National Association of Realtors
Key Highlights
Pending home sales decreased last month, down 1.5% from September.
Month over month, contract signings intensified in the Northeast but diminished in the Midwest, South and West.
Pending home sales dropped in all four U.S. regions compared to one year ago.
WASHINGTON (November 30, 2023) – Pending home sales dropped 1.5% in October, according to the National Association of REALTORS®. The Northeast posted a monthly gain in transactions while the Midwest, South and West all recorded losses. All four U.S. regions noted year-over-year declines in transactions.
The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – dropped...
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High cost of housing is keeping young adults with their parents longer than past generations
BY Ethan Varian | The Mercury News
After Kelly Zhao earned a master’s degree in ethnic studies from UCLA last year, she followed the lead of so many other young graduates thrust into a competitive job market: She moved back in with her parents while she looked for work.
Upon returning to her childhood home in Pittsburg, Zhao, 25, soon found a job with a local advocacy group, making around $70,000 a year. But even then, she said, renting an apartment just doesn’t make financial sense right now, especially while contributing around $1,500 a month...
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From our friends in KCM
If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. Some people are still saying prices are falling, even though data proves otherwise. Part of that misconception is because people are getting their information from unreliable sources. But it’s also coming from some media coverage misrepresenting what the data really shows.
So, to keep things simple, here’s what you really need to know using real data you can trust.
Normal Home Price Seasonality Explained
In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That...
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By Clare Trapasso | REALTOR.COM
Is the housing market overvalued?
It’s an increasingly fraught question, and the answer might depend on who’s being asked.
Some real estate experts believe home prices are well above what they should be and expect them to begin coming down. Others think the high prices make sense given how many people are still in the market looking for properties, despite mortgage rates nearing 8%.
“If you look at how much income homebuyers are putting toward their housing payment, if the number is not the highest ever, it’s really darn close,” says Realtor.com® Chief Economist Danielle Hale.
No one wants to buy a home at the peak of the market—and...
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One big reason the U.S. housing market is broken: Owners don’t want to give up their cushy old loans.
By: Ben Casselman | New York Times
Buying a home was hard before the pandemic. Somehow, it keeps getting harder.
Prices, already sky-high, have gotten even higher, up nearly 40 percent over the past three years. Available homes have gotten scarcer: Listings are down nearly 20 percent over the same period. And now interest rates have soared to a 20-year high, eroding buying power without — in defiance of normal economic logic — doing much to dent prices.
None of which, of course, is a problem for people who already own homes....
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From our friends in KCM
If you’re looking to make a move, you want to be sure you have the latest information on the housing market. To help make that possible, here’s an update on the supply of homes for sale today. Whether you’re looking to buy or sell, the number of homes available in your local market matters to you. Take a look below.
What’s the Truth About Today’s Housing Inventory?
While the story for the past few years has been how few homes are on the market, recent national data may leave you feeling a bit confused. That’s because Realtor.com shows inventory is actually growing a bit month-over-month in many parts of the country...
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By Margaret Heidenry | REALTOR.COM
The housing market these days seems to meet any sign of good news with a dose of bad.
Case in point: Mortgage rates fell for the second week in a row, slipping to 7.5% for a 30-year fixed-rate mortgage as of Nov. 9. It’s a marked improvement from last week’s 7.76%, according to Freddie Mac.
While this rate dip offers a dash of relief to cash-strapped buyers, home prices marched higher for the week ending Nov. 4.
“This past week, the nation’s median listing price ticked up once again as the market continued to face tight inventory conditions,” notes Realtor.com® economic research analyst Hannah Jones in her analysis.
We’ll examine what all of the...
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By: Kimberly Dawn Neumann | REALTOR.COM
Although high mortgage rates have plunged most of America’s housing markets into early hibernation, if you zoom in closer, you’ll find that certain areas are busier and more bustling than a Black Friday doorbuster.
These were the findings of a new report by Realtor.com® of America’s Hottest Housing Markets, which gauges “hotness” via the number of views per listing and how long properties remain for sale.
Despite mortgage rates reaching a recent 23-year high and approaching 8%, homes in the 20 hottest markets in September had no shortage of interest and offers.
“These markets are seeing homes for sale move up to 31 days more quickly than the typical property...
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By Kimberly Dawn Neumann | REALTOR.COM
Selling a house can be a stressful process, particularly in today’s rapidly changing market. Although sellers enjoyed a strong seller’s market throughout much of the COVID-19-fueled housing boom rich with bidding wars and record-high prices, rising interest rates have shifted these power dynamics to the point that many prospective sellers might feel downright paralyzed by home-selling “what ifs.”
Like: What if I sell now, but then home prices rise? Or: What if I sell now, but then can’t find a new house? Will I regret selling so soon, or regret not selling soon enough?
What if, what if, what if?
In fact, sellers hesitating to put their homes on the...
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By: Leandra Beabout | Realtor Magazine
Infinitely recyclable glass is going mainstream in core building and design materials.
These days, you don’t have to look far to see upcycled glass. Caterers and restaurants use Mason jars for cocktails and lemonade. DIYers repurpose wine bottles into candle holders or melt them down to create coasters or spoon rests. Glass can also be recycled for large-scale home products like countertops, wall panels and sculptured art.
By some measures, glass is one of the most sustainable materials on the planet. According to the National Institutes of Health’s Chemical Waste Services(link is external) (CWS), it can be recycled infinitely without losing its purity or durability. That...
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