Remove 2022 10 18 the-latest-on-supply-and-demand-in-housing
article thumbnail

NAR’s Lawrence Yun predicts lower rates, 15% jump in existing-home sales in 2024

Housing Wire

Although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). The question is when are rates going to come down?”

Sales 454
article thumbnail

New listings data unfazed by 8% mortgage rates

Housing Wire

The haunted house ride with the bond market and mortgage rates continued this week, but one housing data line hasn’t been spooked. Unlike last year, when new listings data had a noticeable move lower once mortgage rates reached 6%, 8% mortgage rates haven’t had any noticeable impact on the latest new listings data.

Mortgages 518
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Logan Mohtashami: “biggest affordability hit in our lifetime”

Housing Wire

Mohtashami focused on the latest inventory and the Federal Reserve’s rate hike announcement. I had anticipated 18%-22% YoY decline trends with rates this high after the price gains. 2022 purchase application data will be the first year where this index has declined since 2014. What do you expect to hear?

Investor 337
article thumbnail

Home prices keep climbing in Phoenix, Tampa and Miami

Real Trends

year over year increase in January , according to the latest S&P CoreLogic Case-Shiller National Home Price Index report released on Tuesday. That level of price growth suggests broad strength in the housing market, which is exactly what we continue to observe.”. The 10-city home price index also rose in February, increase from 17.3%

Finance 81
article thumbnail

Why Purchasing New Construction Can Be a Smart Move for First-Time Homebuyers

Realtor.com

“It is true that new-construction homes, on average, are 10% to 15% higher in sales price than resale homes, but that doesn’t mean that they are less affordable,” says Bob Seeman , vice president of sales for New Homes at Realtor.com. Low inventory means first-time buyers should explore all options. Getty Images.

article thumbnail

Where are mortgage rates headed?

Housing Wire

That’s a stark contrast to what was expected at the end of 2022, when economists forecast rates to be roughly 5.5% It can be tricky — housing economists say there are significant uncertainties and rates may remain higher for longer Due to their long terms, mortgage rates usually follow the 10-year treasury yields, which are surging.

Mortgages 357
article thumbnail

The Housing Market Isn’t Crashing…But It Is Shifting

HomeLight

Our Summer 2022 Top Agent Insights Survey is out now, and it shows how the real estate market is changing. On this week’s Walkthrough , HomeLight’s Caroline Feeney takes us through the latest data about interest rates and inflation, and three top agents join us to share how the changes are impacting their buyers and sellers.