October’s lower inflation rate is a welcome sign for a housing market that’s seen steady declines in 2022. A recent report showing that the rate of inflation declined in October is good news for the real estate industry, and possibly a bellwether of declining mortgage rates in coming months, Lawrence Yun, chief economist for the National Association of REALTORS®, told thousands of attendees Friday at NAR NXT, The REALTOR® Experience(li
An annual report from the Counselors of Real Estate identifies the most pressing topics that could have long-term consequences for housing. Both the residential and commercial real estate markets face an “extraordinary era of unpredictability,” William McCarthy, 2023 global chair of The Counselors of Real Estate, said Friday at a session during NAR NXT, The REALTOR® Experience in Orlando, Fla. Whether it’s inflation, rising interest rates,
Follow live updates and election results here.Gas prices got a lot of attention from candidates these midterm elections, but rents and home prices that skyrocketed during the pandemic are a far bigger chunk of people's budgets — and those increases are fueled by a historic housing shortage. Voters in dozens of cities were asked to approve more spending for affordable housing, and in some places they did so overwhelmingly.Kansas City&n
Only 16% of those surveyed by Fannie Mae in October said it was a good time to buy a home, and the percentage who said it's a good time to sell also fell, according to new data released Monday New markets require new approaches and tactics. Experts and industry leaders take the stage at Inman Connect New York in January to help navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.A
Economists eye two possible scenarios: Rates could rise to 8% or higher by the end of the year, or they could stabilize. Know what to expect. Mortgage rates this week dipped slightly below 7%, even after the Federal Reserve aggressively raised its benchmark interest rate again to tame inflation. The 30-year fixed-rate mortgage averaged 6.95% this week after hitting a 20-year high of 7.08% last week, Freddie Mac reports.“Even with the Federal Re
Rising interest rates have increased the average monthly loan payment by a whopping $1,000 year over year. With the rate for a 30-year mortgage rising to 7.08% this week—the highest average since April 2002, according to Freddie Mac—the average monthly loan payment is now $1,000 more than a year ago, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the Economists’ Outlook bl
Persistent inflation is proving “quite harmful to the housing market,” says NAR Chief Economist Lawrence Yun. The housing market is quickly contracting as rising mortgage rates and stubbornly high inflation prompts more home buyers—and even sellers—to back away. The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on home contract signings, dropped for the fourth consecutive month in S
Treasury Secretary Janet Yellen said that while slower growth would help tame inflation, data released Thursday showed the US economy was resilient in the face of global challenges.A government report outlining a 2.6% annualized pace for expansion in the third quarter “clearly shows solid growth in the US, Yellen told reporters in Cleveland, where she’s scheduled to deliver a speech on the Biden administration’s policies.“We see here an e
Many under the age of 40 are looking at real estate as a means to generate income rather than looking for their own home to live in, a new survey shows. A growing number of young adults are charting a different path toward building wealth through homeownership, prioritizing buying an investment property before a primary residence, according to a new survey by Mynd, a company that leverages technology tools to help investors buy, finance and manag
Home prices are still higher than they were a year ago, but gains are shrinking at the fastest pace on record, according to one key metric, as the housing market struggles under sharply higher interest rates.Prices in August were 13% higher nationally compared with August 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is down from a 15.6% annual gain in the previous month. The 2.6% difference in those
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