Sales of new U.S. single-family homes surged to a 19-month high in September as the annual median house price dropped by the most since 2009 amid discounts offered by builders to woo buyers, but mortgage rates flirting with 8% could curb demand.A chronic shortage of previously owned houses is driving buyers to new construction, a situation that builders are taking advantage of by giving a range of incentives to improve affordability. The bulk of
Home buyers don’t appear to be catching a break with borrowing costs this fall. Rates are nearing a historical average high that hasn’t been reached in more than 52 years.Many aspiring home buyers are getting shut out of the market due to rising mortgage rates, says Jessica Lautz, deputy chief economist at the National Association of REALTORS®. With the 30-year fixed-rate mortgage rising to a 7.63% average this week, potential buyers—parti
U.S. single-family homebuilding rebounded in September, boosted by demand for new construction amid an acute housing shortage, but the highest mortgage rates in nearly 23 years could slow momentum and delay the overall housing market recovery.That was flagged by other data on Wednesday showing applications for loans to purchase a home plunged last week to levels last seen in 1995. In addition, the jump in housing starts partially recouped the d
Home prices continue to escalate, as home buyers find themselves up against increasing affordability constraints. Read more from NAR’s latest housing report.Higher mortgage rates and home prices are spooking buyers. Existing-home sales fell 2% in September compared to August, and are now down about 15% compared to a year ago, according to the National Association of REALTORS®’ newly released housing report. NAR’s existing-home sales report
After coming within $2 of a historical high record during August, the national median rent price dropped 2.02% last monthRent prices fell for the first time in six months during September, according to a new report.After coming within two dollars of a historical high record during August, the national median rental rate dropped 2.02 percent in September, knocking $40 off the national median price, according to a report from Rent.com.The
The housing market is heating up again, pushing prices to record highs even after mortgage rates have spiked. Would-be buyers are in shock.In the housing market today, it feels like what goes up doesn't have to come down.It looked like home prices were finally cooling off late last year after price spikes that began during the pandemic. Nationwide, prices dipped gradually in the second half of 2022 as mortgage rates climbed in response to ri
Employers added 336,000 jobs in September, the biggest jump since January, raising the odds that the Fed will pursue 'higher for longer' rate strategy to get inflation under control Another surprisingly strong jobs report sent long-term interest rates soaring Friday on fears that Federal Reserve policymakers will view the 336,000 jobs that employers added in September as justification for another rate hike.A selloff in long-term bonds briefly sen
Mortgage demand for home purchases slowed to the lowest level in nearly 20 years as aspiring buyers find themselves priced out.Home buyers can’t seem to catch a break in a challenging real estate market plagued by low inventory, high home prices and rising mortgage rates. This week, buyers were dealt another blow as mortgage rates surged to 7.49%, further pressing on their budgets. “Several factors, including shifts in inflation, the job mark
Your buyers likely will see the most housing options, least competition and lowest prices of the year this week, according to new realtor.com® research.Home buyers may want to be in the market this week: It’s the time of year with the most favorable conditions for purchasing a property, a new study shows.Historically, the week of Oct. 1–7 brings the strongest balance of market conditions, with greater home listings, less buyer competition an
Pending home sales fell last month as house hunters struggled against rising costs. Read more from NAR’s latest home sales report.The National Association of REALTORS® reported Thursday that contract signings tumbled 7.1% month over month in August as mortgage rates float above 7%, pushing many aspiring home buyers to the sidelines. All four major U.S. regions saw monthly decreases, according to NAR. Pending home sales are down 19% from a year
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