Existing home sales exploded up a massive 20.9 percent to 6.54 million in September 2020 based on seasonally adjusted annualized sales (SAAR) vs one year ago as reported by the National Association of Realtors® (NAR). This was the greatest rate of sales seen since May 2006 on a SAAR. Raw unadjusted sales rocketed up 24.7 …Read more
The increased amount of time we are spending at home makes the residence more intrinsically valuable than at any time in people’s lives today. Coupled with record-low interest rates, new and existing home sales and refinance lending volumes continue to grow – with total residential lending now forecast by Fannie Mae to hit a record …Read more
Talk to almost any homebuyer today and ask the top hurdles facing them, it is all but guaranteed that affordability hits at or near top of their list of challenges. A strong headwind for homebuyers in the past 12-months was the 11.4 percent jump in the median sales price of existing homes when comparing August …Read more
It’s an election year, so things are always different – correct? Housing sales will be down no matter what? Right? The high-end market always slows – right? Both are myths – but are they true? MythBusters was one of my favorite TV shows years ago, but analyzing these housing sales myths is not going to …Read more
Jobs are everything to an economy. Period. They create effective demand for real estate – residential and commercial — enabling not just the need and want but also the ability to pay. The U.S. just posted the largest drop in jobs in history in April 2020, shedding 22.16 million workers –which in turn triggered a …Read more
Existing home sales rose to the best level seen since December 2006, coming in at 6.00 million closings on a Seasonally Adjusted Annualized Rate (SAAR) according the National Association of Realtors® (NAR). Sales on a SAAR were up 10.5 percent compared to one year ago and up 2.4 percent sequentially vs July. Total monthly raw …Read more
Record-low interest rates continue to drive home sales and refinance lending volumes – perhaps two of the brightest spots of the U.S. economy today. Following is a summary of the September 2020 forecasts from Fannie Mae and the MBA for interest rates, existing and new-home sales and residential lending. Freddie Mac forecasts these also, but …Read more
Despite 10 million more unemployed workers in July 2020 compared to February of this year, existing home sales posted the best sales level seen since December 2006 — the peak of the housing bubble. Existing home sales rocketed up 24.7 percent in July 2020 on a seasonally adjusted annualized rate (SAAR) versus the prior month …Read more
As the pandemic progresses, it appears more evident that the housing sector is providing buoyancy to the U.S. economy as record low interest rates drive housing demand and reduce monthly payments for millions of households able to refinance their home mortgages. Following is a summary of the latest August 2020 forecasts from Fannie Mae and …Read more
The home remains the largest store of wealth for most households. Homebuying is a complicated process – particularly for unfamiliar first-time buyers. Still, first-time homebuyers represented one-in-three of all home sales (33 percent) according to the National Association of Realtor’s latest Annual Profile of Home Buyers and Sellers. Some cities offer better opportunities than others …Read more