Existing home prices were up 18% from a year ago at the end of June, according to data from the S&P CoreLogic Case-Shiller Index. That represents a slower pace of home price growth than was seen in the previous month, May, where we saw a 19.95 annual gain. The 10-city composite index increased 17.4%, down […]
Rising rates hurt buyers more than home price rises, economist says
August 26, 2022 by
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 […]
Amid rising costs and higher inflation, new home sales grind to a halt
August 25, 2022 by
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 […]
Home affordability falls to lowest point in 33 years
August 24, 2022 by
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 market rebalances with home values falling and inventory growing in July
August 23, 2022 by
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 […]
No surprise as study finds cheaper homes face toughest competition
August 19, 2022 by
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 […]
Builders voice concern as new home starts dip by 10% annually
August 18, 2022 by
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 […]
Zillow study highlights higher mortgage fees for buyers with lower credit scores
August 17, 2022 by
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 […]
Though inflation fell last month, housing costs kept rising
August 13, 2022 by
Having risen to its highest level in 40 years last June, inflation declined marginally at the end of last month. Due to a decrease in the Consumer Price Index’s gasoline index, that market remained unchanged compared to one month earlier, having hit a seasonally adjusted rate of 1.3% in June. The Bureau of Labor Statistics […]
Consumer confidence in housing falls to lowest point in 11 years
August 10, 2022 by
Fannie Mae said in a monthly survey released this week that consumer’s confidence in the housing market is now at its lowest level since 2011, with both buyers and sellers increasingly pessimistic. According to the survey, just 17% of respondents believe now is a good time to buy a home, down from 20% one month […]
