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☆ US home prices fall by largest amount annually since December 2011
▼ + stars: | 2023-06-22 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

The median existing home price was $396,100 last month, down 3.1% from a year ago, marking the largest year-over-year price reduction since December 2011. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — rose 0.2% from April to May. Annually, sales were down 20.4% from a year ago, and the seasonally adjusted annualized sales pace dropped from 5.4 million units a year ago to 4.3 million in May. “Relatively steady rates have led to several consecutive months of consistent home sales.”There are marked regional variations in prices, however. But affordability challenges remained amid super low inventory of homes to buy.

Persons: ”, Lawrence Yun, Yun, Danielle Hale, Hale, —, Anna Bahney Organizations: Minneapolis CNN, National Association of Realtors, “, NAR Locations: Minneapolis

☆ Home sales barely budge from April to May in sluggish spring market
▼ + stars: | 2023-06-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The slow spring sales pace is a combination of still-high prices, elevated mortgage rates and a critical shortage of homes for sale. At the current sales pace that represents a three-month supply. Strong demand has kept a floor under home prices, which would normally drop more given the slow sales pace. While sales of homes in all price tiers are now lower compared with a year ago, sales of homes priced between $250,000 and $500,000 were down 12%. Nearly three-quarters of the homes sold in May were on the market for less than a month.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, That's, NAR, Realtor.com Locations: Northeast, Midwest, South, Redfin

☆ US jobless claims hold at 20-month high, existing home sales tick up in May
▼ + stars: | 2023-06-22 | by ( Dan Burns | ) www.reuters.com time to read: +6 min

The median expectation among economists polled by Reuters was for 260,000 new claims. The latest reading compared with a median economists' estimate of 1.782 million so-called continued claims. Existing home sales rose 0.2% to a seasonally adjusted annual rate of 4.3 million units last month, the National Association of Realtors said. Economists polled by Reuters had forecast home sales would fall to a rate of 4.25 million units. Home resales, which account for the largest share of U.S. housing sales, tumbled 20.4% on a year-on-year basis in May.

Persons: Thomas Simons, Simons, Jerome Powell, Lawrence Yun, Dan Burns, Chizu Organizations: Bureau of Labor Statistics, Reuters, Jefferies, Investors, National Association of Realtors, Economists, Mortgage, Association, Thomson Locations: Massachusetts, South, West, Northeast, Midwest

In spite of all the predictions that they'll fall soon, mortgage rates have remained stubbornly high so far this year. "The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand." 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 RatesThe current average 30-year fixed mortgage rate is 6.39%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate remained flat at 5.75% this week, according to Freddie Mac data.

☆ US home prices fall by most in 11 years but sales are down
▼ + stars: | 2023-05-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Sales had shown some life, rising in February after a full year of declines due to surging mortgage rates, but that momentum has since cooled. Annually, sales were down 23% from a year ago and the seasonally adjusted annualized sales pace dropped from 5.57 million units a year ago to 4.28 million in April. Mortgage rates were rising in February and pushing toward 7% in March when many of these April closings went into contract. But the current sales pace is down 33% from the cyclical peak of a 6.34 million unit pace in January 2022. In the South prices were down 0.6% to $357,900 and in the West prices have fallen 8% from a year ago to $578,200.

☆ U.S. existing home sales post second straight monthly decline
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, May 18 (Reuters) - U.S. existing home sales fell for a second straight month in April, with prices rising in roughly half of the country, which together with possibly higher mortgage rates could delay a housing market recovery. Existing home sales dropped 3.4% to a seasonally adjusted annual rate of 4.28 million units last month, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast home sales would fall to a rate of 4.30 million units. Home resales, which account for a big chunk of U.S. housing sales, tumbled 23.2% on a year-on-year basis in April. The housing market has taken the biggest hit from the Federal Reserve's fastest monetary policy tightening campaign since the 1980s.

☆ Home sales fell in April as buyers contended with high prices, fluctuating mortgage rates
▼ + stars: | 2023-05-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Sales of previously owned homes fell 3.4% in April from March to a seasonally adjusted, annualized pace of 4.28 million units, according to the National Association of Realtors. "The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand." There were 1.04 million homes for sale at the end of April, an increase of 1% compared with April of last year. At the current sales pace, that represents a 2.9-month supply. While sales were lower at all price points compared with April 2022, they were down most sharply for homes priced above $500,000.

☆ Home prices still rising despite sales dropping, says National Association of Realtors' Yun
▼ + stars: | 2023-05-17 | 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 EmailHome prices still rising despite sales dropping, says National Association of Realtors' YunLawrence Yun, Chief Economist at the National Association of Realtors, joins 'The Exchange' to discuss market dynamics between luxury and low-income homes, consumer sensitivity to mortgage rate raises, and the need for more policy incentives to increase home supplies.

