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Market Update Week of August 10, 2020: Home Affordability Climbs

Black Knight reports that despite home prices rising 97 months in row, affordability is the highest since 2016. For the same monthly payment, buyers can now afford almost $32,000 more home than they could a year ago. The report notes that thanks to low mortgage rates, buying power is up 10% from a year ago. In that time, the average home price increased more than $12,000, yet the average monthly payment went down 6%! CoreLogic’s CEO says, “we expect these price increases to moderate [...]

By |2020-08-10T11:24:01-05:00August 10th, 2020|Market Trends, Updates|

Market Update Week of July 20, 2020: Home Sales Up

The V-shaped housing recovery continues. New Home Sales soared in June to a level higher than the one they reached before the shutdown--up 13.8% for the month, posting their highest annual sales rate since 2007! Existing Home Sales spiked 20.7% in June, their biggest monthly gain ever. Sales are still down 11.3% from a year ago, but demand is strong--62% of homes sold were on the market less than a month. Attom Data reports the typical home-sale profit hit $75,971 in the second quarter this [...]

By |2020-07-27T09:02:49-05:00July 27th, 2020|Market Trends, Updates|

Market Update Week of July 13, 2020

Fannie Mae’s June Home Purchase Sentiment Index (HPSI) revealed 61% of respondents think now is a good time to buy a home and 41% feel it’s a good time to sell--big rebounds from the survey’s record lows two months ago. Also rebounding: realtor.com’s latest Housing Market Recovery Index posted the largest nationwide weekly gain since its inception, ending up just a smidge below its pre-COVID baseline. Plus, Freddie Mac’s Chief Economist likes what he sees in the housing market across the country: “The [...]

By |2020-07-13T15:08:12-05:00July 13th, 2020|Market Trends, Updates|

Market Update Week of July 6, 2020: Pending Home Sales are Up

The National Association of Realtors Pending Home Sales index of contracts signed on existing homes surged 44.3% in May, its biggest gain since 2001. All regions were up, though the overall index is still down a smidge annually. The NAR chief economist: “The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing home sales are now projected to be down by less that 10%." Plus: “All figures light up in 2021 with positive GDP, employment, [...]

By |2020-07-06T09:28:02-05:00July 6th, 2020|Market Trends, Updates|

Market Update Week of June 29, 2020: Home Sales Up, Down

After their upside surprise in April, New Home Sales blasted ahead 16.6% in May, to a 676,000 annual rate. Sales are up 12.7% from a year ago, the 12-month average just 1.1% below February’s post-2008 high. Existing Home Sales dropped 9.7% in May, to 3.910 million annually. But those contracts were signed at the height of the lockdowns, while New Home Sales, logged at contract signing, are a timelier indicator of current activity. Freddie Mac: “After the Great Recession, it took more than ten years for purchase [...]

By |2020-06-29T09:30:05-05:00June 29th, 2020|Market Trends, Updates|

Market Report, week of June 22, 2020: Builders Bouncing Back

Home building rebounds: Housing Starts went up 4.3% in May, Building Permits spiked 14.4%, and the National Association of Home Builders confidence index's biggest ever monthly gain took it into positive territory. With the economy turning around, Freddie Mac noted, “one segment that is exhibiting strength is the housing market. Purchase demand activity is up over 20% from a year ago, the highest since January 2009.” Fannie Mae sees record-low mortgage rates into 2021 helping prices and builds, and taking 2020 refinances to their highest level [...]

By |2020-06-22T14:22:06-05:00June 22nd, 2020|Market Trends, Updates|

Market Update Week of June 15, 2020

The Mortgage Bankers Association pegged purchase applications up for the eighth straight week, coming in 13% higher than a year ago, noting “the recovery in the purchase market continues to gain steam.” On a deep dive since March, Fannie Mae’s Home Purchase Sentiment Index finally turned higher in May, indicating consumer views are improving as the economy begins to show signs of recovery from the coronavirus crisis. A Zillow statement said, “New for-sale listings are up 19.3% month over month” and “newly pending [...]

By |2020-06-15T16:12:18-05:00June 15th, 2020|Market Trends, Updates|

Market Update Week of June 8, 2020: Buyer Applications Up 18% Over Last Year

Freddie Mac’s chief economist notes, “...all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market.” In fact, the Mortgage Bankers Association reported purchase applications rose for the seventh week in a row, spiking 18% over last year, citing “pent-up demand from home buyers returning to the market.” Realtor.com’s chief economist chimes in: “We're seeing more home buyers in the market than we did this time last year."  She adds: "It's [...]

By |2020-06-08T08:30:10-05:00June 8th, 2020|Market Trends, Updates|

Market Update Week of May 26, 2020: Home Demand is Strong

In April, buyer demand was so strong that 56% of Existing Home Sales were on the market less than a month. But due to the current temporary economic contraction, sales posted the biggest monthly drop since 2010. Housing Starts also took a big dip in April, the first full month of restrictions. But Building Permits beat starts by one of the highest figures since the 2008-09 recession, indicating increased builder interest ahead. Freddie Mac notes that low mortgage rates are "giving potential buyers a good reason [...]

By |2020-05-26T20:17:59-05:00May 26th, 2020|Market Trends, Updates|

Market Report: Week of May 18, 2020

The housing market nationally is picking up. Zillow reports new listings grew 5.9% week-over-week, with the hard hit highest price tier up 8%. New listings are still down annually, but have gained now three weeks in a row. Also growing smaller are the year-over-year declines in purchase mortgage applications. Week-over-week, national purchase mortgage activity has shown gains of 12% and 6% the past two weeks. A new study reveals Google searches for "homes for sale" in 50 metros increased an average of 54% from 2020 lows. Freddie [...]

By |2020-05-18T08:30:28-05:00May 18th, 2020|Market Trends, Updates|
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