The 2023 housing market is off to a vigorous start. The median price of newly listed homes is climbing, price reductions are continuing to fall, and inventory continues to remain low. Earlier this month inventory did rise slightly to 473,000 single-family homes but “there are no signs in the data that a flood of…
The 2022 housing market was a rollercoaster of a year, so much so that Marty Green, principal at real estate law firm Polunsky Beitel Green, describes it as two very different movies… “The first half of the year, with mortgage rates in the 3s and 4s, was like “Fast and Furious.” Houses were selling…
Earlier this month, mortgage rates fell for the fourth consecutive week to 6.33% – while there is still a way to go as the average mortgage rate was 3.1% a year ago, this decline may be enough to see an increase in housing activity. “The Mortgage Bankers Association (MBA) expects the recent downward trend in mortgage…
Earlier this month mortgage rates fell for the fourth consecutive week to 6.33% from 6.49% – dropping more than three-quarters of a point since hitting a 20-year high in November. One year ago, the average mortgage rate was 3.1%. With mortgage rates continuing to drop, data has shown that the market has begun to…
One month ago, demand was weakening as mortgage rates surged higher than 7% but just last week, we started to see those numbers dip – at the fastest rate in 40 years – down to 6.58%, the second week in a row with notable rate drops. “In recent weeks, rates have hit above 7% only to…
Rising inventory has been a continued trend but over the past two weeks, we’ve started to see a shift in those numbers. This time of year, inventory typically declines but in early September when mortgage rates rose over 6%, inventory started climbing. This decrease is a sign of relief, but will it continue to decline or…
Inventory continues to rise, which is an unusual trend for this time of the year. The number of available homes hit a record high, up 137% with 572,000 single-family homes on the market as of Oct. 21, compared to March of this year when inventory bottomed out. “Usually by this time of the year, we…
Housing inventory has continued to rise and is now at its highest point of the year – although, this week, inventory remained unchanged from the week prior. “In this week’s data, I had expected some inventory growth across the country because buyers have stopped cold with the spiking mortgage rates. But instead, what we’re seeing is…
One of the biggest questions in the real estate industry today is whether we’re in or heading towards a housing recession. The topic is thrown around but who and how do we define that? Inman and Matthew Gardner, Windermere Real Estate’s chief economist share what a recession is, and whether the phrase “housing recession” is appropriate…
As the Fed continues to battle inflation, interest rates were raised by another 0.75% yesterday, September 21. “We will keep at it until the job is done,” Fed chairman Jerome Powell said. “The longer inflation remains well above target, the greater the risk that the public begins to see higher inflation as the norm, and…