Lumber prices are falling, reaching their lowest level so far this year. Lumber fell below $800 per thousand board feet on Monday, and prices are down 30% to date this year.Builders have blamed rising material costs, including lumber, for skyrocketing prices and project delays in new-home construction. But buyers may not want to celebrate yet, as lumber prices are still up significantly from historical levels. According to National Home Builders
The 30-year fixed rate mortgage averaged 2.96% just a year ago; this week, it averages 5.27%, Freddie Mac reports.“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming mon
Home prices are surging across the country, but a handful of areas are seeing some of the highest appreciation in the country upwards to 28% or more in one year alone.The majority of the top 10 areas recording the largest annual gains are in midsize and small markets and half are located in Florida, according to a new quarterly housing report released by the National Association of REALTORS®.“Traditionally, homes in these markets were viewed a
Homeowners may be shocked at what their price is now worth. In the first quarter, 70% of the largest metros in the U.S. posted double-digit price growth in median single-family existing-home sales prices, the National Association of REALTORS® reported Tuesday.The median sales price of a single-family existing home rose at a faster pace in the first quarter and was at $368,200, a 15.7% uptick from a year ago.While prices rise and mortgage rates t
The 30-year fixed-rate mortgage barely budged this week, but it’s still stressing home shoppers feeling concern about being priced out. The 30-year fixed-rate mortgage averaged 5.10%, down slightly from 5.11% last week, Freddie Mac reports.But it is one week before the Federal Reserve is expected to raise interest rates further, Nadia Evangelou, National Association of REALTORS® senior economist and director of forecasting, says on the associa
The share of mortgage applications with adjustable-rate mortgages doubled last week when compared to three months ago, the Mortgage Bankers Association reported Wednesday. ARMs, which start at one rate and then fluctuate after a set period, comprised more than 9% of loans and 17% of the dollar volume.ARMs were blamed for contributing to the housing bubble of the mid-2000s, offering teaser low rates to borrowers that, once they reset, led to some
Home prices are still rising, but sellers’ profits may be slowing from their recent highs. However, most sellers continue to see huge gains and profits still remain at historical highs.The profit margins on median-priced single-family home sales across the U.S. fell to 47.2% in the first quarter. It was the first quarterly decline since late 2019 and the largest in a decade, according to a new report released by ATTOM Data Solutions. The first-
Homeowners have seen the news headlines, and they believe if they sell now, they should get top dollar—and beyond—for their home. About 43% of sellers recently surveyed say they expect their home to sell over the asking price, according to a new survey of 1,000 homeowners conducted by Clever Real EstateMore than a quarter of sellers—28%—expect to receive an offer on the first day the home is listed. Fifty-three percent anticipate an offer
Average closing costs for a single-family home rose by 13.4% in 2021, according to a new analysis by CoreLogic, a real estate research firm. That equates to about $6,905 including transfer taxes and $3,860 when transfer taxes are excluded.Home buyers also are facing higher borrowing costs from mortgage rates and higher home prices. The 30-year fixed-rate mortgage averaged 5.11% last week, according to Freddie Mac. Since the beginning of the
Home sellers are still fetching multiple offers on their properties and buyers continue to face competition, even as the housing market has shown some signs of slowing.REALTORS® reported an average of nearly five offers on each home that sold in March, according to the March REALTORS® Confidence Index survey.On average, half of buyers made two offers before being successful in their purchase by the third try, the survey shows.Buyers are paying
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