Tag Archive for ‘inventory’

Existing Home Sales Surge Despite Record-Low Supply

Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), rose for a fourth consecutive month in September and reached its highest level in more than 14 ½ years. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, increased 9.4% to a seasonally adjusted annual rate of 6.54 million in… Read More ›

Existing Home Sales Reach 14-year High in August

As the housing market continued its rebound from the pandemic, existing home sales, as reported by the National Association of Realtors (NAR), reached its highest level in nearly 14 years in August. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 2.4% to a seasonally adjusted annual rate of 6.00 million in August, the highest level since… Read More ›

Existing Home Sales Continue Record Rebound in July

Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), posted another record increase in July and surpassed pre-pandemic levels. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, soared 24.7% to a seasonally adjusted annual rate of 5.86 million in July, the largest monthly gain on record and the… Read More ›

Amid Record Low Rates, Refinancing Flourishes

Over the last two weeks, the Mortgage Bankers Association’s tracked 30-year fixed-rate mortgage average rate fell by 14 basis points to 3.06%, a new record low in the series. At the same time, the results from its Weekly Application Survey show both weekly and year-over-year percentage increases in purchasing and refinancing activities. On a seasonally adjusted basis, purchasing activity increased… Read More ›

Existing Home Sales Post Record Rebound in June

Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), rebounded sharply in June, showing a strong sign of a market turnaround after three months of decline. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, jumped 20.7% to a seasonally adjusted annual rate of 4.72 million in June, the… Read More ›

Correlation Between Low Housing Supply and Purchase Loan Size

Despite the Mortgage Bankers Association’s (MBA) tracked 30-year, fixed-rate mortgage rate moving further downward, by one basis point from the previous week to a new record low of 3.29%, mortgage activity slowed, per the latest Weekly Application Survey. The Market Composite Index, representing purchasing and refinancing activities, decreased by 1.8% on a seasonally adjusted basis from one week earlier, with… Read More ›

Purchasing and Refinance Activity Thrive Amid Low Rates

As the Mortgage Bankers Association’s 30-year fixed-rate mortgage rate reached a new historic low of 3.3%, sliding down by 8 basis points from the previous week, its benchmark Market Composite Index increased by 8% from the previous week, on a seasonally adjusted basis. Purchase applications increased to the highest level in over 11 years and for the ninth consecutive week…. Read More ›

Existing Home Sales Tumble in March

After reaching 13-year high last month, existing home sales, as reported by the National Association of Realtors (NAR), plummeted in March as expected due to the coronavirus outbreak. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, dropped 8.5% to a seasonally adjusted annual rate of 5.27 million in March, largest monthly decline since November 2015. On a… Read More ›

Pending Home Sales Rebound in January

Following a 4.3% slump in December, pending home sales saw a strong monthly gain in January, supported by solid job growth and low mortgage rates. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI grew 5.2% from 103.4 in December to 108.8 in January, the… Read More ›

Existing Home Sales Slip But Remain Solid

After hitting a near two-year high in December, existing home sales, as reported by the National Association of Realtors (NAR), dropped in January amid tight inventory and rising prices. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 1.3% to a seasonally adjusted annual rate of 5.46 million in January. However, on a year-over-year basis, sales were 9.6%… Read More ›