Manhattan home sales rose for the first time in two years as impatient buyers who had been waiting for interest rates to fall took the plunge.Closings of co-ops and condos spiked 12.2% in the borough in the three months through June from the same period in 2023, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. While the median price of $1.18 million in the quarter dipped slightly from a year earlier, it was s
Commercial mortgage delinquencies increased in the first quarter of 2024, according to the Mortgage Bankers Association’s (MBA) latest Commercial Delinquency Report, released earlier this month.Commercial mortgage delinquency rates continued to increase during the first three months of 2024. increase was seen across most capital sources, pointing to the challenges caused by loans that are maturing amid higher interest rates, uncertain property
After a weaker-than-expected spring housing market, summer looks no better. High home prices continue to rise, mortgage rates aren’t coming off recent highs and consumers are unimpressed by the small increase in home listings.All of that is reflected in weekly mortgage demand, which has been stuck for the second week in a row. Total mortgage application volume was essentially flat last week, up just 0.8% from the previous week, accord
Metros in central and western New York recorded some of the biggest price increases in the countryRust Belt cities in central and western New York are getting a lot of love these days—maybe too much. The median rent for a one-bedroom apartment in Syracuse increased by 29% in June to $1,200 compared with a year ago, and was up 2.6% from May, according to the latest report from rental platform Zumper. That was by far the highe
More housing inventory will eventually tame home price growth in the upcoming months, says NAR’s chief economist. Read more from NAR’s latest housing report.Existing-home sales prices climbed to a record high in May, as home buyers—also up against mortgage rates that were then above 7%—must continue digging deeper into their pockets.The median existing-home sales price rose nearly 6% in May compared to a year ago, reaching $419,300, the h
The 30-year fixed-rate mortgage saw another small incremental decline, averaging 6.87% this week.Mortgage rates continue to fall from their recent 7% highs, lowering borrowing costs for hopeful house hunters who may eagerly be looking for any type of price break. This week marked the third consecutive week for mortgage rate cuts, following signs of cooling inflation, Freddie Mac reports.“These lower mortgage rates, coupled with the gradually im
First-time applications for U.S. unemployment benefits fell moderately last week, while new housing construction dropped to the lowest level in nearly four years in May, suggesting that economic activity remained moderate in the second quarter.The data on Thursday combined with tepid retail sales last month to keep a September interest rate cut from the Federal Reserve on the table. Financial markets are anticipating one or more rate cuts this ye
The University of Michigan released preliminary data on Friday unexpectedly showing a continued deterioration in U.S. consumer sentiment in the month of June.The report said the consumer sentiment index fell to 65.6 in June after tumbling to 69.1 in May. Economists had expected the index to rebound to 72.0.With the unexpected decrease, the consumer sentiment index dropped to its lowest level since hitting 61.3 in November 2023.The continued slump
Falling Property Prices, Interest Rates Improve Buying Conditions It may be slightly easier now to find attractive multifamily investment opportunities than it was at the end of last year, according to housing finance giant Freddie Mac.Freddie Mac’s Multifamily Apartment Investment Market Index rose by 8.7% in the first quarter as well as over the full year, with the annual index up 8.1%.The AIMI’s quarterly rise occurred nationwide and in al
The latest inflation numbers show housing affordability remains a problem in the economic recovery.Mortgage rates cooled slightly once again this week, now averaging 6.95%, as they continued to dial back after last month’s surge and returned to averages typical of a year ago, Freddie Mac reports.“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” says Sam
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