Tag Archives: Single-Family Homes

New Fannie Mae data revealed the pandemic prompted many first-time homebuyers to move from smaller housing units in high-density cities to larger homes in lower-density areas, fueling a rise in home sales and lowering the number of days homes sit on the market.

The MBA reports that the downturn in mortgage rates has triggered homebuyer interest, as overall app volume has increased for the second consecutive week, and refinance activity rose 6% week-over-week.

Using the FHFA's first-of-its-kind dataset, economists gauge the ability of appraisals to predict future house prices.

NAR reports that existing-home sales nationwide faded for the ninth straight month to a seasonally adjusted annual rate of 4.43 million.

Affordability continued to hamper first-time buyers looking to purchase a home during Q3. A new report revealed single-family existing-home sales prices grew in nearly every metro analyzed, with the national median home price climbing nearly 9% from 2021.

According to the latest Redfin analysis, a surge in construction during the pandemic boom resulted in nationwide inventory growth, as the share of single-family homes is up 25% from Q3 of 2021.

A new study from LendingTree found that mobile homes are much less expensive than single-family homes, offering homebuyers a cheaper alternative in purchasing. However, data revealed that mobile homes appreciated in value almost as quickly as single-family homes nationwide from 2016 to 2021.

“Year-over-year home price growth decelerated in the third quarter, as the sharp rise in mortgage rates—and declining housing affordability—appears to have weighed further on demand,” said Doug Duncan, Fannie Mae’s SVP and Chief Economist.

Mortgage credit availability fell slightly in June, according to the MBA, as mortgage rates reacted to the Fed’s actions in raising the nominal interest rate to curb inflation.

As builders continued to face rising costs, supply-chain issues, and extended completion times, the buying market has cooled amid high mortgage rates and lingering affordability concerns.