The number of housing starts tumbled last month, despite signs that the home sales market is heating up again after falling. Housing starts take into account the change in the number of new residential buildings beginning construction. New single-family home construction fell 8 percent from May to June, according to July 19 report from the U.S. Census…
Housing Starts Tumble Despite Signs of an Improving Home Sales Market
July 20, 2023
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Existing Home Sales Drop as Mortgage Demand Crashes
April 21, 2023
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Existing home sales fell in March, as higher interest rates continued to put pressure on borrowers, but some analysts believe that the housing market slump is nearing an end. Rising mortgage rates last month were a likely factor in deterring buyers by adding downward pressure on housing values, as fewer borrowers can afford higher payments. Home…
California’s ‘Dream for All’ Home Down Payment Program Ran Out of Money in 12 Days
April 18, 2023
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Demand for California’s new downpayment assistance program overwhelmed the system and depleted its $300 million budget in less than 12 days, with applications put on pause effective April 7, according to the housing finance agency. The legislator responsible for proposing the program responded optimistically to the news. “It is incredible and inspiring to see that…
California Home Sales Down More Than 30 Percent Annually
April 17, 2023
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Data comparing February 2023 to the same time last year by the California Association of Realtors (CAR) last month reveals continued softness in California real estate markets with double-digit declines in sales across the state. All regions paint a similar picture, with volume and prices dropping, and the unsold inventory index and median days on…
Average Home Price to End the Year 4.8% Lower Than 2022, Will Rise 4.7% in 2024: CREA
The Canadian Real Estate Association expects the average price of a home to end the year 4.8 per cent lower than 2022, but says prices will rise by roughly the same amount in 2024. The association’s prediction revealed Friday amounts to an average price of $670,389 this year and $702,214 next year, when prices are…
Home Prices Drop, Breaking 11-Year Streak of Increases
The longest streak of rising home prices on record was broken in February when the median price of a home in the United States dipped by 0.2 percent in annualized terms. The National Association of Realtors (NAR) said Tuesday that the median existing home price was $363,000 in February, down 0.2 percent from $363,700 recorded…
Canadian Home Sales Drop 40 Percent in February Compared With Year Ago
February’s home sales plummeted 40 per cent from a year ago to levels not seen since before the pandemic as new listings and prices also dropped in what one economist called “hints of a bottoming process.” The plunge in sales came as actual average home prices declined 18.9 per cent compared with the all-time record…
Mortgage Demand Up as Rates Fall for 5th Consecutive Week
February 8, 2023
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Mortgage demand is recovering as rates continued to fall last week for the fifth consecutive time. The news caused current homeowners and potential homebuyers to immediately react to the changes. The total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4 percent for the week ending Feb. 3, according to the…
US Home Sales Drop to 12-year Low; Price Growth Cools
WASHINGTON—U.S. existing home sales plunged to a 12-year low in December, but declining mortgage rates raised cautious hope that the embattled housing market could be close to finding a floor. The report from the National Association of Realtors on Friday also showed the median house price increasing at the slowest pace since early in the…
Mortgage Demand Slumps Again Despite Rates Easing as Housing Downturn Intensifies
November 2, 2022
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Even though mortgage rates eased down a bit, demand for mortgages fell for the week ended Oct. 28, according to data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures mortgage loan-application volume, declined by 0.5 percent on a seasonally adjusted basis for the week ended Oct. 28 when compared to a…
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