Items Tagged with 'Housing Market 2019'

ARTICLES

  • Has the market peaked? Builders cut new home prices to meet demand for cheaper housing

    In Q2, home-sale prices for newly built homes fell 0.5% from 2018
    In the second quarter of 2019, prices for newly built homes fell 0.5% from 2018 levels. This means prices for new homes reached a median of $372,900 in Q2, remaining largely unchanged from the first half of this year, according to data from Redfin. Redfin chief economist Daryl Fairweather said the moderation of new home prices is expected and confirms that builders are now shifting their focus toward offering smaller, more affordable homes.
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  • MBA: Refinances skyrocket as mortgage rates plummet

    The Refinance Index climbs to highest level since July 2016
    Mortgage applications rose a whopping 21.7% from last week, according to the latest data from the Mortgage Bankers Association. What drove the increase? A massive surge in refinances, as the Refinance Index now sits at its highest level since July 2016.
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  • July’s sluggish home price growth highlights tension between the nation’s buyers and sellers

    The average American home listing price rose 5.5% to $315,000 in July
    The average American home listing price rose 5.5% to $315,000 in July, according to Realtor.com’s Housing Trend Report. Although this rate is only 0.2% down from June, it’s a significant decrease from the 8.7% growth during the same time period in 2018. George Ratiu, realtor.com’s senior economist said July’s data highlights tension between buyers eager to take advantage of lower mortgage rates and potential sellers concerned about slowing price growth.
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  • 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.
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  • Home sellers beware, bidding wars are becoming a thing of the past

    But will things heat up now that mortgage rates have fallen?
    Competition among homebuyers is easing in nearly every market across the country, according to new data from Redfin, which shows that only 11.2% of purchase offers made on its site faced a bidding war in July. This is down significantly from last year’s rate of 45%, highlighting a continual easing of competition.
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  • 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.
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  • MBA: Mortgage applications rise as the Fed's rate cut drives demand

    Market Composite Index rises 5.3% from last week
    Mortgage applications rose 5.3% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 2, 2019. MBA Senior Vice President and Chief Economist Mike Fratantoni said the Federal Reserve’s decision to cut rates has led to a sharp drop in mortgage rates, which is now likely to propel demand from refinance borrowers.
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  • Americans want more affordable housing, just not in their neighborhoods

    Redfin survey shows more than half support zoning policies that limit high-density housing
    As housing affordability continues to be a national concern, several states have introduced zoning legislation that aims to tackle the issue. But a new survey from Redfin indicates that more than half of the nation’s homebuyers and sellers claim to oppose the building of dense housing in their neighborhoods.
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  • MBA: Mortgage applications fall for the third consecutive week, reaching a 4-month low

    Market Composite Index falls 1% from last week
    Mortgage applications fell 1.4% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 26, 2019. This means on an unadjusted basis, the index slid 1% from the previous week. MBA Vice President of Economic and Industry Forecasting Joel Kan said despite healthy demand, inadequate supply levels continue to hold back some would-be buyers.
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  • 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.
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