Real estate markets in many cities are now even stronger than they were before the most recent housing crash. Last year, the national median home price rose to $227,000—even higher than its 2005 peak of $220,400. Home prices nationally have grown 26 percent since hitting bottom in 2011. At the local level, some markets are doing better than others.Realtor.com® analyzed the 150 largest metros in the country to find the cities that have rebounde
New-home construction is now taking place at around 1.2 million units annually, a welcome pickup to many buyers following years of slumps after the Great Recession. But a tight labor market means the workers have yet to return, and that lack of labor is increasing construction costs.When construction activity gained steam in 2012, the problem started to surface, and it has increased ever since, according to industry reports.“The share of builde
Mortgage rates were mostly in a holding pattern this week, which may have been welcome news to borrowers after last week’s uptick.“The 10-year Treasury yield remained relatively flat this week, as did the 30-year mortgage rate, which fell 1 basis point to 4.02 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC
The Federal Reserve voted Wednesday to leave its benchmark interest rate alone, citing signs of a slowing economy between the January-to-March quarter. The benchmark rate will stay low, near 1 percent. However, the Fed cautions that it expects that a strengthening economy and job market in the coming months will justify a higher rate later this year.Mortgage rates aren’t directly tied to the Fed’s benchmark rate but are often influenced by th
Home buyers are returning to the mortgage market, undeterred by rising mortgage rates.Mortgage applications to buy a home, viewed as a gauge of future home-buying activity, climbed 4 percent last week on a seasonally adjusted basis. Purchase applications are now nearly 5 percent higher than a year ago, the Mortgage Bankers Association reported Wednesday.“More prospective home buyers returned to the market after two weeks of decreases in purchas
Cash sales made up about 30 percent of all single-family and condo sales in the first quarter of this year, according to ATTOM Data Solutions' First Quarter 2017 U.S. Home Sales Report. That is well below their peak of 44.7 percent in the first quarter of 2011 but higher than the prerecession average of 20.4 percent from 2000 to 2007."With a stronger market and overall sales increasing, we are seeing a decrease in foreclosure sales across the mar
Strong buyer demand this spring is pushing home prices up at double the rate of increase in income growth, The Wall Street Journal reports. The median price of an existing home for all housing types was $236,400 in March, up 6.8 percent from a year ago, when it was $221,400, according to the National Association of REALTORS®. Incomes, meanwhile, increased 3 percent in February from a year earlier, according to the Labor Department."Bolstered by
Home buyers who don’t gather more than one quote when shopping for a mortgage may be losing out on some savings to their monthly payments.Lenders can offer a wide dispersion of rates, up to 50 basis points or 0.5 percent, after controlling for factors like the borrower’s down payment and credit score. That could be the difference between a 3.5 percent versus a 4 percent mortgage rate, according to a recent study by two economists at the Consu
For the first time in five weeks, average mortgage rates reversed course and edged up.“The 10-year Treasury yield rose about 10 basis points this week,” notes Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent. Despite recent swings in mortgage rates,t he housing market continues to show strength—both existing- and new-home sales in March exceeded
Total mortgage activity—which includes applications for refinancings and home purchases—rose 2.7 percent on a seasonally adjusted basis as homeowners rushed to take advantage of lower mortgage rates.The refinance market was what drove last week’s increase, rising 7 percent week over week as mortgage rates dropped to the lowest level since November 2016. Still, refinance activity remains about 34 percent below where it was a year ago, the Mo
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