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Grim outlook for housing market, NAHB CEO warns
Source: Fox Business --- National Association of Home Builders CEO Jerry Howard warned on "Varney & Co." Monday of "a tough time" ahead for the industry as data revealed the housing market has been slowing down. Howard provided the insight on the same day it was...
Housing Inventory July 18th Update: Up 30% Year-over-year
Source: Calculated Risk --- Inventory is increasing rapidly. Inventory bottomed seasonally at the beginning of March 2022 and is now up 110% since then. More than double! Altos reports inventory is up 30.3% year-over-year and is now 16.3% above the peak last year. ...
Homebuilder sentiment plunges in July as buyers pull back
Source: CNBC --- Confidence among builders in the nation’s single-family housing market fell in July to the lowest level since the start of the pandemic. The National Association of Home Builders/Wells Fargo Housing Market Index, a survey designed to gauge market...
I’m the chief economist at Realtor.com. These are the 4 things you need to know about the housing market now
Source: Marketwatch --- If you feel a bit of whiplash hearing the varying takes on the housing market right now, you’re not alone. Home prices are still rising — but not as much! Mortgage rates are generally up — but recently they’ve held below 6%! (See the lowest...
Exclusive: Who’s Buying Up America’s Homes? New Survey Reveals Where They’re From
Source: Realtor --- Home prices in the U.S. are so sky-high these days, even wealthy foreign buyers aren’t immune to feeling the pinch. Last year, international buyers snapped up 98,600 residential properties totaling $59 billion, according to a new National...
A Record Share of Homebuyers Relocate As High Prices, Mortgage Rates Push Them Toward More Affordable Areas
Source: Redfin --- Homebuyers are seeking out less expensive locales like Tampa and San Antonio, partly because the surging cost of housing and other goods is limiting their ability to buy homes in many U.S. cities. A record 32.6% of Redfin.com users nationwide looked...
Homeowners who locked in low mortgage rates have one reason to ‘celebrate’ right now, economist says
Source: Marketwatch --- The government’s inflation numbers confirmed that the price of literally everything has gone up. But an economist said that there’s one group who actually may have benefitted from rising costs. Inflation may be at a 41-year high of 9.1% in...
Housing Market Update: Prices Begin to Fall from Record Highs
Source: Redfin --- Inflation and high mortgage rates are taking a bite out of homebuyer budgets, leading to fewer sales and supply gains. The median sale price for U.S. homes came down 0.7% from its record-breaking June peak during the four weeks ending July 10....
These are the 5 markets where home sales are cooling fastest: Sellers need to be ‘realistic’ about price, says broker
Source: CNBC --- After the frenzy of bidding wars, the U.S. housing market is starting to cool, particularly along the West Coast, as mortgage interest rates rise. That’s forcing some sellers to adjust. “Sellers have to be more realistic,” said Bill Kowalczuk, real...
Current State of the Housing Market
Source: Calculated Risk --- ...We are seeing a clear slowing in the housing market, with more price reductions, more inventory, and fewer sales. It will take some time to see the impact on house price growth, but that is coming too. Next week, existing home sales will...
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