Existing-home sales will fall in 2023 to the lowest rate since 2008, National Association of Realtors forecasts.
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Construction of new U.S. homes rebounded 7% in September to an annual pace of 1.36 million units after a sharp 1.5% drop in the prior month.
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New housing policy “helps more people qualify for homeownership,” as well as boost supply of affordable housing, federal official says.
The post Feds Want To Make It Easier for Home Buyers To ‘Build Wealth’ With Accessory Dwelling Units appeared first on Real Estate News & Insights | realtor.com®.
Mortgage rates are over 7.5% as of mid-October, but expect rates to fall to 6.1% by the end of 2024, according to a forecast by the Mortgage Bankers Association.
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Mortgage demand dropped to the lowest level since 1996 as rates surged across the board due to a recent jump in Treasury yields.
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“Increased housing inventory and better interest rates are essential to revive the housing market,” Lawrence Yun of the National Association of Realtors says.
The post Contract Signings for U.S. Homes Drop in August to Lowest Level Since April 2020 appeared first on Real Estate News & Insights | realtor.com®.
The 30-year mortgage rate hit it highest level since December 2000, and the jumbo rate rose to a 12-year high.
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New-home sales fall 8.7% as buyers react to persistently high mortgage rates.
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“It’s possible that mortgage rates may go up to 8%,” says Lawrence Yun, chief economist at the National Association of Realtors.
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Applications are rising despite the 30-year rate being at its highest level in four weeks, industry group says.
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