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☆ Existing home sales rose 3% to start the year, but higher mortgage rates are already hurting
▼ + stars: | 2024-02-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of previously owned homes rose 3.1% in January to 4 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. The count is based on closings, so the contracts were likely signed in November and December, when mortgage interest rates backed off their October high of 8%. "Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year." While lower mortgage rates helped boost January sales, today's higher rates are already once again weighing on the market. Correction: The 32% all-cash share of January 2024 home sales was up from 29% in January 2023.

Persons: Lawrence Yun, Yun, It's Organizations: National Association of Realtors, Mortgage News, NAR, Redfin

☆ Why it’s so hard to find an apartment you can afford
▼ + stars: | 2024-02-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Washington, DC CNN —Finding a new apartment to rent can be a slog. In New York City, the rental vacancy rate, which is the share of habitable unoccupied units, has dropped to a record low 1.4%. In Boston, the rental vacancy rate was a very tight 2.6% at the end of last year, according to the Census Bureau. However, the most recent vacancy rate is also lower than the more typical 3.6% from prior to the pandemic. In the fourth quarter of 2023, the rental vacancy rate was 6.6%.

Persons: Maria Torres, ”, Orphe Divounguy, “, that’s, Lawrence Yun, Yun Organizations: DC CNN, New York City Department of Housing Preservation, Development, Census, New York City, Springer, Real Estate Investment Services, Joint Center for Housing Studies of Harvard University, National Association of Realtors Locations: Washington, Northeastern, New York, Boston, New York City, Yorker, Manhattan, Northeast, Southern, Austin , Texas

☆ Home prices are falling in these 32 real estate markets as affordability improves after the toughest quarter in 38 years
▼ + stars: | 2024-02-10 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Modest yet meaningful declines in home prices and mortgage rates gave aspiring homeowners some much-needed relief in the fourth quarter, according to recently released data from the National Association of Realtors (NAR). The third quarter of 2023 was the worst three-month stretch for home affordability in 38 years , according to data from the NAR’s housing affordability index. In nearly half of US markets, families bringing in less than $100,000 couldn’t afford to buy a standard home on a 10% down payment last quarter, according to the NAR. 32 cities where home prices are fallingProperty value gains were widespread and significant in the fourth quarter. Below are those 32 US cities where single-family homes got cheaper in the fourth quarter compared to the prior year, according to the NAR.

Persons: —, ”, Lawrence Yun, Yun, That’s, ” Yun Organizations: Service, National Association of Realtors, Business, NAR, ” Homeowners Locations: Northeast

Though mortgage rates have ticked up a little bit in recent weeks, they're still well below the peaks reached in fall 2023, when 30-year mortgage rates neared 8%. Most major forecasts call for mortgage rates to go down further this year, which should help even more hopeful buyers afford homeownership. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate is 6.69%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched down to 5.96% last week, according to Freddie Mac data.

Persons: they're, Lawrence Yun, you'll, Freddie Mac, it's, they've Organizations: National Association of Realtors, Zillow, Federal Reserve Locations: Chevron

☆ The frozen housing market may be starting to thaw
▼ + stars: | 2024-01-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The US housing market is showing renewed signs of life as 2024 begins. AdvertisementThe US housing market has been largely frozen for the last two years, but it's starting to show signs of a thaw as sales activity and mortgage applications pick up, and mortgage rates ease. AdvertisementPending home sales increased 8% in December. Mortgage applications have also picked up. "The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices," said Lawrence Yun, the chief economist for the NAR.

Persons: —, Odeta Kushi, Freddie Mac, Lawrence Yun Organizations: Service, National Association of Realtors, NAR, Federal Reserve

☆ Premarket stocks: January’s turnaround could be a good omen for the year
▼ + stars: | 2024-01-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

New York (CNN) — US stocks rallied powerfully last week after a topsy-turvy start to the month. History indicates that if the market can cling to those gains, that could bode well for the rest of the year. But last week, all three major indexes turned positive for the year as tech stocks led the broader market higher. The January barometer, introduced in the Stock Trader’s Almanac, states that however stocks perform during January, their year-end performance will follow suit. That is good news for the 85 million homeowning households that enjoyed further gains in housing wealth, said Lawrence Yun, chief economist at NAR.

