U.S. prices surged to an all-time high and homes sold faster than they ever have in May, according to a new report released by realtor.com®. Home prices averaged $297,000 in May, and homes sold in just 55 days.Despite recent upticks, however, the market is showing a few signs of slowing momentum, according to the report.“We’re in the thick of the hottest homebuying season of all time,” says Javier Vivas, director of economic research at r
Mortgage rates eased last week following recent increases, but would-be home buyers or refinancers didn’t bite. Total mortgage application volume, which reflects for refinancings and home buying, dropped 2.9 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. This marked the sixth consecutive week of losses in applications.Mortgage application volume is now 10 percent lower than a year ago, the
Around the country, home buyers are facing escalating prices as they compete for a limited number of homes for sale. But there are exceptions popping up in some markets. In a few metro areas, buyers are seeing the reverse: prices coming down.Realtor.com® researchers found that 27 of the nation’s 350 largest metros are seeing price drops. In those 27 markets, the reason for the decline in prices was generally attributed to overbuilding; layoff
Home sales are still on track to eke out a gain in 2018, but buyers are encountering three big obstacles as they shop: Swift price growth, climbing mortgage rates, and low supply of homes for sale.Freddie Mac researchers are calling it a “trifecta” of challenges for home buyers in the first five months of 2018. Nevertheless, researchers say they expect the healthy economy and strong consumer confidence to lead to a 3 percent increase in total
Mortgage rates were on the rise again this week, reaching their highest level since 2011. The 30-year fixed-rate mortgage rose six basis points last week to an average of 4.66 percent.“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,” says Sam Khater, Freddie Mac’s chief economist. “Through May, rates have risen in 15 out of the first 21 weeks (71 percent), which is the highest share s
Sales of newly built single-family homes fell in April—a time that is usually the bustling springtime home buying market. But builders remain upbeat and are quick to point out that sales are still near a post-recession high, regardless of the latest drop.Sales of newly built, single-family homes dropped 1.5 percent in April, reaching a seasonally adjusted annual rate of 662,000 units, the U.S. Commerce Department reported Wednesday.“Builde
Home buyers are willing to make extreme sacrifices and even give up some basic rights to get a chance at homeownership or help with their down payment, a new survey shows. In exchange for a 10 percent down payment, would-be buyers said they’d forgo their dream car, vacations, and even their right to vote.Twenty-two percent of 1,000 buyers recently surveyed said they’d be willing to give up the right to vote in exchange for a 10 percent down
Blame it on the low inventory of available property: Total existing-home sales failed to gain traction in April, according to the National Association of REALTORS® latest housing report, released Thursday.Total existing-home sales—which are completed transactions that include single-family homes, townhomes, condos, and co-ops—decreased 2.5 percent to a seasonally adjusted annual rate of 5.46 million in April. Sales are now 1.4 percent below
A rise in interest rates last week may have prompted would-be refinancers and home buyers to pause. Mortgage applications—for both refinancings and home purchases—dropped 2.6 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Mortgage volume is now 10.5 percent lower than a year ago.The 30-year fixed-rate mortgage rose to its highest level since April 2011 last week—a 4.86 percent average,
House flipping activity surged to an 11-year high this year, with more than 207,000 homes flipped, according to ATTOM Data Solutions, a real estate data firm. But the key is knowing where to be and when. “The sweet spot for successful home flipping is finding the neighborhoods just emerging as the next hot neighborhoods in a city,” says Daren Blomquist, a senior vice president at ATTOM Data Solutions. The firm says the average profit for a
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