According to the latest RE/MAX National Housing Report, home sellers accepted offers below their listing prices on average based on data from August. This is further indication of the housing market rebalancing which is a source of relief for prospective homebuyers who have faced an incredibly competitive market. Out of the report’s 51 metro areas,… [Read More]
Sharp Home Price Decline Possible Says Fed
At a Federal Open Market Committee press conference in September, Federal Reserve chair Jerome Powell was asked to clarify what he meant when he said the U.S. housing market would “reset.†He answered: “We’ve entered into a ‘difficult correction’ that will see the U.S. housing market transition to a more “balanced†market for buyers and… [Read More]
Mortgage Rates Down Slightly After Several Weeks of Rising
The week ending on October 5th saw the 30-year fixed-rate mortgage averaging 6.66%, down from 6.70% the week before. This is according to Freddie Mac. Since the start of 2022, mortgage rates have more than doubled as the Federal Reserve continues its unprecedented hiking of interest rates to try and tame the rise of inflation…. [Read More]
Home Prices Fell in July for the First Time in 3 Years
For the first time in nearly three years, home prices declined 0.77% from June to July according to Black Knight’s Home Price Index. Black Knight is a mortgage software, data and analytics firm. While the drop may be small at less than 1%, it is the largest single-month decline in prices since the beginning of… [Read More]
Home Sales Seeing Highest Rate of Cancellations Since Start of the Pandemic
Around the country, nearly 60,000 home-purchase agreements fell through in June according to a Redfin analysis of MLS data going back through 2017. That is equal to 14.9% of homes that went under contract that month. This is the highest percentage on record with exception to March and April of 2020, when the housing market… [Read More]
Median U.S. Rent Surpasses $2,000 For First Time
The average monthly asking price for rent in the country surpassed $2,000 for the first time in May of this year. The record high is $2,002, a 15% year over year increase according to a recent study from Redfin. “More people are opting to live alone, and rising mortgage-interest rates are forcing would-be homebuyers to… [Read More]