according to a new survey from Realtor.com. Meanwhile, proximity to family remained a leading factor in choosing a place to live as many cohabiting Americans seek relief from childcare and housing costs.

Through an analysis of U.S. Census Bureau data, the National Rental Home Council reports a 5.3% year-over-year increase of households moving into single-family rentals.

"An uptick in homes with reduced prices is a small break for buyers on top of the usual seasonal factors that align to make this first week in October the best week to buy. Yet, the larger context remains challenging. Buyers still struggle with the triple threat of rising listing prices, record-high mortgage rates, and limited inventory, making affordability a continued concern," said Danielle Hale, Chief Economist for Realtor.com.

Mortgage rates rose 18 basis points week-over-week according to Freddie Mac, forced upward by the trajectory of the 10-year Treasury yield, shifts in inflation, and the labor market.

NAR reports that pending home sales dropped in all four U.S. regions month-over-month and compared to one year ago, as mortgage rates above 7% continue to impact homebuying.