Tag Archive for ‘inventory’

Existing Home Sales End 2022 with Weakest Year Since 2014

As elevated mortgage rates and tight inventory continue to weaken housing demand, the volume of existing home sales declined for an eleventh consecutive month as of December, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. While mortgage rates have retreated in recent weeks due to recession concerns, they are likely to… Read More ›

Existing Home Sales Decline Further in November

As rapid rising mortgage rates continue to weaken housing demand, the volume of existing home sales has declined for ten consecutive months as of November, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. While mortgage rates have retreated in recent weeks due to recession concerns, they are likely to see another… Read More ›

Existing Home Sales Fall to Two-Year Low

As elevated mortgage rates and higher home prices weighed on housing affordability, existing home sales declined for six consecutive months, according to the National Association of Realtors (NAR). All four regions saw double-digit decline in sales from a year ago. But home price appreciation has slowed as inventory increased. The median existing home prices in July was down $10,000 from… Read More ›

Higher Rates Reduce Mortgage Demand

Per the Mortgage Bankers Association’s (MBA) survey through the week ending July 1, total mortgage activity decreased, with the 30-year fixed-rate mortgage (FRM) rate reaching 5.8% on average. The latest week’s rate decreased to 5.74%, declining for the second straight week but still above pandemic levels. The Market Composite Index, a measure of mortgage loan application volume, decreased by 5.4%… Read More ›

High Rates Suppress Refinancing

Per the Mortgage Bankers Association (MBA), through the week ending June 3, total mortgage activity decreased, with the 30-year fixed-rate mortgage (FRM) rate increasing to 5.45%, on average. The latest week’s rate increased to 5.4%, after 3 consecutive weeks of declines, each by a few basis points. The Market Composite Index, a measure of mortgage loan application volume, decreased by… Read More ›

Existing Home Sales Fall to Near Two-Year Low

As rising mortgage rates and higher home prices continued to price out first-time and young homebuyers and reduce affordability, existing home sales dropped to the lowest level since June 2020, according to the National Association of Realtors (NAR). However, the trend in home price appreciation continued as supply remained tight. Total existing home sales, including single-family homes, townhomes, condominiums and… Read More ›

Existing Home Sales Fall for Second Month While Prices Reach Record High

As rising mortgage rates and high inflation continue to price out homebuyers and reduce affordability, existing home sales dropped to the lowest level since June 2020, according to the National Association of Realtors (NAR). However, the trend in home price appreciation continued as supply remained tight. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 2.7% to… Read More ›

Mortgage Rates Reach 3-Year High

In the past month, total mortgage activity, as measured by the Mortgage Bankers Association’s (MBA) Market Composite Index, underwent a series of weekly declines, decreasing in the latest week by 6.3 percent. The latest week’s survey is for the week ending April 1. The latest week’s activity consisted of a 3.4 percent decrease in purchasing and a 9.9 percent decrease… Read More ›

Existing Home Sales Fall in February

As rising mortgage rates and home prices continued to price out homebuyers and reduce affordability, existing home sales dropped to a six-month low in February, according to the National Association of Realtors (NAR). Furthermore, home price appreciation is expected to slow in the coming quarters as demand cools and supply improves. Total existing home sales, including single-family homes, townhomes, condominiums… Read More ›