Novembers numbers show pending sales didn't move compared to October, but lower rates did apparently lead to more lockbox openings — hinting that better days lie ahead Despite being jam-packed with real estate news, just-released data shows that November saw pending home sales remain flat compared to one month earlier — though the numbers do offer some hints of an improving market.In total, the National Association of Realtors’ Pending
While Federal Reserve policymakers had forecast 3 rate cuts next year, futures markets see an 85% chance of at least 6 rate cuts after a key inflation metric shows the economy is cooling rapidly Mortgage rates are continuing a stunning retreat from 2023 highs this week after a key inflation metric showed the economy is cooling rapidly — perhaps too rapidly for those hoping for a soft landing in 2024.The Bureau of Economic Analysis reported
The S&P CoreLogic Case-Shiller National Home Price Index posted a yearly increase of 4.8% in October, the fastest annual rate gain of 2023 and 'the strongest national growth rate since 2022'October saw the highest home price increase of 2023, according to new data, despite mortgage rates also rising significantly that month.The S&P CoreLogic Case-Shiller National Home Price Index posted a yearly increase of 4.8 percent and
A recent surge in construction of single-family homes could offer more opportunities for home buyers in the new year.Existing-home sales posted a slight gain last month, breaking a streak of five consecutive monthly declines and foreshadowing what is expected to be a more favorable real estate market in 2024.The National Association of REALTORS® reported Wednesday that existing-home sales, which are completed transactions for single-family
Despite unprecedented challenges, and the predictions of naysayers, the residential real estate market showed surprising strength in 2023, according to industry analyst Michael Gifford Despite unprecedented challenges, the housing market emerged as a resilient and surprising beacon of stability in 2023. While supply constraints continued and the Federal Reserve’s interest hike lasted longer than expected, the sharp decline in hom
Homeowners looking to refinance are finding savings after mortgage rates dropped again last week.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.07% from 7.17%, with points falling to 0.59 from 0.60 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association. That was the lowest level since July.“Mortgage
Construction spending (not adjusted for inflation) totaled $2.027 trillion in October at a seasonally adjusted annual rate, up 0.6% from the upwardly revised September rate and up 11% year-over-year (y/y), the Census Bureau reported today. However, without a deflator, it is impossible to say how much of the y/y gain is in units vs. price. Private residential construction rose 1.2% for the month, with single-family homebuilding up 1.1% (
Mortgage rates keep falling after Powell tries to deflate expectations for the spring rate, as 3 new reports released this week suggest the economy is, in fact, losing steam Mortgage rates continue to retreat from 2023 highs, but homebuyer demand for purchase loans remained flat last week, as for-sale inventories are still tight in many markets and prices remain out of reach of some would-be buyers.Demand for purchase mortgages was down 0.3 perce
Local housing markets sing when the “Anti-Hero” crooner comes to town, a new study finds.There’s no bad blood between Taylor Swift and real estate. Her sold-out stadium concerts are proving to be good karma for local housing markets.Architectural Digest explores in a new study(link is external) the possible housing impact of Taylor Swift’s record-breaking Eras Tour, which has grossed $1 billion to date. And look at what you made
Borrowing costs have dropped for the fifth-straight week and are expected to go lower through the end of the year.Falling mortgage rates are bringing holiday cheer to home buyers. The 30-year fixed-rate mortgage, which has been backing away from its near-8% high in October, dropped to 7.22% this week, marking the fifth consecutive week of declines, Freddie Mac reports.“Market sentiment has significantly shifted over the last month, leading to a
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