Persons: turvy, bode, Bell, Anna Rathbun, we’re, it’s, we’ve, Bryan Mena, ” Joanne Hsu, Anna Bahney, Lawrence Yun, Read Organizations: CNN Business, Bell, CNN, Dow Jones, Nasdaq, CBIZ Investment Advisory Services, The University of Michigan’s, National Association of Realtors Locations: New York

High mortgage rates had a huge impact on the housing market last year, but we'll likely see conditions improve in 2024. Mortgage rates rose to a more than two-decade high last year, and homebuying demand all but disappeared as a result. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months." See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched down to 5.76% last week, according to Freddie Mac data.

Persons: Lawrence Yun, you'll, Freddie Mac, it's, they've Organizations: Mortgage, National Association of Realtors, NAR, Zillow, Federal Reserve Locations: Chevron

“Consumer views were supported by confidence that inflation has turned a corner and strengthening income expectations,” Hsu added. “Like December, there was a broad consensus of improved sentiment across age, income, education, and geography,” Hsu said. There may, however, be some relief in 2024 as mortgage rates fall in line with reduced interest rates from the Federal Reserve. “Mortgage rates will continue to remain a wild card for home shoppers,” said Danielle Hale, chief economist at Realtor.com. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months."

Persons: Joanne Hsu, ” Hsu, ”, Danielle Hale, Lawrence Yun Organizations: University of Michigan, Republicans, Federal Reserve, National Association of Realtors, “, Realtor.com, National Association of Home Builders, Federal Reserve Bank of New, Federal Reserve Bank, Atlanta’s Locations: “, Federal Reserve Bank of New York

☆ Home sales in 2023 were the lowest in nearly 30 years, but prices still hit a record
▼ + stars: | 2024-01-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —The residential real estate market tumbled in 2023, as soaring interest rates steadily slowed sales activity — but home prices still hit a record high. Even with all the disruptions of the onset of the pandemic, sales in 2020 ended at about 5.5 million. The next year, sales soared to over 6 million amid the frenzied market as mortgage rates sank in 2021. As mortgage rates hit 7.79% in October 2023, the highest in 23 years, sales sank again, to about 4 million. If there had been more listings on the market in 2023, we would have had more home sales.”

Persons: Lawrence Yun, ”, Yun, Lisa Sturtevant Organizations: DC CNN, National Association of Realtors, “, ”, Federal Reserve Locations: Washington, homeownership, —

☆ December home sales slump to close out worst year since 1995
▼ + stars: | 2024-01-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales were 6.2% lower than in December 2022, marking the lowest level since August 2010. Full-year sales for 2023 came in at 4.09 million units, the lowest tally since 1995. Regionally, on a month-to-month basis, sales were unchanged in the Northeast and fell 4.3% in the Midwest. There were 1 million homes for sale at the end of December, making for a 3.2-month supply at the current sales pace. Individual investors, who make up a large share of all-cash sales, bought 16% of homes, down from 18% in November.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, Midwest ., Mortgage News, Homes Locations: Northeast, West

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. Despite easing mortgage rates, existing home sales fell 1% in December from the previous month to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010, the NAR said. Last month's sales pace is short of the roughly 3.83 million that economists were expecting, according to FactSet. “The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun, the NAR's chief economist. The national median home sales price rose 4.4% in December from a year earlier to $382,600, the NAR said.

Persons: Freddie Mac, ”, Lawrence Yun Organizations: ANGELES, The National Association of Realtors, NAR, Federal Reserve, Treasury Locations: U.S

☆ The housing market in 2023 saw its worst year of sales in 29 years
▼ + stars: | 2024-01-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Read previewThe housing market is coming off its weakest year of home sales since 1995, according to data out Friday from the National Association of Realtors. For the full 12 months, total existing home sales hit 4.09 million units, and sales were lower across all regions in the US year-over-year. Related stories"The latest month's sales look to be the bottom before inevitably turning higher in the new year," NAR economist Lawrence Yun said. AdvertisementTotal existing home sales, year-over-year. "Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth," Yun said.

Persons: —, Lawrence Yun, Freddie Mac, Yun Organizations: Service, National Association of Realtors, Business, NAR Locations: homeownership

☆ November pending home sales were unchanged, despite a sharp drop in mortgage rates
▼ + stars: | 2023-12-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates are key in this report, with the average rate on the 30-year fixed mortgage soaring over 8% in mid-October before dropping sharply to 7.5% in the first week of November, according to Mortgage News Daily. Analysts had expected the drop to cause a slight gain in pending sales, but apparently it wasn't enough, given steep home prices and tight supply. Regionally, pending sales rose 0.8% month over month in the Northeast and 0.5% in the Midwest. Mortgage rates are now solidly in the mid-6% range, but the supply of homes for sale is still very low. "With mortgage rates falling further in December – leading to savings of around $300 per month from the recent cyclical peak in rates – home sales will improve in 2024," Yun added.

