NAR Chief Economist Lawrence Yun draws the distinctions between today’s real estate market and that of more than a decade ago.Many homeowners are still haunted by the 2008 housing crash when property values collapsed and foreclosures spiked. The memory of a sudden catastrophe at a time when the real estate market had been riding high may help explain why 41% of Americans say they now fear a housing crash in the next year, according to a new sur
Rates below 6.5% are lifting home purchase demand at the start of the spring homebuying season.Mortgage rates continued to slide this week, even after recent bank failures failed to stop the Federal Reserve from hiking its benchmark interest rate for the ninth consecutive time. Mortgage rates are following the downward trend of 10-year Treasury yields, which is helping to lift homebuying demand. While the 30-year fixed-rate mortgage averaged 6.42
Sales of newly built single-family homes rose 1.1% in February while the average sale price climbed to just under $500K, according to data released Thursday by the US Census Bureau Sales of newly constructed single-family homes remained mostly flat during February, marking only a modest increase ahead of the spring buying season, according to data released Thursday by the U.S. Census Bureau.Sales of newly built single-family homes rose 1.1 pe
Prices fell in February for the first time in 131 months, which could bring more buyers to the market just in time for spring, according to NAR’s latest housing report.Existing-home sales ended a yearlong decline in February, posting gains for the first time in 12 months, the National Association of REALTORS® reported Tuesday. Existing-home sales increased 14.5% month over month—which marked the largest monthly gain since July 2020—reachin
Recent bank failures are creating economic panic, but there may be a silver lining for home buyers.Mortgage rates, which have risen more than half a percent over the last five weeks, fell this week amid fears about the sturdiness of the nation’s banking industry. Silicon Valley Bank and two others that primarily support the technology industry shuttered operations, sending shock waves through the U.S. economy.The 30-year fixed-rate mortgage dec
iPro was founded on the idea of building a better living with champion real estate services. We focus on incorporating and mastering the latest technologies and perform all types of real estate transactions. Our team of professionals set a stronger standard of business and give superior results.Click here for information on becoming a salesperson.
iPro was founded on the idea of building a better living with champion real estate services. We focus on incorporating and mastering the latest technologies and perform all types of real estate transactions. Our team of professionals set a stronger standard of business and give superior results.Click here for information on becoming a salesperson.
The real estate industry got 2 kernels of good news in the latest jobs numbers from the US Bureau of Labor Statistics The latest jobs data contains a couple kernels of good news for the real estate industry, pointing to less pressure on mortgage rates and an eventual boost in home demand.For one thing, payrolls in real estate continue to come in stronger than in the U.S. at large, with 16,300 new jobs added on a seasonally adj
After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher.Total mortgage application volume rose 7.4% last week, according to the Mortgage Bankers Association's seasonally adjusted index.This happened even as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.79% from 6.71%, with points
Fannie Mae's National Housing Survey shows Americans were feeling less secure about keeping their jobs in February, and nearly 8 in 10 think it's a bad time to buy a home Americans are feeling less secure about keeping their jobs, and nearly eight in 10 think it’s a bad time to buy a home — sentiments that don’t bode well for the spring homebuying season, according to a monthly survey by Fannie Mae.After three consecutive months of improvem
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
