New listings climbed during the past week and there are now 72,000 more single-family homes on the market. It appeared that new listings might be on the decline already, but the pace picked up a tad this week, which is encouraging. More people coming off the sidelines to sell their homes is a healthy signal [...]read moreUnsold inventory is rising across the country
Median prices for homes and condominiums in federally designated opportunity zones rose in 49% of areas from fourth-quarter 2023 to first-quarter 2024, according to a report released Thursday by Attom. On a year-over-year basis, however, prices increased in nearly two-thirds of these zones. Attom analyzed 3,512 zones with sufficient data, defined as having at least five [...]read moreHome prices in opportunity zones show mixed trends in Q1 2024
The median U.S. home sale price reached a record $387,600 in the four weeks ending May 19, marking a 4% year-over-year increase, according to data released Thursday by Redfin. The pricing surge comes despite a marginal dip in weekly average mortgage rates, which fell from a five-month high of 7.22% to 7.02% at the beginning of May, [...]read moreHome prices stay elevated as inventory lags: Redfin
From NAR: The median existing home price for all housing types in April was $407,600, an increase of 5.7% from the previous year ($385,800). All four U.S. regions registered price gains. Looking ahead, price growth will cool down in the second half of 2024 because of increased inventory and more homes taking a price cut [...]read moreExpect the growth rate of existing home prices to cool down this year
As homebuyers continue to grapple with a lack of existing homes for sale, the market for new homes continues to see strong demand, and some areas of the country — including Sun Belt states — are producing new homes at a relatively rapid rate. A study released Thursday by fintech and personal finance website SmartAsset [...]read moreSun Belt cities lead the way for new home sales
All in all, you can see how effectively 7% mortgage rates have slowed the housing market. Rates, however, may be inching lower as the yield on the 10-year Treasury moves lower and the spread between the 10-year and 30-year mortgage rate compresses a bit. If rates move into the 6s soon, expect a small uptick [...]read morePeak homebuying season is clouded by mixed signals
Home prices trended up in almost all U.S. metro areas during the first quarter of 2024. Out of 221 metro markets analyzed, 205 (93%) posted yearly home price gains in Q1 2024, while 30% experienced double-digit price gains during the same period — up from 15% in the fourth quarter of 2023 — according to the National [...]read moreHome prices grew in 93% of markets in Q1 2024: NAR
The good news for the housing market is that the pace of sales is gradually improving due to the expanded supply. More homes are available to buy and, therefore, more homes are being bought. Elevated mortgage rates slow demand so that inventory grows, but in years past, the total sales volume has been restricted by [...]read moreHome price signals point to flat growth
U.S. home prices continued to climb in March as a persistent shortage of homes for sale helped to buoy the housing market, according to the Intercontinental Exchange (ICE) Home Price Index. And while prospective homebuyers cope with the challenges of rising housing unaffordability, existing homeowners are reaping the benefits of historically strong price gains. Nationwide [...]read moreU.S. mortgage holders post record levels of home equity: ICE
The tri-state area of New York, New Jersey and Connecticut may face a housing gap of 920,000 units by 2035, a new report published by the Regional Plan Association (RPA) found. The analysis, conducted by McKinsey & Co., highlights a current shortage of 540,000 housing units in the region. To address this looming crisis, the [...]read moreTri-state area housing shortage could cost the region economically