Real estate pros often anxiously await for the spring selling season, a time known for an uptick in home sales. But will spring be as hot for the housing market this year as it has been in the past?Since the end of last year, home sales have slowed (a decline of 10 percent in December compared to a year prior), and properties have been sitting on the market for longer (46 days compared to 30 days a year ago).Nevertheless, Lawrence Yun, chief
Home shoppers are finding some of the lowest mortgage rates in more than a year.“Mortgage rates declined decisively this week amid various market reports, a strong bond auction, and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower,” says Sam Khater, Freddie Mac’s chief economist. “At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these
A pool could potentially boost a home’s sales price by nearly six figures in some locales, according to a new analysis by the real estate brokerage Redfin. In Los Angeles, for example, homes with pools sell for nearly $100,000 more than comparable homes without one.Swimming pools were found to be most valuable at resale in Los Angeles; Austin, Texas; and Orange County, Calif. All three of these metro areas saw pools add a premium of more than $
Some consumers may be holding back from homeownership due to a lack of financial knowledge. Sixteen percent of non-homeowners say they feel they would have difficulty qualifying for a mortgage due to a lack of financial knowledge. Thirteen percent say they do not know the first step in the process, according to the first quarter 2018 HOME report, produced by the National Association of REALTORS®.Embarking on a homeowning journey takes plenty of
Slower home price growth, deflated sales, and lower mortgage rates could create abundant opportunities for potential home buyers this spring.Though home prices are still up year over year in all 50 states, the overall affordability outlook is improving, according to Black Knight’s latest Mortgage Monitor Report. The decline in mortgage rates has helped increase consumers’ buying power by more than 6 percent and reduced mortgage payments on an
Townhome construction outperformed other building sectors in 2018, bringing more entry-level housing to the market. But while townhouse construction, along with other submarkets, softened during the fourth quarter, it is still poised for further expansion as more renters enter the sale market, the National Association of Home Builders reports. Townhouse construction—or single-family attached housing—also helps builders grapple with land short
After weeks of declines, mortgage rates reversed course, but are still lower than a year ago.“While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row,” says Sam Khater, Freddie Mac’s chief economist. “In late 2018, mortgage rates rose over a full percentage point from the prior year, which was one of the main reasons that weakness in home sales continued into early
Smaller cities with lower home prices were once again among the top-performing housing markets this month, a trend that started emerging in January this year, according to the latest report from realtor.com®.“We’re seeing more interest in secondary markets,” says Danielle Hale, realtor.com®’s chief economist. “Homes are a little bit more affordable, and buyers are looking for that affordability.”Midland, Texas, once again toppe
Home equity continued to increase in the fourth quarter of 2018, with more homeowners profiting over rising home prices. U.S. homeowners with a mortgage saw their equity rise by 8.1 percent year over year in the fourth quarter of 2018, according to CoreLogic’s Home Equity Report, released Thursday.The average homeowner has gained $9,700 in home equity between the fourth quarter of 2017 and the fourth quarter of 2018, the report showed. Western
Sales of newly built single-family homes picked up at the end of last year, reaching the highest level since May 2018, a newly released report from the U.S. Commerce Department shows. New-home sales increased 3.7 percent in December to a seasonally adjusted annual rate of 621,000 units (the number of homes that would sell if this pace continued over the next 12 months).“Despite a period of weakness in the fall, new home sales ended the year wit
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