☆ Home prices are falling fastest in these 28 cities as affordability gradually improves following a peak in mortgage rates, according to the National Association of Realtors
▼ + stars: | 2023-05-10 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Slight moderations in mortgage rates have also improved home affordability. Still, homebuyers across the country can celebrate the apparent peak in mortgage rates, which have an outsized influence on home affordability. Thirty-year fixed mortgage rates swung between 6.1% and 6.7% in the first quarter, according to the NAR. Mortgage rates topped out in late 2022 but remain elevated. Below are the 28 metro areas where home prices decreased by over 5% on a year-over-year basis in the first quarter of 2023, according to the NAR.

☆ The housing slump is expanding quickly with home price declines the most widespread in 11 years
▼ + stars: | 2023-05-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

In the first quarter, 31% of US markets saw home price declines, the biggest share in 11 years. Meanwhile, 69% of housing markets saw home prices rise in the first quarter, down from 89% in the fourth quarter. That's the highest in 11 years and up from 11% of markets that saw price declines in the fourth quarter. But price declines could be short lived, he added, as inventory remains 40% below pre-COVID levels. Meanwhile, 69% of housing markets saw home prices rise in the first quarter, down from 89% in the fourth quarter.

☆ This house just got 25 offers. But, yes, the market is still cooling
▼ + stars: | 2023-05-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Within 48 hours the sellers were in contract with a buyer offering well over the asking price. Even though fewer people are buying homes now than a year ago, “we still have more buyers in the market than we have inventory. But it isn’t 2021, mortgage rates are now over 6%. In Rye, New York, she said, one property sold for $600,000 over the asking price. That home ultimately sold for $75,000 over the asking price.

☆ How much money do you need to buy a home in 2023?
▼ + stars: | 2023-05-04 | by ( Ana Connery | ) edition.cnn.com time to read: +9 min

Whether you’re looking to buy your first home or upgrade the one you already have, homebuyers often wonder how much money they really need to buy a home. And these days, the answer is ever more complicated thanks to the high interest rates and inflation. Refinance it with a balance transfer cardToday’s average homebuyerWe may see interest rates fall once rent comes down. The main culprits that everyone points to are inflation and interest rates, but many experts think interest rates have peaked. Home inventory is still low in some areasDespite high interest rates, you might still see multiple offers on one home.

☆ These indicators tell us the housing market is hitting the brakes
▼ + stars: | 2023-04-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Before we rush into the weekend, let's check in with the slowing pace of the housing market, and what that means for the rest of the year's outlook. Another sign pointing to a softer housing market is lumber. But that's going to reverse in the decade ahead as Boomers age out of the housing market and post-Millennial generations shrink. What are you seeing in the housing market in your part of the country? In other news:A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 9, 2020.

☆ US pending home sales slump unexpectedly in March
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, fell 5.2% last month to 78.9, the lowest since December. Economists polled by Reuters had forecast pending sales to have increased 0.5% in March, but the reported decline was larger than even the most pessimistic estimate in the survey. "The lack of housing inventory is a major constraint to rising sales," said NAR Chief Economist Lawrence Yun. That optimism was dented earlier this month when NAR reported that existing home sales slid 2.4% last month. While some firming has continued in the much-smaller market for new homes, the pending homes data suggests the market's overall recovery is likely to be choppy.

☆ Pending home sales fell last month for the first time since November
▼ + stars: | 2023-04-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

The pending sales index, a forward-looking indicator based on signed contracts to buy a home rather than the final sales that are accounted for in existing home sales, dropped by 5.2% from February to March. Month over month, contract signings fell in three US regions, but increased slightly in the South. Pending home sales retreated in all four regions compared to one year ago. “The lack of housing inventory is a major constraint to rising sales,” said Lawrence Yun, NAR’s chief economist. With mortgage rates projected to fall even more the next year, NAR forecast that sales will then jump by 15.4% in 2024, to 5.26 million.

☆ Lumber prices fall toward multi-year lows as pending home sales slump and industry searches for supply balance
▼ + stars: | 2023-04-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Lumber prices continued their downward trend on Thursday, falling 4% toward multi-year lows. The decline in lumber came amid an unexpected decline in March pending home sales, and as the industry seeks a balance in supply and demand. "The broad industry is still challenged with getting supply in check to meet the new demand curve," Sherwood Lumber told Insider. But according to Sherwood Lumber president Andy Goodman, the lumber industry is still searching for a balance in supply and demand. Since then, lumber prices have cratered 78%, in part driven by a surge in mortgage rates to above 6%.

