Housing Market News

Pending Home Sales Post Biggest Decline in 3 Months as High Rates, Iran War Chill Market

Easter weekend also sidelined many would-be buyers. The Iran war ceasefire announced Tuesday could ease mortgage rates. U.S. pending home sales fell 2.4% year over year during the four weeks ending April 5, the biggest decline in three months. Sales fell most in Providence, RI (-15.5%), Houston (-15.4%) and New York (-15.3%). They increased most […]

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The Great Housing Mismatch: Empty Nesters Own 28% of the Nation’s Large Homes, Millennial Families Own 16%

Empty-nest baby boomers own many more 3-bedroom-plus U.S. homes than younger families raising children, underscoring a mismatch between who has space and who needs it.  Millennials with kids are facing both affordability and inventory challenges–but at the same time, baby boomers have little financial incentive to move–and there’s limited inventory of reasonably priced, small, one-story

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Monthly Payments Tick Up For First Time in 6 Months As Mortgage Rates, Home Prices Jump

The Iran war is a major factor pushing up mortgage rates. Some would-be buyers are backing off amid high costs and uncertainty stemming from the war.  The median U.S. monthly mortgage payment is $2,742, up 0.4% year over year. While that’s a small increase, it’s the first in nearly six months.  Housing payments are climbing

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Over Half of Home Listings Have Been Lingering on the Market For More Than 2 Months

In dollar terms, there’s $347 billion worth of stale listings in the U.S.,  more than ever before for this time of year. That’s because there are hundreds of thousands more home sellers than buyers, leading to homes sitting on the market.  Stale inventory is most common in Florida, and least common in the Bay Area.

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Market Jitters Drive Mortgage Rates Up, Sending Some Would-Be Homebuyers to the Sidelines

Higher housing costs, along with economic uncertainty that comes with the Iran war, are causing some house hunters to think twice.  The weekly average mortgage rate has hit a three-month high of 6.22% as the Iran war and jitters about inflation rattle markets. The daily average mortgage rate rose as high as 6.55% on Tuesday. 

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