Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

The digital journey starts at acquisition

Download this white paper for a playbook for building a tech-enabled acquisition strategy that will directly contribute to a lender’s ability to maximize future profitability and remain competitive.

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

Fannie Mae, and the housing market’s inflation problem

Another month of steadily increasing home prices and insatiable demand led Fannie Mae’s Economic and Strategic Research Group to alter many of its 2021 predictions – in particular, its outlook on the symbiotic relationship between the housing market and inflation measures.

Jun 16, 2021 By

Latest Articles

House flipping hits lowest level since 2000

Only 2.7% of all home sales in the first quarter of 2021 were flipped — or one in 37 transactions, the lowest level since 2000.

Jun 18, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please