The housing market is slowing as higher mortgage rates sideline many prospective homebuyers. With competition declining, the house hunters who are still in the market are enjoying newfound bargaining power, a striking contrast from just a few months ago, when buyers often had to pull out every stop in order to win.
Builder sentiment in the market for single-family homes fell into negative territory in August, as builders and buyers struggle with higher costs.
Newsfeed: Homebuilders say U.S. is in a ‘housing recession’ as sentiment turns negative Read More »
Buying a home in the US is the least affordable it’s been in 33 years as mortgage rates soar this year and home prices hit record highs.
The number of houses sitting on the market grew at a blistering pace last month, with the number of active listings jumping 31% vs. the same period last year – a record-high increase for a third straight month, Bloomberg reports, citing a Tuesday report from Realtor.com.
Consumer confidence in the housing market dropped to the lowest level since 2011, as both prospective buyers and sellers have become more pessimistic, according to a monthly survey released Monday by Fannie Mae.
Rising mortgage rates and inflation in the wider economy caused housing demand to drop sharply in June, forcing home prices to cool down.
Newsfeed: Home prices cooled at a record pace in June, according to housing data firm Read More »
Existing home sales showed a 5.4% decline in June from May, but prices remain elevated, according to the National Association of Realtors. The median sale price of existing homes in the U.S. set a new record high of $416,000 in June, marking a 13.4% increase from a year ago.
Just one day after the Federal Reserve raised its benchmark rate, mortgage rates took a sharp turn lower.
Newsfeed: Mortgage rates fall sharply after negative GDP report and Fed’s latest hike Read More »
The Federal Reserve will probably have to inflict much more pain on the economy to get inflation under control. Growth is already slowing in response to the Fed’s repeated interest rate increases, with the housing market softening, technology companies curbing hiring and unemployment claims edging up.
Newsfeed: Fed to Inflict More Pain on Economy as It Readies Big Rate Hike Read More »
Low financing costs, excess savings, and a demand for more space during the pandemic fueled a frenzy in the housing market that sent home prices surging.
Newsfeed: The U.S. housing market has gone cold 🥶 Read More »