Entries by Phil Whitehead

MARKET COOLS IN SEPTEMBER AS PENDING HOME SALES DIP

Despite a late summer rebound, pending home sales dipped again in September, according to the newest report from the National Association of REALTORS® (NAR). NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, declined by 2.3% last month, dropping to 116.7.  All regions saw year-over-year contract signings fall last month, […]

MORTGAGE APPLICATIONS UP BUT REFINANCE INTEREST WANING

Mortgage applications increased 0.3% from one week earlier for the week ending Oct. 22, 2021. According to the latest data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, the Market Composite Index, a measure of mortgage loan application volume, increased 0.3% on a seasonally adjusted basis from the previous week. The details:– Unadjusted, […]

Mortgage Applications Up But Refinance Interest Waning

Mortgage applications increased 0.3% from one week earlier for the week ending Oct. 22, 2021. According to the latest data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, the Market Composite Index, a measure of mortgage loan application volume, increased 0.3% on a seasonally adjusted basis from the previous week. The details:– Unadjusted, […]

U.S. HOME PRICES IN AUGUST WERE UP 1%

Nationwide, home prices increased in August by 1% compared to July. According the latest Federal Housing Finance Agency House Price Index (FHFA HPI®), year-over-year, home prices increased 18.5%. “Annual house price gains remained extremely high in August but the pace of month-over-month gains continues to decelerate,” said Dr. Lynn Fisher, FHFA’s deputy director of the Division of […]

Mortgage Rates Reach Peak High Since April

The 30-year fixed-rate mortgage (FRM) averaged 3.05%, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac. This marks a peak in rates not seen since April.Mortgage details:– 30-year fixed-rate mortgage averaged 3.05% with an average 0.7 point for the week ending Oct. 14, 2021, up from last week when it averaged 2.99%. Last year, the 30-year […]

Fall Frenzy on the Way? Inventory Hits a 2021 High

Fall buyers this year will have more supply to choose from, with inventory reaching a 2021 peak of 646,053 for-sale homes in September. According to the realtor.com® Monthly Housing Report, almost one-third of the 50 largest metros saw increases in newly listed homes compared to last year. New listings were up more than 10% YoY in […]

Existing-Home Sales Retreat in August

Existing-home sales backed up in August, after two consecutive months of increases, according to the National Association of REALTORS® (NAR). Each of the four major U.S. regions experienced declines on both a MoM and YoY basis. Total existing-home sales decreased by 2.0% from July to a seasonally adjusted annual rate of 5.88 million in August. […]

Real Estate Recovery: Economic Factors to Watch

The real estate industry is unlike any other, exemplified through the market’s resilience during this pandemic while the overall economy was hit hard. However, much of real estate hinges on overall recovery, and there are several economic factors you’ll want to keep an eye on: The Delta VariantConcerns over COVID-19 variants, particularly the highly infectious […]