Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

Amid record-high origination volumes, mortgage fraud risk is down

CoreLogic's recently released Mortgage Fraud Report is the industry standard for nationwide fraud monitoring and analysis. Read the findings here.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

Real Estate

Home sales tumbled in March as pandemic hit

Limited supply boosted median home price 8% from a year ago, NAR says

Existing home sales tumbled 8.5% in March, the biggest drop in more than four years, as deals fell through in the midst of the worst public health crisis in more than a century.

Sales fell to a seasonally adjusted 5.27 million at an annual pace, the slowest rate in a year, the National Association of Realtors said in a report on Tuesday. The median price rose 8% to $280,600 after gaining in all areas of the country, according to NAR Chief Economist Lawrence Yun.

Even with the drop, sales remained 0.8% higher than the year-ago month, he said.

The housing market has grappled for a year with a shortage of homes for sale that supported price growth as buyers competed over limited supply, Yun said. When the pandemic hit the U.S., it made that shortage even worse, he said.

“With the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices,” Yun said. “Significantly more listings are needed and more will come on to the market once the economy steadily reopens.”

Another sign of high demand is how quickly homes transacted, he said. Properties were on the market for an average of 29 days in March, down from 36 days a year ago. Fifty-two percent of homes sold last month were on the market for less than a month, Yun said.

The coronavirus pandemic that has caused more than 42,000 deaths in the U.S. and shut down the economy in mid-March, putting more than 22 million Americans on the unemployment rolls in the last four weeks.

Even as some states begin reopening, home sales are expected to decline in the coming months as people wait to list homes or make offers until the worst of the pandemic has passed, Yun said.

“More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise,” he said.

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

2020 ends with 3.4 million loans in delinquency

The final delinquency tally for December is in, with data revealing that by end of 2020, 1.54 million more mortgages were reported delinquent.

Jan 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please