The current housing market is an interesting one, to say the least. Right now, home prices are up on a national level while borrowing has gotten fairly expensive. That’s putting a lot of would-be buyers in a tough spot.
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After the unexpectedly large drops in new- and existing-home-sales, analysts expected pending home sales to also fall in March (though only modestly) and they did, dropping 1.2% MoM (worse than the 1.0% drop expected) leaving pending home sales down 8.9% YoY…
Sales of new U.S. homes fell in March to a four-month low, indicating high prices and surging borrowing costs are putting more of a squeeze on the market.
Newsfeed: Sales of New U.S. Homes Drop to Lowest in Four Months Read More »
Analysts expected a 3rd straight month of declines in new home sales in March, but they did not see this bloodbath coming. New Home Sales crashed 8.6% MoM (vs -0.6% exp). That drags new home sales down 12.6% YoY.
Newsfeed: US New Home Sales Crashed In March Read More »
In the week ending April 21, 2022, mortgage rates rose for a seventh consecutive week. 30-year fixed rates rose by 11 basis points to 5.11%. 30-year fixed rates jumped by 28 basis points in the week prior.
Newsfeed: U.S Mortgage Rates Rise for a Seventh Consecutive Week Read More »
There’s no doubt about it: Soaring mortgage rates are an economic shock to the U.S. housing market. Over the past month alone, the average 30-year fixed mortgage rate has spiked from 3.11% to 5.11%.
Almost one year ago, Redfin CEO Glenn Kelman spoke with Bloomberg Radio about the state of the US housing market, and said that the ongoing surge in home prices could subside.
Newsfeed: US Existing Home Sales Slump Near 2-Year Lows As Mortgage Rates Soar Read More »
As mortgage rates rise, homebuilder sentiment slips, and home sales weaken, analysts expected housing permits and starts to fall MoM in March but, thanks in part to downward revisions for Feb’s data, Housing Starts surprised with a +0.3% MoM rise (vs -1.6% MoM exp) and Permits up 0.4% MoM (vs -2.4% MoM exp)…
Newsfeed: Multi-Family Unit Surge Sparks Rise in Housing Starts, Permits In March Read More »
Our updated forecast includes an expectation of a modest recession in the latter half of 2023 as we see a contraction in economic activity as the most likely path to meet the Federal Reserve’s inflation objective given the current rate of wage growth and inflation.
Newsfeed: Inflation Rate Signals Tighter Monetary Policy and Threatens ‘Soft Landing’ Read More »
Almost one year ago, Redfin CEO Glenn Kelman spoke with Bloomberg Radio about the state of the US housing market, and said that the ongoing surge in home prices could subside.