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    Rising rates hurt buyers more than home price rises, economist says

    By Mike Wheatley | August 26, 2022
    Home buying is getting harder, with mortgage rates on the rise again this week. This Thursday, they hit an average of 5.55%, according to data from Freddie Mac. Mortgage rates are now almost double what they were one year ago, and the latest data highlights the impact the increases are having on the cost of […]
    Housing, News

    Amid rising costs and higher inflation, new home sales grind to a halt

    By Mike Wheatley | August 25, 2022
    This time last year, new homes were in such big demand that builders simply couldn’t make them fast enough. They were reportedly overflowing with new contracts, and some even resorted to selling their few available lots via lotteries to their legions of wait-listed buyers. However times have changed and buyer traffic has suddenly ground to […]
    Housing, News

    Home affordability falls to lowest point in 33 years

    By Mike Wheatley | August 24, 2022
    Mortgage repayments have risen by an average of 54% compared to the previous year, according to the National Association of Realtor’s June Housing Affordability Index. Meanwhile, household incomes have only increased by 5.8% over the same period. What that means is that housing affordability is now at its weakest level in 33 years, the NAR […]
    Housing, News

    Housing market rebalances with home values falling and inventory growing in July

    By Mike Wheatley | August 23, 2022
    After two years of unprecedented growth, home values fell slightly from June to July, according to the latest market report from Zillow. The market is quickly rebalancing. With buyers' purchasing power diminished by nearly two years of double-digit price growth and higher mortgage rates, competition for homes is dropping off. The typical U.S. home value […]
    Housing, News, Zillow

    No surprise as study finds cheaper homes face toughest competition

    By Mike Wheatley | August 19, 2022
    As home-buying demand cools from the record pace of 2021, competition is now hottest for the lowest-priced homes as mounting affordability obstacles stretch buyers' budgets, the latest Zillow analysis has found. Throughout most of the pandemic, buyers shopping in the middle and top price tiers faced the strongest competition — inventory was relatively lower, and […]
    Housing, News

    Builders voice concern as new home starts dip by 10% annually

    By Mike Wheatley | August 18, 2022
    Homebuilders say they’re becoming concerned that increasing numbers of buyers are pulling out of sales contracts for new homes. That’s led to homebuilder confidence falling for the eighth month in a row, according to the Commerce Department this week. Last month, single-family home construction dropped by 10% annually, falling to its lowest level since the […]
    Housing, News

    Zillow study highlights higher mortgage fees for buyers with lower credit scores

    By Mike Wheatley | August 17, 2022
    Elevated home prices and rising interest rates are feeding into housing affordability woes for potential buyers, especially those with lower credit scores. A new Zillow analysis shows that, nationally, buyers with "fair" credit could be paying up to $288 more on their monthly mortgage payment than those with "excellent" credit. A buyer’s credit profile plays […]
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