Home sales unexpectedly drop nearly 2% in April amid high mortgage rates and rising prices
High mortgage rates and rising prices are dampening the spring home-buying season, with existing home sales falling and median prices hitting a record high. [ more ]
No Relief for Prospective First-Time Home Buyers in First Quarter
First-time homebuyers faced challenges due to high prices, low inventory, and high mortgage rates, impacting their ability to achieve homeownership. [ more ]
Median Price for a California Home Passes $900K, a Record
The median home price in California hit a record of over $900,000 in April 2022, making homeownership increasingly unaffordable for many residents. [ more ]
Home prices grew in 93% of markets in Q1 2024: NAR
Home prices increased in most U.S. metro areas in Q1 2024, with 93% showing gains and 30% experiencing double-digit increases.
The rising prices are attributed to the insufficient housing supply, not meeting the full demand, despite the highest mortgage rates in two decades. [ more ]
New home sales have been resilient post-2022 crash, driven by low mortgage rates. Will higher rates impact future sales? Builders may need to adjust pricing strategies accordingly. [ more ]
China to cut mortgage rates as part of plan to prop up property market
China is implementing drastic measures, including cutting mortgage rates and supporting affordable housing, to stabilize the faltering property market. [ more ]
Higher rates are impacting future housing production
Higher mortgage rates are impacting permit data, mirroring COVID-19 recession lows, leading to concerns about job losses in the construction sector. [ more ]
US housing starts, permits fall short as mortgage rates rise
New US home construction rose by less than expected in April, impacted by rising mortgage rates. Permits declined, pointing to future constriction in housing activity. [ more ]
PTSB ramps up the pressure with huge cuts in its mortgage rates
Majority State-owned bank PTSB cuts mortgage rates for 2, 3, 4, 5, and 7-year fixed rates, focusing on three-year terms popular with customers. [ more ]
Rising housing market inventory isn't hurting builders yet, says CEO of America's largest homebuilder
Despite higher housing market inventory, D.R. Horton focuses on affordable price points, necessitating more homes to impact sales significantly. [ more ]
Will a wider war in the Middle East push mortgage rates higher or lower?
Mortgage rates rose post-inflation report, potential for further increase due to Middle East conflict. Spreads between 30-year mortgage and 10-year yield improving may mitigate effects. [ more ]