“But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply,” says NAR’s chief economist.As mortgage rates climbed above 7% in April, would-be home buyers appear to have pressed pause, revisiting their house-shopping budgets. As a result, pending home sales dropped nearly 8% in April. However, housing experts predict a turnaround could be coming soon.The Nat
It’s no secret that housing costs have become increasingly expensive over the past few years, and there’s no sign of a drastic market change anytime soon. Hopeful first-time buyers are arguably experiencing the crunch more than anyone else, with many feeling like their long-held dream of purchasing real estate is simply out of reach. What clients may not realize is that there are numerous financial solutions available that can alleviate some
“Spring home buyers received an unexpected windfall this week,” says Freddie Mac’s chief economist.For the first time in a month, the 30-year fixed-rate mortgage fell back into the 6% range, bringing lower borrowing costs for home buyers who have been waiting for relief. “Spring home buyers received an unexpected windfall this week,” says Sam Khater, Freddie Mac’s chief economist.The decrease in mortgage rates—the 30-year loan avera
Indoor air quality is a hot topic these days. Technology and trends are driving improvement and development.In our modern living and working spaces, the quest for cleaner air has never been more timely. As we continue to seal our buildings tighter for energy efficiency, the importance of maintaining and enhancing indoor air quality (IAQ) escalates. This discussion delves into the latest insights, technological advancements and trends shaping our
Driven by the work-from-home dynamic, as well as by new migration patterns, both single-family and multifamily rent prices were red-hot during the first years of the pandemic.Now different drivers are pushing some rents higher — and throwing cold water on others.Multifamily rents in April were 0.8% lower than they were in the same month last year, according to Apartment List. Rents cooled because a massive amount of new supply entered the marke
Despite financial challenges, buyers flock to greater housing options in the high-end market. Read more from NAR’s latest existing-home sales report.Existing-home sales fell last month as mortgage rates eclipsed 7% and home prices continued to rise. But some market segments are showing resilience: High-end home sales—listings at $1 million and above—posted significant gains in April, increasing 40% compared to a year ago, according to the N
The share of seriously underwater mortgages moved up slightly from 2.6% to 2.7% in Q1, according to a report from Attom released Thursday The share of homeowners in the United States whose mortgages are considered “seriously underwater” ticked up during the first quarter of 2024, according to a new report.The share of seriously underwater mortgages moved up slightly from 2.6 percent to 2.7 percent in the first quarter, according to
Demand continued to outpace supply in the first quarter, with big gains in some midwestern cities and expensive west coast cities 'roaring back.'More than 9 in 10 metro markets posted home price gains in the first quarter of 2024, according to the National Association of REALTORS®’ latest quarterly report. Of the 221 metro areas tracked, 30% experienced double-digit price gains; that’s up from 15% in the fourth quarter of 2023.During th
The U.S. economy added fewer jobs than expected in April while the unemployment rate rose, lifting hopes that the Federal Reserve will be able to cut interest rates in the coming months.Nonfarm payrolls increased by 175,000 on the month, below the 240,000 estimate from the Dow Jones consensus, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate ticked higher to 3.9% against expectations it would hold steady
US labor costs increased in the first quarter by the most in a year as productivity gains slowed, potentially adding to risks inflation will remain elevated.Unit labor costs, or what a business pays employees to produce one unit of output after taking into account changes in productivity, climbed at a 4.7% annual rate. That marked a notable jump after muted gains in the second half of 2023.Productivity, or nonfarm employee output per hour, rose
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
