What to expect at HousingWire’s Spring Summit

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.

How real estate agents can increase profitability in 2021

As real estate professionals strategize on how to do business in this competitive, fast-paced market, they’ll discover the need for better tools to market their listings.

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.

MortgageReal Estate

Lack of housing inventory is weighing down the market

Single-family home sales disappoint

Mortgage applications are up, but home sales are down, and lower rates don’t seem to be making an impact.

What gives? Blame a lack of housing supply, according to a recent report from Capital Economics, which noted that “qualifying for a mortgage is of little help if you can’t find a home to buy.”

The economists reported that a fall in mortgage interest rates gave mortgage applications a boost earlier this year, but thanks to a lack of inventory, that did not translate into home sales.

Total single-family home sales declined 0.5% from May to June, which Capital Economics attributed to the lack of inventory.

The number of single-family homes for sale totaled 15.8 million in June – close to a record low, the report noted – while the homeowner vacancy rate hit a 40-year low in the second quarter of this year.

And, lest you think lower rates will give single-family sales a boost, the economists say so far, not so much.

Lower rates have, however, spurred some refi action, which have veered close to three-year highs since June.

But purchase applications did not enjoy the same effect, dropping in July to a four-month low, according to the report.

What will boost single-family sales is an increase in inventory, which Capital Economics seems to think is on the horizon.

“Tight market conditions should, however, support home building,” the report notes. “Indeed, the [National Association of Home Builder’s] measure of home building confidence has ticked up in recent months. Single-family building permits rose for a second month in a row in June, which suggest starts will see a further gain in July.”

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