As the latest coronavirus variant remains a wild card for the housing market, real estate experts are still predicting a mostly lively year for home sales in markets across the country.However, home shoppers may find some relief for escalating home prices, which have been trending with double-digit increases over the past year. Lawrence Yun, chief economist of the National Association of REALTORS®, said earlier this week in a housing report that
Mortgage lending declined at an unusually fast pace across the country during the third quarter, according to a newly released report from ATTOM Data Solutions on mortgage originations. The percentage of mortgages secured by a residential property in the third quarter slipped by 8% compared to the second quarter, the largest quarterly dip in more than a year, researchers note. This also marked the first time in any year since at least 2000 that l
The Federal Housing Finance Agency announced Tuesday that conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac will jump in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year.The FHFA’s House Price Index shows that home prices rose 18.05%, on average, between the third quarters of 2020 and 2021. The 2022 conformi
Home sales and home prices likely will moderate from recent highs in the new year, but economists expect the hot housing market to continue nonetheless.A competitive seller’s market is likely to stick around in 2022, but economists believe buyers may see better opportunities. Still, housing affordability challenges will persist, they say.“Americans are poised for a whirlwind year of home buying in 2022,” says Danielle Hale, realtor.com®’
As mobile homes attract the attention of buyers facing tight inventory and rising prices, demand for them has been rising rapidly—and their prices have been following.Over a five-year period, the median value of mobile homes rose more quickly in 27 states than the median value of single-family homes, a new study from LendingTree shows.The nationwide median value of a mobile home is $53,300. While that is still nearly $190,000 less than the medi
Investors are seeing early benefits to their opportunity zone investments: Median single-family and condo prices are increasing in the majority of nationwide opportunity zones—by 62%, according to a third-quarter report released by ATTOM Data Solutions. Prices increased by at least 20% annually in nearly half of the zones.Opportunity zones, established by Congress in the Tax Cuts and Jobs Act of 2017, were created to help revitalize low-income
House hunters will likely wonder about the age and upkeep of certain big-ticket features in a home like the roof and HVAC system. But they will also likely be interested in just how move-in ready the home is. Sellers can take on some prep work to get their house move-in ready to appeal to the largest buyer pool.HomeLight, a real estate referral company, recently interviewed real estate agents to list some of the top remodeling projects before sel
Existing-home sales fared strongly in October even as buyers continued to complain there aren’t enough homes on the market. Existing-home sales, which are completed transactions for single-family homes, townhomes, condos, and co-ops, increased by 0.8% in October compared to September, the National Association of REALTORS® reported Monday. Compared to a year ago, however, sales are down 5.8%.Meanwhile, the inventory of unsold homes fell by 12%
As home buyers continue their searches in an active and competitive fall season, the nation’s top-performing markets in October are all affordable alternatives to their nearby big-city counterparts.Topping realtor.com®’s October list was Manchester, N.H., about an hour northwest of Boston. Homes in Manchester are selling in under 24 days—about 21 days faster than the overall housing market. Properties there are receiving about 2.8 times as
The 30-year fixed-rate mortgage was back above 3% this week, and economists believe rates will continue to increase over the next few months.“The combination of rising inflation and consumer spending is driving mortgage rates higher,” says Sam Khater, Freddie Mac’s chief economist. “Shoppers looking to buy a home are fueling a strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This rea
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