Though existing-home sales dropped 9.7% month over month in May—the third consecutive month of declines—the downward trend is likely to soon reverse, according to the National Association of REALTORS®. “Although the real estate industry faced some very challenging circumstances over the last several months, we’re seeing signs of improvement and growth, and I’m hopeful the worst is behind us,” says NAR President Vince Malta.Ongoing co
A housing shortage that has increased since the pandemic began in March means buyers continue to face steep competition for the limited supply of homes.A new study from Clever Real Estate shows that 42% of buyers who purchased a home between January and May were in a bidding war. Further, the brokerage Redfin reported this week that half of its agents’ offers faced competition in May, up from 44% in April.Competition from buyers making all-cash
Homeowners quickly began making repairs and swapping outdated fixtures as they started to shelter in place at the beginning of the COVID-19 pandemic. Home improvement stores like Lowe’s and Home Depot reported a surge in earnings as the pandemic began.And the trend is sticking around. Homeowners are requesting personal loans for home improvement above rates prior to the pandemic, a new study from LendingTree shows. Requests for home improvement
The 30-year fixed-rate mortgage set a new record again this week as rates averaged 3.13%, the lowest average rate in Freddie Mac’s records, which date back to 1971.The previous low for the 30-year fixed-rate mortgage was set just a few weeks ago at the end of May, averaging 3.15%.“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market,” says Sam Khater, Freddie Mac’s chief economist. “P
Home buyers are reemerging, and here’s the proof: Mortgage applications to purchase a home reached the highest volume in more than 11 years. Record low mortgage rates are tempting more buyers into the market.Mortgage applications to purchase a home are 21% higher than the same week a year ago, the Mortgage Bankers Association reports. Applications for home purchases ticked up 4% week over week.“The housing market continues to experience the r
The Federal Housing Administration and Federal Housing Finance Agency announced that they are extending foreclosure and eviction moratoriums another two months to help homeowners financially impacted by the COVID-19 pandemic.The government agencies are extending until Aug. 31 foreclosure and eviction moratoriums for homeowners whose single-family mortgages are insured by the FHA and backed by either Fannie Mae or Freddie Mac. The original morator
Single-family permits, a gauge of future housing production, posted a double-digit gain in May as the new-home market showed an increase inactivity. The pandemic in March and April brought the sector to mostly a standstill as economies shut down in an effort to curb the spread of the coronavirus. But as states reopen, home buyers are coming back and builders are ramping up production to meet demand.Permits to construct new houses in May rose 14.4
The homebuying process can be complex—especially if you don’t read the documentation along the way.The paperwork may be too cumbersome for some, according to a survey conducted by Porch.com, a home remodeling website, of nearly 1,000 recent home buyers. More than three in four homeowners said they didn’t completely understand the terms of their mortgage. Thirty percent of homeowners admit to reading none or only some of their mortgage docum
Home renovation remains a popular activity for owners, particularly among older age groups. Baby boomers accounted for more than half of renovating homeowners in 2019, according to a newly released survey of more than 87,000 respondents by Houzz, a home remodeling and design website. Gen Xers (ages 40 to 54) trailed at nearly a third of home renovators and millennials (ages 25 to 39) were at about 12%.Baby boomers tend to spend the most on their
Few thought the housing market would see this quick a turnaround in homebuyer demand. The COVID-19 pandemic dragged down the spring buying season as states and cities issued stay-at-home orders. But despite the lingering pandemic and subsequent economic recession, homebuilders are upbeat on housing heading into summer.Builder sentiment surged 21 points in June, the largest monthly increase ever recorded by the National Association of Home Builder
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