New data on home-purchase agreements in the United States for July showed an increasing numbers of buyers canceling housing deals, as higher interest rates tanked the market, according to Redfin. Many buyers are continuing to pull away from the housing market amid rising borrowing costs since rates went up in the first quarter of 2022….
US Home-Purchase Cancellations in July Soar as Buyers Pull Back
August 16, 2022
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Business & Marketseconomyhome buyinginflationmortgage ratespersonal financereal estaterecessionUS Real Estate
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Number of Homes for Sale Across US Soars as Increased Demand, Higher Prices See Buyers Hit Pause
The number of homes for sale across the United States increased at a record rate in July, signaling that higher mortgage rates and soaring prices are decreasing consumer demand for housing, according to a report published by Realtor.com on Aug. 9. The growing number of homes for sale could mean that would-be buyers may have more negotiating power…
US Home Prices Cooled at a Record Pace in June
August 2, 2022
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Business & MarketseconomyinflationInvestmentMarketsmortgage ratespersonal financereal estateU.S. home pricesUSUS Real Estate
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Skyrocketing mortgage rates and inflation in the United States have caused the housing market to tumble in June, allowing historically high home prices to stabilize and unit stock to grow, according to a report from mortgage data analytics firm Black Knight. The rise in housing prices rapidly slowed in June, according to the report, though…
US Home Sales Fell in June as Prices Reach New Heights
Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines. Existing home sales fell 5.4 percent last month from May to a seasonally adjusted annual rate of 5.12 million, the National Association of Realtors said Wednesday. That’s…
Rents Are at a Record High, but Cheaper Than Buying a Starter Home
Higher mortgage rates are pushing many homebuyers into the rental market, despite rising rents, transforming the real estate field across the United States. The U.S. median rental price still lags behind average starter homeownership costs, more so than at the start of 2022. Despite higher rents, it is now more affordable to rent than to…
Home Listings Rise in June While Prices Begin to Drop, Demand Reaching ‘Breaking Point’
July 1, 2022
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Business & Marketseconomyhome listingshousing inventorymortgage ratesreal estaterealtorU.S. home pricesUSUS Real Estate
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The U.S. housing market seems to be cooling off as the tight inventory situation shows signs of reversal, according to data from real estate listings website Realtor. In June, the number of real estate listings increased by 18.7 percent compared to the same time in 2021, according to a June 30 news release by the…
US Housing Market Proving Resilient
July 1, 2022
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Business & MarketsBusiness Columnistshome priceshousing marketmortgage ratesOpinionreal estateUS Real EstateViewpoints
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Commentary A U.S. housing market downturn will arrive, but it won’t be anything like 2008. After an unreasonably hot period for home prices following the COVID-19 pandemic, fueled by a new suburban migration wave and historically low interest rates, pundits are calling for a major housing crash similar to the one experienced during the Great…
Navigating Today’s Daunting Housing Market
It has not been a great year for Wall Street and the economy. In an effort to combat rampant inflation, the Federal Reserve (Fed) raised interest rates in early May. In June, the Fed increased interest rates once again, by 75 basis points, marking the largest increase in a single meeting since the early 1990s….
How Will the Sharpest Rise in Mortgage Rates in 3 Decades Affect Home Prices?
By Jeff Ostrowski From Bankrate.com Mortgage rates are climbing fast. The national average rate on a 30-year mortgage rose to 5.91 percent this week, surging from just 2.87 percent in August 2021, according to Bankrate’s national survey of lenders. The last time mortgage rates rose so swiftly was in 1994. In late 1993, rates were…
Over 40 Percent of Homes See Prices Drop in Multiple Local Housing Markets
June 30, 2022
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Affordable HousingBusiness & Marketseconomyhome prices to fallmortgage ratesnew home buyerreal estateUSUS Real Estate
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With home sellers realizing that buyers are no longer able to afford houses at current prices and mortgage rates, they are adjusting expectations and prices are dropping in multiple housing markets across the United States, according to real estate brokerage Redfin. In Provo, Utah, 47.8 percent of homes for sale saw prices go down in…
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