Several property sector experts have attributed this sales decline to rising mortgage rates. “Mortgage rates have been rising above 7% since August, which has diminished the pool of homebuyers,” Lawrence Yun, NAR chief economist observed. According to Orphe Divounguy, senior economist at Zillow, higher mortgage rates, as well as seasonality, have contributed to falling sales, given that sales usually decline at this time of the year.

According to figures released by Freddie Mac, the 30-year fixed mortgage has risen to 7.23%; the highest since June 2001 when rates hit 7.24%.

The post Home Sales Plummeted in August According to Pending Data appeared first on theprimarymarket.com.

According to the report, the median home sale price in the U.S. for June came at $426,056. This was only 1.5% below the record of $432,397 that was set in May 2022.

On the other hand, there were 1,318,154 homes on the market in June, which represents a 15% drop compared to the same period in 2022 and represents an all-time low. The new listings have been particularly scarce at 450,000 units, declining by more than 30% compared to last year.

Redfin’s Chief Economist Daryl Fairweather says that the housing market remains “hot” despite the fact that there aren’t many sales taking place. A total of 404,331 homes were sold in June, which constitutes a 19.8% drop compared to the same month of last year.

 “Sellers are getting multiple offers if their home is priced well and in a desirable area even though there aren’t a lot of buyers out there. That’s because house hunters have so few homes to choose from,” Fairweather concluded. 

The post Home Prices in U.S. Close to All-Time High Due to Depressed Supply appeared first on theprimarymarket.com.

Much of the success that Gen Zs have experienced when navigating the property market has been attributed to the demographic group’s use of social media to gain industry knowledge.

Vayna Jerabek, a 22-year-old real estate agent, has amassed over 640,000 followers on Tik Tok. The realtor offers a range of housing tips on her page, including a video on “house hacking” that received over 1.6 million likes. “House hacking” refers to purchasing a property and then renting out several rooms as a way of offsetting the mortgage payment.

“My personal mission is to empower my generation so that they know that real estate is a serious vehicle to creating wealth,” Jerabek explained. “It’s just such a big driver of your future prosperity.”

The post Gen Z Homebuyers Leverage Social Media appeared first on theprimarymarket.com.

Existing home sales fell to 4.44 million, a decline of 2.4% compared to February and a 22% fall from March last year. According to FactSet, economists were expecting 4.5 million home sales for the month.

The number of homes readily available for purchase on the market rose by 1% from February to 980,000 properties. This marks a 5.4% increase from March of 2022. The national median home price for March 2023 was $375,000; a decline of 0.9% from March 2022.

Although the median home price was on the decline, mortgage rates continued to rise in March. By the second week of March, the 30-year mortgage hit 6.73%

The post Domestic U.S. Home Sales Decline in March appeared first on theprimarymarket.com.

Data released on Tuesday revealed that the S&P CoreLogic Case-Shiller U.S. National Home Price index declined by 0.5% in January. On a yearly basis, the index climbed 3.8%; still down from the 5.6% rise in December.

Included in the report was the 20-City Composite index, which tracks price changes in the 20 largest metros in the United States. The 20-City Composite Index showed a 0.6% fall in January from the previous month, in turn rising 2.5% from the previous year.

“Financial news this month has been dominated by ructions in the commercial banking industry, as some institutions’ risk management functions proved unequal to the rising level of interest rates,” Craig Lazzara, Managing Director at S&P DJI, noted.

“Despite this, the Federal Reserve remains focused on its inflation-reduction targets, which suggest that rates may remain elevated in the near term.” Lazzara contended that mortgage financing and the “prospect of economic weakness” will remain factors that affect housing prices over the near future.

The post Home Prices Drop For Seventh Straight Month appeared first on theprimarymarket.com.

This result comes as mortgage rates continue to climb, thereby extending the housing market’s decline. In an effort to suppress continually rising inflation, the Federal Reserve is looking to hike interest rates by another 75 points. Mortgage rates increased by 6% last week, thereby sustaining this streak.

NAHB Chief Economist Robert Dietz remained optimistic about a housing market turnaround in the near future, explaining, “The housing recession shows no signs of abating as builders continue to grapple with elevated construction costs and an aggressive monetary policy from the Federal Reserve.”

In September, both current and future sales of family homes dropped to their lowest levels since May 2020, while buyer traffic has also reached a new record low for the period. The West of the United States posted the largest decline in sentiment, followed by the South. The Midwest and Northeast both showed no signs of sentiment changes.

The post US Homebuilder Sentiment Falls For Ninth Straight Month appeared first on theprimarymarket.com.

The latest numbers represent a sharp decline compared to the 6.49 million units in January 2022. However, according to experts, this still doesn’t indicate that the home market is in any type of trouble. 

“The market is far from weak,” Conrad DeQuadros, senior economic advisor at finance broker Brean Capital, told Yahoo Finance. “It will likely take some time for the full impact of monetary adjustment to feed through.”

Last week, the 30-year fixed-rate mortgage jumped by 55 basis points, which marked the biggest one-week surge since 1987. The current average of 5.78 percent is the highest it has been since 2008, but experts predict mortgage rates breaking the six percent barrier very soon.

Prices have also continued to climb despite the weaker demand. The National Association of Realtors says that the national median price currently stands at $407,600, representing a 15 percent increase compared to the same period in 2021. This represents a record and the first time that the national median price topped $400K.

The post Home Sales in the U.S. Slide to 2-Year Low appeared first on theprimarymarket.com.

