U.S. pending home sales tumbled 4 percent in November, according to the National Association of Realtors (NAR). This is up from the 4.6 percent drop in October, but the reading was worse than the market estimate of a 0.8 percent dip. On a year-over-year basis, pending home sales plummeted 37.8 percent, down from the 37…
US Home Sales Fall Again, Posts Second-Lowest Monthly Reading in 20 Years
What to Do If Your House Won’t Sell
Commentary Due to the Federal Reserve increasing interest rates at a record pace, the housing market has come to a standstill. While we aren’t seeing dramatic discounts yet, significant price decreases are on the horizon as sellers will be forced to lower their prices to sell their homes. This is great news if you’re a…
3 Midwestern States Now Rivaling Florida, New York in Rent Hikes
It’s not surprising that rents in high-priced locations like New York and Florida are always on the rise, but escalating rents in midwestern markets can be a real head-scratcher. Rent.com’s December national Rent Report indicates rents in three midwestern locations are now climbing at almost the same percentage rate as two of the higher-priced markets…
Lumber Prices Hit 2022 Low as Homebuilder Sentiment Collapses
December 23, 2022
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Business & Marketseconomic policieseconomyhome builder sentimentinflationlumber pricesmortgage ratereal estaterecessionUSUS Real Estate
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Lumber prices hit an all-time low after homebuilder sentiment tumbled for the twelfth straight month in December. The building commodity peaked at $1,336 per thousand board feet in late February, but has settled to around $379, as of Dec. 22, to its lowest level since the pandemic in June 2020. The price of lumber is down…
US Single-Family Housing Starts Drop in November Due to High Mortgage Rates
December 21, 2022
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Business & Marketseconomic policieseconomyHome ConstructioninflationMarketsmortgage ratespersonal financePolicies & Impactsreal estaterecessionUSUS Real Estate
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Monthly construction of new single-family homes and building permits fell to a two and a half year low in November. This was caused by higher mortgage rates combined with inflation, which further weakened housing market activity, according to a report from the U.S. Census Bureau, on Dec. 20. The single-family housing market once boomed during…
Homebuilder Sentiment Drops for 12 Months in a Row to Lowest in Decade
December 21, 2022
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Homebuilder sentiment has dropped every month in 2022, amid a volatile economy, reaching the lowest level since 2012 in December, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) published on Dec. 19. The decline comes as inflation remains elevated and mortgage rates, driven by the Federal Reserve’s aggressive monetary tightening…
Existing Home Sales Expected to Drop Next Year to 11-Year Low
December 14, 2022
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Existing home sales in the United States will likely drop in 2023 to an 11-year low. Sales of previously owned homes will fall for a second year in 2023 to their lowest annual total since 2012, when the housing market was still recovering from the subprime mortgage crisis of 2008–09, according to the National Association of…
Investor Home Purchases Follow National Trend of Housing Market Slump
Investor home purchases are down over 30 percent year-over-year nationwide, mirroring the trend of individual home purchases over the past several months. A recent report from Redfin indicates the third quarter drop is the largest decline since the Great Recession, with the exception of the second quarter of 2020 due to the Pandemic. Investors bought…
Total Number of Homes for Sale Jumps by Record Amount as Housing Market Slowdown Continues
December 9, 2022
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Business & Marketseconomyhome priceshousing availabilityhousing inventorymortgage ratesreal estateU.S. home salesUSUS Real Estate
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Home sale numbers in the United States rose by a record, while new listings fell amid a slowing down in the housing market, according to real estate brokerage firm Redfin. There was a 15 percent increase in the total number of houses available for sale for the week ended Dec. 4 when compared to a…
Home Prices Will Fall for First Time in 10 Years: Real Estate Brokerage
December 8, 2022
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30-year mortgageBusiness & Marketseconomymortgage applicationsmortgage paymentsmortgage ratespersonal financereal estateU.S. home pricesU.S. home salesUSUS NewsUS Real Estate
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Yearly home prices in the United States are set to fall next year for the first time in a decade, with residential property sales also declining, according to real estate brokerage Redfin. The median home sales price is expected to drop by 4 percent to $368,000 in 2023, which will be its first annual decline…
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