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]
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]
How to Make Sense of a Confusing Housing Market
After a two-year boom in the U.S. housing market, this spring season has been seen as a dud due to a dramatic spike in mortgage rates. This stalling has stunned some industry experts and there has been an unsettling effect on the market. While some buyers have had to handle much larger mortgage payments, some… [Read More]
Mortgage Rates See Largest Drop Since 2008
For the week ending July 7, the 30-year fixed-rate mortgage averaged 5.3% according to data released by Freddie Mac. That is down from 5.7% the week before. Even with the 40 basis points drop, it’s still significantly higher than the 2.9% rate from this time last year. At the start of the new year, rates… [Read More]
U.S. Home Prices Above $400,000 for First Time
Existing home sales in the U.S. dropped to a two-year low in May as prices climbed to a record high – topping $400,000 mark for the first time – and mortgage rates further increased. Entry-level home buyers are continuing to get pushed out from the market. Even with a monthly drop in sales four months… [Read More]