US-home values grew 1.4% between April and May of 2023 — slower than the past 2 springs but faster than both the 2018 and 2019 spring markets Ultra-low inventory was a primary driver of price growth during the Spring market, according to a report released Monday by Zillow.Typical U.S.-home values grew 1.4 percent between April and May of 2023 — slower than the past two springs but faster than both the 2018 and 2019 spring
Regions include Austin, San Francisco and San Jose Since the beginning of the pandemic, the real estate market has followed an unpredictable course. Some cities and regions have seen significant booms, while the value of property in others has declined. As revealed by a new report on home prices from Zillow, some of those changes might surprise you — including year over year price drops in the tech hubs of San Francisco and Austin.Acc
Borrowing costs are not the most pressing issue for home shoppers.After recent increases, the mortgage rate for the 30-year fixed loan pulled back this week, giving home shoppers a slight reprieve on borrowing costs. Still, rates remain above 6.5% for the third consecutive week: The 30-year fixed-rate mortgage averaged 6.71% this week, Freddie Mac reports. “While elevated rates and other affordability challenges remain, inventory continues to b
The housing market is short more than 300,000 homes in price points middle-income buyers can afford, shows research from NAR and realtor.com®.The national housing shortage is most acute in price points that middle-income buyers can afford, according to new National Association of REALTORS® data. The market is short about 320,000 listings worth up to $256,000—which is considered the affordability range for households earning up to $75,000 annu
Friday's strong jobs report renews worries that the Federal Reserve is not done hiking rates to combat inflation as policymakers face June 14 decision to 'hike, skip or pause'Mortgage rates retreated from 2023 highs this week as a last-minute debt ceiling deal averted a crisis, but could quickly rebound on a strong jobs report Friday that’s renewed worries about inflation.The Optimal Blue Mortgage Market Indices show that rates on 30-
Nearly 5.5 million more households are priced out of the housing market today than a year ago, NAR data shows.The 30-year fixed-rate mortgage rose again this week, averaging 6.79% and forcing more home buyers to recalculate their budget. Mortgage applications for home purchases are falling—down 31% year over year, according to the Mortgage Bankers Association. But economists say mortgage rates are likely to drop in upcoming weeks, which could h
For bond market investors who provide the funding for most U.S. mortgages, the debt ceiling crisis won't be over until Congress actually votes to approve the deal negotiated over the weekend Worries that the U.S. may default on its debt could keep mortgage rates climbing this week even after negotiators reached a deal over the weekend to raise the debt ceiling.For bond market investors who provide the funding for most U.S. mortgages, th
US home prices rose 0.7% in March, notching a second-straight month of upticks while suggesting declines that began in 2022 may be winding down, according to data from CoreLogic and the FHFA U.S. home prices rose 0.7 percent in March from a year earlier, notching a second-consecutive month of annual increases while signaling a possible end to a year of price stagnation, according to data released Tuesday from CoreLogic.Despite the razor-thin
Economic headwinds and booming interest rates pushed sales down by 3.4% in April as inventory soared 7.2% above March, according to National Association of Realtors data released Thursday Existing-home sales declined on a monthly and annual basis in April, according to the National Association of Realtors’ latest market report published on Thursday.Sales for the segment slid 3.4 percent month over month from a seasonally adjusted annu
Existing-home sales are up and down—falling most recently in April, according to NAR data—as tight inventory and mortgage rates create uncertainty. Existing-home sales fell last month as the spring real estate market remains fluid and sensitive to the ongoing inventory shortage and changing mortgage rates. Existing-home sales, which include completed transactions for single-family homes, townhomes, condos and co-ops, dropped 3.4% month over m
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