Persons: Lawrence Yun, –, Yun Organizations: National Association of Realtors, Mortgage News, Midwest ., Builders, CNBC PRO

Both are yet another indication that inflation has moderated from its pace of last year when consumer inflation was running at a 9.1% annual rate. “After fears of "sticky" and "persistent" inflation, the month to month slowing in the core pce readings is encouraging. Core pce has risen by 0.3% or less for 8 consecutive months. Political Cartoons on Inflation View All 19 Images"This report hit the trifecta,” said Navy Federal Credit Union corporate economist Robert Frick. “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years,” said Lawrence Yun, NAR chief economist.

Persons: ” Kathy Jones, ”, Robert Frick, “, Zumper, Lawrence Yun, Curt Long Organizations: Federal Reserve, pce, Schwab Center, Financial Research, Federal Credit Union, National Association of Realtors, NAR, Fed, Labor, National Association of Federal Credit Unions, Dow Jones Industrial Locations: “

☆ Pending home sales drop to a record low, even worse than during the financial crisis
▼ + stars: | 2023-11-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Pending home sales, a measure of signed contracts on existing homes, dropped 1.5% in October from September. They hit the lowest level since the National Association of Realtors began tracking this metric in 2001, meaning it's even worse than readings during the financial crisis over a decade ago. Because the index measures signed contracts, it is the most recent indicator of housing demand. The realtors continue to say it's not just high rates but still very low supply of homes for sale that is deflating activity. The Realtors noted that sales of homes priced above $750,000 have been increasing simply because there is more supply on the high end of the market.

Persons: it's, Lawrence Yun Organizations: National Association of Realtors, Mortgage News, The realtors, NAR, Realtors Locations: Northeast

☆ Pending home sales drop to a record low, exceeding the decline seen during the 2008 housing collapse
▼ + stars: | 2023-11-30 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Pending home sales dropped to their lowest level on record in October as mortgage rates remain high. The decline in pending home sales exceeds the drop seen during the 2008 housing bust. AdvertisementPending home sales fell in October to its lowest level on record, exceeding the decline seen during the 2008 housing collapse. But a decline in interest rates since then has pushed mortgage rates back down to about 7.3%. That slight decline in mortgage rates should help open up the housing market, but it's likely still not enough to completely thaw the frozen market.

Persons: —, Lawrence Yun, Freddie Mac, Yun Organizations: Service, National Association of Realtors

☆ US pending home sales fell to their lowest level in 20 years last month
▼ + stars: | 2023-11-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US pending home sales fell to their lowest level in 20 years in October as mortgage rates surged to their highest levels of the year, according to a report released Thursday. Pending home sales dropped 1.5% last month from September, monthly data from the National Association of Realtors showed. The pending home sales index — a forward-looking indicator based on contract signings rather than closings — was down 8.5% from a year ago. Completed sales of existing homes and sales of new construction homes, which are also based on contract signings, also fell in October. In October, existing home sales fell to the lowest level in 13 years, remaining below 4 million for the first time since October 2010.

Persons: —, ”, Lawrence Yun, Yun, Hannah Jones, October’s, Jones, — Jones, ” Jones, “ Organizations: DC CNN, National Association of Realtors, Northeast, NAR, Realtor.com, “ Locations: Washington, Midwest, South, West

☆ Homebuyers can expect mortgage rates in the 6% range next year, says NAR's Lawrence Yun
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHomebuyers can expect mortgage rates in the 6% range next year, says NAR's Lawrence YunLawrence Yun, National Association of Realtors chief economist, joins 'Squawk Box' to discuss the state of the housing market, why he believes it's a strange market of record-high home prices, deep-slumping home sales, and more.

Persons: NAR's Lawrence Yun Lawrence Yun Organizations: National Association of Realtors

☆ Soaring mortgage rates take their toll on the US housing market as sales slump to a 13-year low
▼ + stars: | 2023-11-22 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Activity is now at a 13-year low as rising borrowing costs take their toll on the US housing market. Mortgage rates have cleared 7.5% this year, driven higher by the Federal Reserve’s war on inflation. AdvertisementThe spike in mortgage rates dragged on the US housing market once again last month, as activity plunged to a 13-year low even as prices ticked up. Soaring mortgage rates, driven to their highest level since the turn of the century by the Federal Reserve's war on inflation, have fueled the housing-market slowdown. As a result, existing homeowners have opted to cling to the historically low mortgage rates they locked in over the last 15 years rather than move house.

