July Sees Home Price Rebound, Slower Appreciation Due to low inventory, the year-over-year home price increase accelerated in July, increasing by 2.5% nationally after two months of a 1.6% rise. With prices wrapping up July 5% higher than their most recent low point in February, this represented the sixth consecutive month of annual price increases.…

July Sees Home Price Rebound, Slower Appreciation Due to low inventory, the year-over-year home price increase accelerated in July, increasing by 2.5% nationally after two months of a 1.6% rise. With prices wrapping up July 5% higher than their most recent low point in February, this represented the sixth consecutive month of annual price increases.…

Homeowners Find 5% Mortgage Rate Ideal for Moving The average 30-year fixed-rate mortgage, which dipped below 3% in January 2021, has now surged above 7%. This sharp increase in mortgage rates has deterred many homeowners from selling their homes, as they would likely face higher mortgage payments for a new home purchase at current rates.…

Decade-High Share of First-Time Homebuyers Around half of all home buyers are now first-time buyers, which is likely the highest proportion since around 2010, aided by Zillow’s 2023 Consumer Housing Trends Report. The share of first-time buyers among all home buyers has risen from 45% last year to 50%, a significant jump from 37% in…

July Sees Continued Home Sales Decline Amidst Supply Drop Home sales of pre-owned homes fell by 2.2% in July, reaching an annualized rate of 4.07 million units, marking a 16.6% decline from July the previous year. This slowdown was most pronounced in the Northeast, with a 5.9% drop in sales. The National Association of Realtors…

Homeowners Utilizing Home Equity for Cash Amidst robust home values nationwide, homeowners leverage their home equity for renovations and managing debt. The housing market’s low inventory has bolstered home prices, sustaining their surge during the pandemic. This has resulted in a collective home equity of approximately $30 trillion, as the St. Louis Federal Reserve reported.…

New Record High Home Prices: Your Potential Cash According to Black Knight’s new report, home prices have surged across the U.S., with 60% of markets hitting record highs in June. This renewed growth in home prices is mainly due to a supply shortage to meet the high demand. Despite higher mortgage rates acting as a…

Trapped at Home: Americans and Low-Rate Mortgages Many homeowners are reluctant to sell their homes and move due to their historically low mortgage rates. With rising home prices and interest rates, staying put is becoming an attractive option for homeowners with low-rate mortgages, leading to a market shortage of homes for sale. Most homeowners today…

Mortgage Demand for New Homes Surged 26.1% in June In June, new home purchase mortgage applications surged by 26.1% compared to last year, as reported by the Mortgage Bankers Association (MBA) builder application survey. However, there was a 5% drop in applications compared to the prior month. MBA estimated that approximately 687,000 new single-family homes…

MBA Survey July 19, 2023: Mortgage Applications Surge Mortgage applications increased by 1.1% from the prior week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for July 14, 2023. On a seasonally adjusted basis, the Market Composite Index—which gauges the volume of home loan applications—rose 1.1% as well. However, the seasonally adjusted Purchase Index…