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 to learn how to build a tech-enabled acquisition strategy that will directly contribute to a lender’s ability to maximize profitability and remain competitive.

Real Estate

Seller’s market: Prices are still going up, housing inventory keeps falling

Correlating with low inventory and even lower mortgage rates

As mortgage rates remain low, homebuyer demand has risen and that’s leading to fewer and fewer houses being on the market.

The supply of homes for sale fell 9.1% year over year in October, the biggest decline since April 2017 and the fourth month in a row of declines, according to a new report from Redfin.

And with supply on the decline, home sale prices are rising to meet the demand.

According to the report, home prices in the U.S. increased 5.4% year over year in October to a median of $313,200 across the 217 metros Redfin keeps track of.

These prices also rose 1.4% between September and October, a time of year when they usually flatten, Redfin said. This is the largest month over month increase in an October since at least 2012, showing abnormality in the market.

“Low mortgage rates are propping up homebuyer demand and juicing prices, said Redfin Chief Economist Daryl Fairweather. “However, home sales have been slow to grow since there are so few homes for sale and not many new listings hitting the market, especially affordable ones. The market is split: It’s a seller’s market for moderately priced homes, but a buyer’s market for pricier homes.”

On that note, home sales were up 1.1% year over year in October, the third consecutive month of increases, but were down slightly from September on a seasonally-adjusted basis.

Homes also aren’t spending a lot of time on the market before they are sold. The typical home that sold in October went under contract in 44 days, the same as in 2018.

The share of homes sold above list price flattened out year over year, at 21.3% in October compared to 21.5% in 2018.

For the fourth month in a row, the 10 metros with the biggest gains all had median sale prices below the national median, led in October by Camden, New Jersey, with median price $197,000, up 13.9%, and Greensboro, North Carolina with the median price at $178,500 and up 10.5%.

San Jose, California, meanwhile, is the only metro to see a price decline in October, at -7.2%.

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

Doug Duncan and the housing market’s supply conundrum

The housing market has suffered due to high material prices, spend-anything buyers & a lack of supply. A return to normalcy will require big changes. HW+ Premium Content

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