Sales of newly built single-family homes rose 1.1% in February while the average sale price climbed to just under $500K, according to data released Thursday by the US Census Bureau Sales of newly constructed single-family homes remained mostly flat during February, marking only a modest increase ahead of the spring buying season, according to data released Thursday by the U.S. Census Bureau.Sales of newly built single-family homes rose 1.1 pe
Prices fell in February for the first time in 131 months, which could bring more buyers to the market just in time for spring, according to NAR’s latest housing report.Existing-home sales ended a yearlong decline in February, posting gains for the first time in 12 months, the National Association of REALTORS® reported Tuesday. Existing-home sales increased 14.5% month over month—which marked the largest monthly gain since July 2020—reachin
Recent bank failures are creating economic panic, but there may be a silver lining for home buyers.Mortgage rates, which have risen more than half a percent over the last five weeks, fell this week amid fears about the sturdiness of the nation’s banking industry. Silicon Valley Bank and two others that primarily support the technology industry shuttered operations, sending shock waves through the U.S. economy.The 30-year fixed-rate mortgage dec
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The real estate industry got 2 kernels of good news in the latest jobs numbers from the US Bureau of Labor Statistics The latest jobs data contains a couple kernels of good news for the real estate industry, pointing to less pressure on mortgage rates and an eventual boost in home demand.For one thing, payrolls in real estate continue to come in stronger than in the U.S. at large, with 16,300 new jobs added on a seasonally adj
After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher.Total mortgage application volume rose 7.4% last week, according to the Mortgage Bankers Association's seasonally adjusted index.This happened even as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.79% from 6.71%, with points
Fannie Mae's National Housing Survey shows Americans were feeling less secure about keeping their jobs in February, and nearly 8 in 10 think it's a bad time to buy a home Americans are feeling less secure about keeping their jobs, and nearly eight in 10 think it’s a bad time to buy a home — sentiments that don’t bode well for the spring homebuying season, according to a monthly survey by Fannie Mae.After three consecutive months of improvem
AUSTIN, Texas — Real estate developer Douglas Gilliland believes the future of housing lies underground.Amid the unseasonal heat of late February — as neighborhoods across the state hummed with the sound of condenser units struggling to cool homes — the Whisper Valley community Gilliland is developing was all but silent.That’s because the houses he is building in the new master-planned community, which rises from the Texas prairie half an
Could slowly climbing borrowing costs hamper the upcoming spring homebuying season?Strong economic data and stubbornly high inflation pushed mortgage rates up for the fourth consecutive week, giving buyers whiplash after weeks of declines prior. The 30-year fixed-rate loan averaged 6.65% this week, according to Freddie Mac. “Higher mortgage rates have a direct impact on borrowing costs, hurting affordability,” says Nadia Evangelou, senior eco
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