Severe housing shortages are prompting existing homes to sell significantly faster this year, propelling home sales to the highest pace in more than a decade, the National Association of REALTORS® reported Friday. Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops—reached a seasonally adjusted annual rate of 5.71 million in […]
Mortgage rates at a new 2017 low this week
The 30-year fixed-rate mortgage continues to drop this week, setting a new low for 2017, Freddie Mac reports in its weekly mortgage market survey. This marks the fourth consecutive week that 30-year rates have fallen. Freddie Mac reports the following national averages with mortgage rates for the week ending April 13, 2017: 30-year fixed-rate mortgages […]
Housing inventory is the worst ever
The number of homes for sale is at the lowest level on record, according to the National Association of REALTORS®, who began tracking inventory 18 years ago. That means many home buyers likely will find fewer options this spring, and the homes that are being listed tend to sell fast and at a premium. The […]
Renters now dominate in half of U.S. cities
Fifty-two of the 100 largest U.S. cities were majority renter in 2015, according to U.S. Census Bureau data. Since 2009, 21 cities had shifted to renter-rule. Renters now dominate in both hot housing markets such as Denver and San Diego and more tame markets like Detroit and Baltimore. The homeownership rate has fallen steadily for […]
Home sales drop amid inventory and affordability issues
Existing-home sales dropped in February as tight inventory and weakening affordability conditions kept many buyers out of the market in most parts of the country, the National Association of REALTORS® reports. Total sales for existing single-family homes, townhomes, condos, and co-ops fell 3.7 percent to a seasonally adjusted annual rate of 5.48 million, compared to […]
Rates on the rise
Actions are starting to match words. For the second time in three months, the Federal Reserve raised the federal funds rate — the benchmark rate for other interest rates — this past Wednesday. Specifically, the Fed raised the range on the fed funds rate 25 basis points (a quarter of a percentage point) to 0.75% […]