Pending home sales rose 1.2% in November after slipping the prior month, according to the National Association of REALTORS®’ latest housing report, which was released Monday. Year-over-year contract signings were up 7.4% nationally, according to the report.November’s Pending Home Sales Index reached 108.5; an index of 100 is equal to the level of contract activity in 2001. The West region of the country reported the highe
The average annual salary for a full-time worker in the U.S. reached a record high in November, soaring to $69,181, the Federal Reserve Bank of New York reports. That marks a 3.4% increase from a year ago.Higher salaries, along with low mortgage rates, may help give the housing market a boost. The economy is performing strongly, with more than 2 million jobs created in the past year, Lawrence Yun, chief economist for the National Association of R
The interest rate for the 30-year fixed-rate mortgage averaged 3.9% for 2019, the fourth lowest annual average since 1971, according to Freddie Mac. For 2020, Freddie’s outlook mirrors that of the real estate industry’s top economists, who discussed their predictions at the National Association of REALTORS®’ first-ever Real Estate Forecast Summit earlier this month: Low mortgage rates and an improving economy will help drive
More home shoppers purchased newly constructed homes in November, bringing new-home sales to their best three-month performance since 2007, the U.S. Commerce Department reported Monday. Economists credit low mortgage rates, low unemployment, and strong income growth for the sales uptick.Sales of new single-family homes increased 1.3% to an annualized pace of 719,000 in November. “Fueled by the limited number of resales available for purchase, l
Americans are boosting their credit scores, which bodes well for applicants seeking a mortgage to snag the lowest rates. The average credit score hit its highest level since 2011, reaching 682--two points higher than a year ago, Experian reports in its State of Credit report. Consumers also are taking on more mortgage debt than a year ago, and delinquency rates are decreasing too.“We’re seeing a promising trend in terms of how Americans are m
The 30-year fixed-rate mortgage averaged 3.73%, unchanged from a week ago, Freddie Mac reports.“The economy continued to pick up momentum with a solid increase in residential construction, improvement in industrial output in our nation’s factories and a rise in job openings,” said Sam Khater, Freddie Mac’s chief economist. “While the economy is in a sweet spot, improvements in housing market sales volumes will be modest heading into nex
Despite historically low mortgage rates, housing affordability fell slightly in October compared to the previous month, the National Association of REALTORS®’ Housing Affordability Index shows. However, NAR notes, housing affordability conditions have improved compared to a year ago.Home prices are continuing to rise faster than incomes and that prompted housing affordability to fall in October compared to September int here of the four major
Existing-home sales decreased in November, offsetting October’s gains. But Lawrence Yun, chief economist for the National Association of REALTORS®, says there’s no reason to believe the drop indicates a lasting downward trend heading into the new year.Total existing-home sales—completed transactions for single-family homes, townhomes, condos, and co-ops—slipped 1.7% in November, reaching a seasonally adjusted annual rate of 5.35 million,
More luxury homeowners are being drawn to “jewel box” homes, smaller footprints that are souped-up with amenities and upscale, deluxe finishes, The Wall Street Journal reports.The number of new luxury homes of 3,000 square feet or less has jumped nearly 20% since 2013. That has corresponded to a decrease in large, high-priced homes, according to data from Home Innovation Research Labs, a subsidiary of the National Association of Home Builder
Seniors who own a home should feel richer. Homeowners 62 and older saw their housing wealth grow by 0.3% in the third quarter—or $24 billion. That brought senior housing wealth to a total record high of $7.19 trillion, the National Reverse Mortgage Lenders Association reports.The increase was due to a 0.5% uptick in seniors’ home values, the report notes.“Research suggests that as we age, Americans will spend more of our hard-earned retirem
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