January 2021 Market Update, Greater Nashville Area

Home Sales Remain Strong in New Year NASHVILLE, Tenn. (Feb. 8, 2021) – According to Greater Nashville Realtors, home sales closed out at 2,745 closings reported for the month of January. This figure is up 4 percent from the 2,632 closings reported for the same period last year. “January’s numbers show the power of the Greater Nashville market. Many of these homes went under contract during the holiday season which is stereotyped as a subprime time to sell. As Realtors continue to remind their [...]

By |2021-02-20T17:00:09-06:00February 11th, 2021|Market Trends, Updates|

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 20, 2020 – Housing Market in Recovery

The National Association of Realtors reports more than nine in ten Realtors say the market is recovering, as they embrace “technology and business practices to ensure the home buying process continued in a safe manner.” And that recovery is V-shaped. Purchase mortgage applications are up year-over-year between 13% and 33% the past seven weeks, and up 54% for new homes, while pending homes sales rose 44% last month. Home builders are joining the party too. Housing Starts jumped 17.3% in June to a 1.186 million annual rate. So it's [...]

By |2020-07-20T10:10:21-05:00July 20th, 2020|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 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 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 April 13, 2020

Mortgage rates are now near historical lows. Freddie Mac's latest Primary Mortgage Market Survey reports the national 30-year fixed mortgage rate is almost a full percentage point lower than a year ago. In spite of the slowdown, deals are getting done thanks to technology. 34% of National Association of Realtors members had no closing delays. 58% are using virtual tours and 84% e-signature tools. Meanwhile, real estate rebounded in China as CORVID-19 restrictions eased. Real estate sales in China's 30 largest cities hit [...]

By |2020-04-13T09:31:54-05:00April 13th, 2020|Market Trends, Updates|

Market Update Week of April 6, 2020: Real Estate Market

While we wait for our miracle, the index of contracts signed on existing homes, Pending Home Sales, rose 2.4% in February, up now two months in a row. This bodes well for existing home sales closing in March and April. In addition to Fannie Mae and Freddie Mac, the FHA and VA are now easing standards for property appraisals and verification of employment on some loans. Please contact us for specifics. Freddie Mac's chief economist noted, "homebuyer demand has declined in response to current [...]

By |2020-04-06T11:40:52-05:00April 6th, 2020|Market Trends, Updates|

National Market Update for this Week in September 2019

New From the Mortgage Desk: Fannie Mae reports American housing confidence edged up to 93.8 in August, 5.8 points ahead of last year and a new survey high, based on "growing expectations that mortgage rates will remain flat or decline." Average FICO credit scores hit an all-time high this year, besting last year's record thanks to "the improved consumer financial health that has resulted from the steady economic growth that the U.S. has experienced." Freddie Mac's chief economist puts "solid home purchase demand" [...]

By |2019-09-16T19:02:16-05:00September 16th, 2019|Market Trends, Updates|
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