Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Rohit Chopra pleads the fifth on QM rule

Consumer Financial Protection Bureau Director Rohit Chopra, in his first report to Congress, answered for decisions made by his predecessor, and provided some indication of his priorities going forward.

How to simplify the appraisal process for everyone in today’s hot market

While the world might be slowly getting back to normal, the housing boom is far from over. Appraisers need to make sure they have the right tools to manage the high demand.

Which core segments of brokerage make the most money

Today’s HousingWire Daily is a RealTrending crossover episode. It features Tracey Velt, editorial director at HW Media Company RealTrends, who interviews Chris Kelly and Christian Wallace.

CoronavirusReal Estate

Realtor.com: Expect listing prices to rise this summer

Strong growth in May in LA, Pittsburgh and Cincinnati

Since the housing market reached what many see as its bottom in mid-April, signs of recovery have emerged in May. While the spring home-buying season was delayed due to state shut-downs, the summer is anticipated to be 2020’s peak home-buying season.

According to realtor.com’s May Monthly Housing Trends report, data shows that the national median listing price hit a new all-time high of $330,000 in May, rising 1.6% year over year.

This price growth was an improvement over April’s 0.6% year-over-year growth, which was the slowest pace in the past three years. Additionally, the weekly progression of data showed that price growth and new inventory trends improved.

Despite the COVID-19 pandemic, listing prices hit a new high. In 35 of the 50 top metros, realtor.com said that listing prices could reach new highs throughout the summer home-buying season.

“May’s home price data demonstrate the underlying strength of the U.S. housing market despite the challenges brought by the COVID-19 pandemic,” said realtor.com Chief Economist Danielle Hale. “The fact that home prices are at all-time high shows that the momentum the market had prior to the pandemic has helped to keep buyer and seller expectations stable. Ongoing inventory shortages, that continue to worsen, also push home prices higher even while homes sell more slowly.”

“As a sense of normalcy returns, we expect to see a shortened, but strong summer home-selling season, as long as seller confidence continues to improve and more homes are listed for sale,” Hale continued.

Specifically, May listing prices in Los Angeles-Long Beach-Anaheim, California were up 14.9%; Pittsburgh, Pennsylvania up 14%; and Cincinnati, Ohio-Kentucky-Indiana up 12.1%, posting the highest year-over-year median list price growth.

The steepest price declines were seen in Detroit-Warren-Dearborn, Michigan, down 3.4%; San Antonio-New Braunfels, Texas, down 3.2%; and Seattle-Tacoma-Bellevue, Washington, down 3.1%.

Median list price began in May up 1.4% and strengthened throughout the month, increasing 3.1% during the last week. New listings were down 29.1% the week ending May 9, and were down 22.9% by the week of May 30.

While still well below last year’s levels, the rate of decline in newly listed properties has improved from a drop of 44.1% year over year in April to down 29.4% in May, realtor.com said.

Realtor.com says that nationally, inventory is still constrained, down nearly 20% year over year because of the pandemic.

On top of this, COVID-19 has increased the number of days that homes stay on the market. According to realtor.com, it’s 15 days.

Inventory declined 21.9% year over year in May, a greater rate than April’s 16% decline.

The metros that saw the largest declines in inventory were those on the East coast hit the hardest by COVID-19, including Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland, down 38.6%; Providence-Warwick, Rhode Island-Massachusetts, down 35.8%; and Baltimore-Columbia-Towson, Maryland, down 34.5%.

This month, none of the largest 50 metros saw an inventory increase on a year-over-year basis and 43 out of the 50 saw greater yearly inventory declines than last month.

Leave a comment

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and

Latest Articles

Pending home sales down again in September

After rising 8% in August, pending home sales dropped 2.3% in September, according to NAR’s pending home sales index report released on Thursday.

Oct 28, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please