Sales of new homes in September saw a significant boost, defying the climb in mortgage rates. This surge indicates that buyers remain enthusiastic about purchasing new homes, especially since the market offers limited options for previously owned properties. Additionally, builder incentives likely played a role in driving sales. Government data released on Wednesday revealed … [Read more...] about New Home Sales Increase Despite Rising Mortgage Rates
Housing Market
Rising Home Prices Outpace Wages
The surge in home prices continues to outpace wage growth, making housing increasingly unaffordable for many Americans. In August, the median prices of single-family homes and condos reached unprecedented levels in 99% of U.S. counties, according to real-estate data company Attom. In the third quarter of 2023, annual home-price appreciation surpassed wage increases in 47% of … [Read more...] about Rising Home Prices Outpace Wages
Home Sales Set to End Summer Season on a Muted Note
As the summer season draws to a close, home sales are expected to remain sluggish due to high mortgage rates. However, the new home market and home builder stocks show promise for the future. Recent data indicates a lackluster housing market leading into the fall. In July, existing-home sales reached a seasonally-adjusted annual rate of 4.07 million, the lowest reading since … [Read more...] about Home Sales Set to End Summer Season on a Muted Note
Mortgage Rates Decline, But Buyers Remain on the Sidelines
Mortgage rates have seen a slight decrease this week, although it may not be enough to entice buyers into the market. The trajectory of mortgage rates going forward will likely depend on economic data that will be released next week. According to Freddie Mac, the average 30-year fixed-rate mortgage was 7.12% during the week ending on Thursday, September 7. This marks the second … [Read more...] about Mortgage Rates Decline, But Buyers Remain on the Sidelines
Sales of New Single-Family Houses in the U.S. Exceed Expectations
According to data released on Wednesday by the Commerce Department, sales of new single-family houses in the U.S. experienced a significant increase in July, surpassing economists' predictions. Let's delve into the key details: Steady Sales Growth In July, new home sales rose by 4.4% compared to the previous month, reaching a seasonally adjusted annual rate of 714,000 … [Read more...] about Sales of New Single-Family Houses in the U.S. Exceed Expectations