☆ The housing market’s still in limbo - but homebuyers could pile back into the market if mortgage rates hit this key level
▼ + stars: | 2023-04-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," NAR economist Lawrence Yun said. He added that home prices are still climbing in regions where jobs are being added and housing is relatively affordable. cutting rates) in the next 12 months, which will again sway the housing sector. With that outlook in mind, the economist said "home sales will steadily rebound despite several months of fluctuations." Even in a tight market, this home expert still sees potential to save money on interest rates.

☆ US existing home sales resume downward trend in March
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +3 min

Last month's sales likely reflected some contracts signed in February, when mortgage rates started rising again after mostly decreasing in January. "Consumers appear to be very sensitive to changes in mortgage rates," said Lawrence Yun, the NAR's chief economist. "The week-to-week changes in mortgage rates are having a big impact." Home resales, which account for a big chunk of U.S. housing sales, tumbled 22.0% on a year-on-year basis in March. A survey on Monday showed the National Association of Home Builders/Wells Fargo Housing Market index climbed to a seven-month high in April.

☆ Home sales fell in March amid volatility in mortgage rates
▼ + stars: | 2023-04-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The weakness is likely due to a sharp jump in mortgage interest rates. With home prices still historically high, today's buyers are increasingly sensitive to even daily moves in mortgage rates. "Home sales are trying to recover and are highly sensitive to changes in mortgage rates," said Lawrence Yun, chief economist for the NAR. "This suggests that both existing home supply and demand will be sensitive to mortgage rate changes," added Hale. "High home prices and higher mortgage rates are clearly presenting challenges," Yun said on the first-time buyer share.

☆ Home sales fell in March, reversing gains
▼ + stars: | 2023-04-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US home sales fell in March, after a turnaround in February that followed a full year of declining home sales due to surging mortgage rates, according to a National Association of Realtors report released Thursday. Sales of existing homes in March — which include single-family homes, townhomes, condominiums and co-ops — dropped 2.4% from February. Mortgage rates remain volatile — so far this year average rates have ranged from 6.09% to 6.73%. “Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” said Lawrence Yun, NAR chief economist. Many potential sellers feel “locked in” by their ultra-low existing mortgage rates that they bought or refinanced into over the past few years.

☆ Real-Estate Agents Face a Reckoning As Housing Market, Home Sales Slow
▼ + stars: | 2023-04-19 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

Just as the housing market goes through booms and busts, so do the ranks of real-estate agents. This has left real-estate agents fighting over a dwindling pool of listings. That makes the job of a local real-estate agent trickier and more nuanced than it was a year ago. "What makes a good real-estate agent and what makes a successful real-estate agent have almost no crossover." She joined a women's support group for real-estate agents on Facebook, where she found many others were experiencing similar challenges.

☆ Black homeowners had the smallest wealth gains over the past decade
▼ + stars: | 2023-04-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Middle-income homeowners gained $122,100 in wealth, with homes appreciating 68% over the past decade, according to the report. The study considered a household low-income if it earned an income no greater than 80% of the area median income. Middle-income homeowners are those with incomes over than 80% of the area’s median income but less than 200%. Black homeowners experienced the smallest wealth gains among any other racial or ethnic group, accumulating $115,000 in wealth in the last decade. Along with the wealth gains accumulated over the past decade, homeowners also reduced their debt by 21%.

Mortgage rates have been dropping for several weeks now, which is good news for homebuyers as the spring homebuying season picks up. "Mortgage rates have improved in recent weeks after the federal government guaranteed the status of most mortgages amidst uncertainty in the financial market. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.32%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.56%, a decrease from the prior week, according to Freddie Mac data.

☆ Home prices suddenly jump after several months of declines
▼ + stars: | 2023-04-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices nationally rose 0.16% in February, when seasonally adjusted, according to Black Knight. By fall, the rate shot over 7%, and home prices began cooling more quickly. In December and January, however, mortgage rates began pulling back, and homebuyers were quick to take advantage. "Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," Lawrence Yun, NAR's chief economist, said in the February sales release. Mortgage rates began rising again in February and then fell back slightly in March due to market fears over the U.S. banking system, amid several bank collapses.

☆ The housing market is a total paradox now, and these recent mixed signals are adding to the confusion
▼ + stars: | 2023-04-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Housing indicators have sent mixed signals, muddying the picture on where the market is headed. Regional differences have also been playing a considerable role in the data. Meanwhile, Adams added that national averages can obscure stark regional differences, which have varied significantly, potentially causing diverging viewpoints. Here are some recent mixed signals:The US housing market is crashing and soaring at the same timeThe regional divide in the housing market is exemplified in this east-west split. "Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months."

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