U.S. home prices have suddenly jumped after seven months of declines, according to a recent report. Home prices rose 0.16 percent nationally in February compared to January, when adjusted for seasonality, according to Black Knight’s latest Mortgage Monitor Report from April 3. This was the first monthly increase after seven months of declining housing costs. A…
Home Prices Suddenly Jump After 7 Months Of Declines
April 3, 2023
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Unprecedented Construction Needed in BC to Offset Record Immigration: Report
A new report says home construction in British Columbia will need to rise to unprecedented levels to offset the impact of record immigration on the housing market. The B.C. Real Estate Association says the province must build 25 per cent more new homes than usual for the next five years to address deteriorating housing affordability….
Housing Market in Tech Hubs Cooling Faster Than Other Parts of US: Report
Housing markets in tech hubs and pandemic-migration hotspots are cooling faster than other parts of the United States amid a wave of layoffs in the technology sector and elevated mortgage rates, according to real estate broker Redfin Corp’s report on Monday. Redfin round out the top 10 metropolitan areas that cooled the fastest based on how…
Canada’s Shortage of Rental Housing Could Quadruple by 2026, Says Bank Report
Canada is facing a shortage of rental housing that will leave the market short by 120,000 homes by 2026, according to predictions by Royal Bank of Canada (RBC). The bank said it estimated that Canada’s rental housing market is already facing a shortage of about 25,000 to 30,000 units, and said Canada would need to…
Canada’s Shortage of Rental Housing Could Quadruple by 2026, Says RBC
Canada is facing a shortage of rental housing that will leave the market short by 120,000 homes by 2026, according to predictions by Royal Bank of Canada (RBC). The bank said it estimated that Canada’s rental housing market is already facing a shortage of about 25,000 to 30,000 units, and said Canada would need to…
New Home Prices Drop in Canada in Most Cities Thanks to Higher Mortgage Rates: StatCan
New home prices have dropped again, declining 0.2 percent month over month in January in 25 of 27 cities, according to a new report by Statistics Canada (StatCan). In the New Housing Price Index for January 2023, released on Feb. 22, the agency indicated that higher mortgage rates are putting pressure on new house prices,…
US Mortgage Rates Continue Upward Trend, Weighing on Housing Affordability
A new survey revealed that U.S. mortgage rates continue to rise as interest rates adjust in response to stronger-than-expected economic growth. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 6.5 percent for the week ending Feb. 23, up 18 basis points from 6.32 percent in the previous week….
Mortgage Demand Crashes, America’s 3rd Biggest Homebuilder Posts 41 Percent Drop in New Home Orders
February 1, 2023
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Mortgage demand crashed last week, despite a decline in interest rate hikes and a stronger start to the year in January. Total mortgage application volume tumbled 9 percent for the week ending Jan. 27, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index on Feb. 1. “Mortgage rates declined for the…
Housing Market Shows Signs of Life as Pending Home Sales Rise for First Time in 14 Months
January 27, 2023
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The U.S. housing market showed a sign of early recovery, as pending home sales of rose for the first time in 14 months. Pending home sales rose 2.9 percent in December, the first month-over-month increase since October 2021, according to data from Redfin on Jan. 25. The decline in pending sales also eased for the…
Twenty-Five Percent of Homebuyers Looking to Shift to New Metro Areas Due to High Cost of Housing: Report
January 25, 2023
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Roughly a quarter of Redfin homebuyers looked to move to a different metropolitan area in the fourth quarter of 2022 owing to home affordability issues, with places like Sacramento, Las Vegas, and Phoenix topping the list of destinations. In fourth quarter 2022, 24.6 percent of Refin users wanted to shift to a new metro area,…
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