Persons: —, Freddie Mac, Lawrence Yun, Yun Organizations: National Association of Realtors, Federal, Service, Biden Administration, NAR

Mortgage rates have been falling consistently for several weeks now, and 30-year mortgage rates are finally back down near 7% after spiking close to 8% last month. So far this year, high mortgage rates have made homeowners reluctant to sell and give up the low rates they're currently paying. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.76% last week, according to Freddie Mac data, which is a five-basis-point drop from last week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: It's, Lawrence Yun, Freddie Mac Organizations: homebuyers, National Association of Realtors, NAR, Zillow, Fed Locations: Chevron

☆ October home sales fell because of high mortgage rates, soaring prices and low inventory
▼ + stars: | 2023-11-21 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Sales slumped in October and prices continued to climb, as mortgage rates surged last month and inventory remained extraordinarily low. Home sales remained at 13-year lows as buyers competed for the few available homes on the market and continued to push up prices. Elevated prices, together with the average rate for a 30-year fixed rate mortgage nearing 8% in October, have created the least affordable market in several decades. Home sales were down in lower priced categories – under $750,000 – due to lack of inventory and sales grew in higher price categories where there was more inventory. “The lack of inventory and higher interest rates really hitting the home sales market,” said Yun.

Persons: —, ”, Lawrence Yun, Yun, “ Organizations: DC CNN —, National Association of Realtors, West, NAR, “ Locations: Washington, Northeast, Midwest, South

Sales of existing homes fell by 4.1% in October as a shortage of houses for sale and higher mortgage rates dampened activity, the National Association of Realtors said on Tuesday. The annual level of sales reached 3.79 million, down 14.6% from a year ago when sales were 4.44 million. “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said NAR Chief Economist Lawrence Yun. There is some relief, however, as mortgage rates have fallen in the past week. Some housing industry analysts believe rates could trend under 7% early next year as overall interest rates begin falling amid expectations the Federal Reserve is done raising rates.

Persons: ”, Lawrence Yun, ” Yun, “, Danielle Hale Organizations: National Association of Realtors, Midwest, Federal Locations: “

LOS ANGELES (AP) — Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 13 years as surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines. That’s weaker than the 3.90 million sales pace economists were expecting, according to FactSet. They have fallen five months in a row, held back by climbing mortgage rates and a thin supply of properties on the market. Political Cartoons View All 1260 Images“Lack of inventory along with higher mortgage rates (are) really hindering home sales,” said Lawrence Yun, the NAR’s chief economist. That amounts to just a 3.6-month supply, going by the current sales pace.

Persons: ”, Lawrence Yun, Freddie Mac, homebuyers Organizations: ANGELES, National Association of Realtors, Homes, NAR Locations: U.S

☆ US existing home sales hit more than 13-year low; prices push higher
▼ + stars: | 2023-11-21 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"The combination of high prices, high mortgage rates, and millions of homeowners unwilling to move, given they've locked in low rates, has frozen the market," said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia. Economists polled by Reuters had forecast home sales would slide to a rate of 3.90 million units. Existing home salesTIGHT SUPPLYThere were 1.15 million previously owned homes on the market last month, down 5.7% from a year ago. Most homeowners have mortgage rates under 5%, making many reluctant to sell. At October's sales pace, it would take 3.6 months to exhaust the current inventory of existing homes, up from 3.3 months a year ago.

Persons: Sarah Silbiger, Robert Frick, Freddie Mac, Lawrence Yun, Yun, Jeffrey Roach, Lucia Mutikani, Paul Simao Organizations: REUTERS, WASHINGTON, National Association of Realtors, Navy Federal Credit Union, homebuyers, Reuters, Treasury, realtors, U.S, Congress, Builders, LPL Financial, Thomson Locations: Washington , U.S, Vienna , Virginia, Northeast, West, Midwest, Charlotte , North Carolina

☆ Home sales fell to a 13-year low in October as prices rose
▼ + stars: | 2023-11-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The October sales count is based on closings from contracts likely signed in August and September. At the end of October there were 1.15 million homes for sale, down 5.7% from a year earlier. Sales fell in all price categories up to $750,000, but there was an increase in sales of higher end homes. Yun also noted that there are more homes available for sale on the higher end of the market. First-time buyers represented 28% of October sales, unchanged from a year ago and still significantly lower than the 40% share they have represented historically.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors

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