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The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

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Zillow: Housing inventory slowly increasing

But median U.S. home value climbs 7.7%

In November, the number of homes on the market inched forward 0.2% from the previous month, according to Zillow.

Notably, this is an increase of 0.4% year-over-year, marking the third consecutive month of modest gains.

"Low housing inventory, a major contributor to a run-up in home prices in recent years, has risen for three consecutive months – but it is climbing at a slow rate, more akin to bumping along the bottom than growing in any meaningful way,” Zillow writes.

Zillow’s inventory report revealed that there were 1.6 million homes on the market in November, significantly lower than the 1.96 million in December 2014.

According to Zillow’s analysis, 675,823 homes were for sale in the top third of the market, compared to 334,857 in the bottom third. This has left many prospective buyers grappling with affordability.

It’s worth noting that inventory fell in 11 of the nation’s 35 largest metros, declining the furthest in Kansas City, Missouri. In this city, the number of homes for sale fell 14.9%.

“Sluggish inventory growth likely was influenced by a spike in mortgage rates in November, when rates hit their highest level since 2011,” Zillow continues.” Higher rates can keep potential sellers at home, not wanting to trade into higher-rate mortgages. Rising rates also give some buyers pause, because they increase monthly mortgage payments.”

Zillow points out that the median U.S. home value climbed 7.7% in November. However, expensive metros, which until recently clocked some of the fastest rising home values, are now growing at a slower rate.

In fact, the median home value in San Jose rose 11.2%, to $1.25 million in November, coming in as the highest median value among the largest 35 markets. Unfortunately, Zillow notes that the pace of appreciation still fell far below the 20% annual growth that occurred seven months this year.

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