Tag Archive for ‘mortgage rates’

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 ›

Total Mortgage Activity Varies in Latest Month

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, but increased in the latest week by 8.5 percent. The latest week’s survey is for the week ending March 4. The latest week’s activity consisted of an 8.6 percent increase in purchasing and an 8.5 percent… Read More ›

Home Price Appreciation Continues in December

National home prices grew at an unsustainable pace in December, supported by strong demand and record-low inventory. Home price appreciation is expected to slow in the coming quarters as rising mortgage rates price some homebuyers out of the market. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual… Read More ›

Existing Home Sales Rebound Amid Record-Low Inventory and Higher Prices

Despite record-low inventory and higher prices, existing home sales jumped in January as buyers expected further rate increases and locked in current low rates, according to the National Association of Realtors (NAR). However, investors with all-cash offers were squeezing out first-time and young homebuyers. More supply especially at lower-end market is needed in order to improve housing affordability. Total existing… Read More ›

Existing Home Sales Surge in September while First-time Buyers are Priced Out

As inventory improved in recent months, existing home sales surged to 8-month high in September, according to the National Association of Realtors (NAR). Though housing demand remains strong as buyers want to take advantage of low mortgage rates before rates rise further, higher home prices are pricing out first-time and young buyers. Total existing home sales, including single-family homes, townhomes,… Read More ›

Existing Home Sales Fall Again Amid Soaring Home Prices

As low inventory continues to push home prices higher and squeeze out some buyers, existing home sales dropped to a eleven-month low in May, according to the National Association of Realtors (NAR). The median existing home price in May surged to an all-time high; the largest annual pace on record. Total existing home sales, including single-family homes, townhomes, condominiums and… Read More ›

Existing Home Sales Fall for the Third Straight Month

After reaching a record high in October, existing home sales, as reported by the National Association of Realtors (NAR), dropped to a ten-month low in April, as tight inventory continues to limit sales and fuel home price growth. The median existing home price in April surged to an all-time high and was the largest annual pace on record. Total existing… Read More ›

Pending Home Sales Dip Again in January

After reaching a record high in August, pending home sales slid for the fifth consecutive month, as surging home prices and low inventory constrain buyers. 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 fell 2.8% from 126.4 in December to 122.8 in January, a… Read More ›

Existing Home Sales Continue to Rise in January

Fueled by low mortgage interest rates and strong demand, existing home sales, as reported by the National Association of Realtors (NAR), increased to three-month high in January. But surging house prices and inventory shortages could limit demand and slow the market. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 0.6% to a seasonally adjusted annual rate… Read More ›