Tag Archives: Realtor.com

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.

Freddie Mac reports that mortgage rates reached levels last seen in December 2000, as the 30-year fixed-rate mortgage rose 12 basis points week-over-week and low supply continues to create affordability challenges for prospective buyers.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index trended upward in July, with 19 of the 20 major U.S. metro markets reported month-over-month price increases.

According to Realtor.com's August 2023 Rental Report, buying a starter home in the top 50 metros cost approximately 60.3% more than renting, while median U.S. rents experienced their fourth consecutive month of year-over-year declines.

Mortgage rates gained just one basis point week-over-week according to Freddie Mac, marking the sixth consecutive week that the 30-year rate exceeded the 7% mark, pushing down home builder sentiment nationwide.

As challenges persist for first-time homebuyers, mortgage rates trended upward yet again, rising six basis points week-over-week and remaining above the 7% mark for the fifth straight week.

Although mortgage rates remain above 7%, the first week of October has historically been the best time to buy a home due to a drop in demand and reduced home prices.

“The housing market appears to be stuck heading into autumn, with sales activity likely to stay stagnant until housing inventory increases, and mortgage rates decline to more affordable levels,” said MBA President and CEO Bob Broeksmit. Click through to read more on this week's mortgage rates.

“While the uptick in new listings is good news for home shoppers, inventory remains persistently low, even with record-high mortgage rates putting a damper on demand," said Danielle Hale, Chief Economist for Realtor.com.

After the fixed-rate mortgage hit levels recorded 21 years ago, Freddie Mac reported a five-basis point week-over-week slip in rates, and despite continued high rates, the nation’s short supply is keeping house prices steady.