Mortgage Demand Drops Despite Lower Rates Despite a slight reduction in mortgage rates from their most recent highs, demand for mortgages fell for the fourth week in a row. According to the Mortgage Bankers Association, the volume of overall mortgage applications fell by 1.4% from the prior week. Despite dropping to 6.81% and 0.66 points,…

Mortgage Demand Drops Despite Lower Rates Despite a slight reduction in mortgage rates from their most recent highs, demand for mortgages fell for the fourth week in a row. According to the Mortgage Bankers Association, the volume of overall mortgage applications fell by 1.4% from the prior week. Despite dropping to 6.81% and 0.66 points,…

Home Sellers Increasing Concessions to Buyers, Nearly Double Last Year’s Rate A report from Redfin shows that home sellers in the US are increasingly offering concessions to buyers. In the three months ending April 30, 42.9% of home sales included concessions, compared to 25.5% the previous year. The share of sellers providing concessions has slightly…

Home Sellers Increasing Concessions to Buyers, Nearly Double Last Year’s Rate A report from Redfin shows that home sellers in the US are increasingly offering concessions to buyers. In the three months ending April 30, 42.9% of home sales included concessions, compared to 25.5% the previous year. The share of sellers providing concessions has slightly…

Only Four Major U.S. Cities Offer More Affordable Homes Than Rentals Data from Redfin reveals that in just four major metropolitan areas in the country, it is currently more cost-effective to purchase a home rather than rent one. These cities include Houston, Cleveland, Philadelphia, and Detroit. With an anticipated monthly rent of $1,697 in Detroit…

Only Four Major U.S. Cities Offer More Affordable Homes Than Rentals Data from Redfin reveals that in just four major metropolitan areas in the country, it is currently more cost-effective to purchase a home rather than rent one. These cities include Houston, Cleveland, Philadelphia, and Detroit. With an anticipated monthly rent of $1,697 in Detroit…

Gen Z and Millennials Remain Unfazed by Supposed Seller’s Market Bank of America’s 2023 Homebuyer Insights Report reveals that many prospective homebuyers remain committed to purchasing homes despite perceiving a seller’s market. While 55% believe the housing market has become more competitive, 54% still plan to proceed with their purchases as initially intended. Only 18%…

NAR Economist Yun Criticizes Recent Fed Rate Increase Lawrence Yun, chief economist for the National Association of REALTORS®, has warned that the Federal Reserve’s tenth interest rate hike in a year may negatively impact banks and the housing market. Yun argues that the continual rate hikes are causing the balance sheets of many small regional…

NAR Economist Yun Criticizes Recent Fed Rate Increase Lawrence Yun, chief economist for the National Association of REALTORS®, has warned that the Federal Reserve’s tenth interest rate hike in a year may negatively impact banks and the housing market. Yun argues that the continual rate hikes are causing the balance sheets of many small regional…

New Listings Down Over 20% as Shortage Prevents Further Price Falls According to Redfin, a decline in new home listings of 22.4% year over year has resulted in a general scarcity of inventory. Despite higher mortgage rates, nearly half of homes on the market sell within two weeks. The typical house sale price is falling…