Items Tagged with 'National Association of Realtors'

ARTICLES

  • NAR: Cheap mortgage rates are improving home affordability

    Affordability jumped 10% in June from a year earlier as financing costs fell
    The cheapest financing in almost three years is making it easier for Americans to buy homes. The Housing Affordability Index from the National Association of Realtors increased to 151.9 in June from 137.7 a year earlier in June. That’s a jump of 10%. A higher reading means homes are getting more affordable, per NAR’s magic sauce that measures prices, incomes and financing costs.
    Read More
  • Half of homebuyers with kids base purchase on school district

    Proximity and quality of nearby schools play a large role for homebuyers with children
    Purchasing a home is one of the biggest decisions a person can make during their lifetime. After all, where you live determines many factors about your life, including where you work, worship or even send your children to school. As back to school season approaches, a report from the National Association of Realtors highlights the different purchasing and selling habits of Americans, revealing that a significant share root their home purchasing decisions in school district quality.
    Read More
  • NAR: Low housing inventory is driving up home prices

    91% of markets saw prices rise in Q2
    There's a lack of affordable housing in this country, and it's starting to weigh heavily on home prices. The median existing single-family home price increased 4.3% annually to $279,600 in the second quarter of 2019, according to the National Association of Realtors. NAR Chief Economist Lawrence Yun said in order to prevent greater price appreciation in more affordable metros, homebuilders must bring more homes to the market.
    Read More
  • Pending home sales rebound after 17 months of consecutive declines

    The PHSI in West region increases a whopping 5.4% in June
    The nation’s healthy economic environment drove an increase in pending home sales, pushing the index forward 2.8% in June, according to the latest report from the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contract signings, slightly increased to 108.3 in June, rising from May’s 105.4. NAR’s Chief Economist Lawrence Yun said June’s 2.8% increase can be attributed to the nation’s current favorable conditions and predicted last month’s rise is likely the start of a positive trend for home sales.
    Read More
  • Millennials want to buy homes, but their wallets are saying no

    First-time homebuyers made up 42% of spring’s home-shoppers
    Although spring may be behind us, data says the season's uptick in home buying interest is here to stay. According to a survey from realtor.com, this spring was filled with home-buying interest, especially from the nation’s first-time buyers. But while their purchasing interest peaked, survey results indicate many still can't afford to purchase a home.
    Read More
  • NAR: Existing-home sales lose momentum in June

    Existing home price for all housing types reaches an all-time high of $285,700
    In June, existing-home sales reversed course from last month, sliding nearly 2% in total sales gains, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said the nation is in the midst of a housing shortage and much more inventory is needed.
    Read More
  • Stagnant wages, vacant homes are undercutting housing markets, U.S. mayors say

    "The United States has a housing crisis," says D.C. Mayor Muriel Bowser
    The two biggest villains undercutting housing markets in American cities are stagnant wages and vacant properties, according to a report this week from a coalition of U.S. mayors. “In fast-growing cities, wages lag behind housing costs, leading to a scarcity of affordable housing,” the report from the National League of Cities Housing Task Force states. In cities where the economy is stagnant, abandoned homes are depressing real estate values.
    Read More
  • Foreign buyers flee the U.S. housing market, led by Chinese and British

    Top states for foreign purchases were Florida, California and Texas
    China’s currency controls, as well as international tensions between the U.S. and a slew of countries traditionally thought of as our allies, are putting a crimp on America’s real estate market by thwarting demand from foreign homebuyers. Purchases by Chinese people, the biggest share of foreign purchasers, plummeted 56% in the 12 months ended in March, while British home purchases tumbled 48%.
    Read More
  • VA loan limits to be lifted in 2020

    VA says lender guidelines will be released ahead of January effective date
    Last month, President Donald Trump signed a bill into law that allows the Department of Veterans Affairs to back loans that exceed the conforming loan limit, enabling VA homebuyers to borrow above the $484,350 limit set for most counties, without any down payment. A VA spokesperson clarified the rule and outlined other changes that will go into effect as a result of the bill.
    Read More
  • Declining mortgage rates spur growth in May’s pending home sales

    Pending home sales rose 1.1% in May
    Declining mortgage rates drove an increase in pending home sales, pushing the index forward 1.1% in May, according to the latest report from the National Association of Realtors. Despite this increase, NAR’s Chief Economist Lawrence Yun said the housing market is still in need of inventory, as home builders have not ramped up construction to the extent needed.
    Read More