Several property sector experts have attributed this sales decline to rising mortgage rates. “Mortgage rates have been rising above 7% since August, which has diminished the pool of homebuyers,” Lawrence Yun, NAR chief economist observed. According to Orphe Divounguy, senior economist at Zillow, higher mortgage rates, as well as seasonality, have contributed to falling sales, given that sales usually decline at this time of the year.

According to figures released by Freddie Mac, the 30-year fixed mortgage has risen to 7.23%; the highest since June 2001 when rates hit 7.24%.

The post Home Sales Plummeted in August According to Pending Data appeared first on theprimarymarket.com.

According to the report, the median home sale price in the U.S. for June came at $426,056. This was only 1.5% below the record of $432,397 that was set in May 2022.

On the other hand, there were 1,318,154 homes on the market in June, which represents a 15% drop compared to the same period in 2022 and represents an all-time low. The new listings have been particularly scarce at 450,000 units, declining by more than 30% compared to last year.

Redfin’s Chief Economist Daryl Fairweather says that the housing market remains “hot” despite the fact that there aren’t many sales taking place. A total of 404,331 homes were sold in June, which constitutes a 19.8% drop compared to the same month of last year.

 “Sellers are getting multiple offers if their home is priced well and in a desirable area even though there aren’t a lot of buyers out there. That’s because house hunters have so few homes to choose from,” Fairweather concluded. 

The post Home Prices in U.S. Close to All-Time High Due to Depressed Supply appeared first on theprimarymarket.com.

Much of the success that Gen Zs have experienced when navigating the property market has been attributed to the demographic group’s use of social media to gain industry knowledge.

Vayna Jerabek, a 22-year-old real estate agent, has amassed over 640,000 followers on Tik Tok. The realtor offers a range of housing tips on her page, including a video on “house hacking” that received over 1.6 million likes. “House hacking” refers to purchasing a property and then renting out several rooms as a way of offsetting the mortgage payment.

“My personal mission is to empower my generation so that they know that real estate is a serious vehicle to creating wealth,” Jerabek explained. “It’s just such a big driver of your future prosperity.”

The post Gen Z Homebuyers Leverage Social Media appeared first on theprimarymarket.com.

Existing home sales fell to 4.44 million, a decline of 2.4% compared to February and a 22% fall from March last year. According to FactSet, economists were expecting 4.5 million home sales for the month.

The number of homes readily available for purchase on the market rose by 1% from February to 980,000 properties. This marks a 5.4% increase from March of 2022. The national median home price for March 2023 was $375,000; a decline of 0.9% from March 2022.

Although the median home price was on the decline, mortgage rates continued to rise in March. By the second week of March, the 30-year mortgage hit 6.73%

The post Domestic U.S. Home Sales Decline in March appeared first on theprimarymarket.com.

Data released on Tuesday revealed that the S&P CoreLogic Case-Shiller U.S. National Home Price index declined by 0.5% in January. On a yearly basis, the index climbed 3.8%; still down from the 5.6% rise in December.

Included in the report was the 20-City Composite index, which tracks price changes in the 20 largest metros in the United States. The 20-City Composite Index showed a 0.6% fall in January from the previous month, in turn rising 2.5% from the previous year.

“Financial news this month has been dominated by ructions in the commercial banking industry, as some institutions’ risk management functions proved unequal to the rising level of interest rates,” Craig Lazzara, Managing Director at S&P DJI, noted.

“Despite this, the Federal Reserve remains focused on its inflation-reduction targets, which suggest that rates may remain elevated in the near term.” Lazzara contended that mortgage financing and the “prospect of economic weakness” will remain factors that affect housing prices over the near future.

The post Home Prices Drop For Seventh Straight Month appeared first on theprimarymarket.com.

This result comes as mortgage rates continue to climb, thereby extending the housing market’s decline. In an effort to suppress continually rising inflation, the Federal Reserve is looking to hike interest rates by another 75 points. Mortgage rates increased by 6% last week, thereby sustaining this streak.

NAHB Chief Economist Robert Dietz remained optimistic about a housing market turnaround in the near future, explaining, “The housing recession shows no signs of abating as builders continue to grapple with elevated construction costs and an aggressive monetary policy from the Federal Reserve.”

In September, both current and future sales of family homes dropped to their lowest levels since May 2020, while buyer traffic has also reached a new record low for the period. The West of the United States posted the largest decline in sentiment, followed by the South. The Midwest and Northeast both showed no signs of sentiment changes.

The post US Homebuilder Sentiment Falls For Ninth Straight Month appeared first on theprimarymarket.com.

The latest numbers represent a sharp decline compared to the 6.49 million units in January 2022. However, according to experts, this still doesn’t indicate that the home market is in any type of trouble. 

“The market is far from weak,” Conrad DeQuadros, senior economic advisor at finance broker Brean Capital, told Yahoo Finance. “It will likely take some time for the full impact of monetary adjustment to feed through.”

Last week, the 30-year fixed-rate mortgage jumped by 55 basis points, which marked the biggest one-week surge since 1987. The current average of 5.78 percent is the highest it has been since 2008, but experts predict mortgage rates breaking the six percent barrier very soon.

Prices have also continued to climb despite the weaker demand. The National Association of Realtors says that the national median price currently stands at $407,600, representing a 15 percent increase compared to the same period in 2021. This represents a record and the first time that the national median price topped $400K.

The post Home Sales in the U.S. Slide to 2-Year Low appeared first on theprimarymarket.com.