Local Market Update – November 2024 Good news for the housing market! U.S. home sales rose 3.4% in October compared to the previous month and were up 2.9% from last year, marking the first annual increase since mid-2021 and exceeding economists’ expectations for the month, according to the National Association of REALTORS®. Lower mortgage rates […]
Market Update
Home Sales Hit 10-Year Low, But Prices Keep Climbing
Local Market Update – October 2024 Home sales in the U.S. are at their lowest point in over a decade, dropping 1% from last month and 3.5% compared to last year, according to the National Association of REALTORS®. Even though mortgage rates have dipped and there are more homes on the market—1.39 million in […]
Existing-home Sales Fall as Demand Outpaces Supply
Local Market Update – April 2024 U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage […]
Buyer Demand Robust Heading into the Spring Market
Local Market Update – March 2024 U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid […]
Home Sales Fall with Rising Mortgage Rates
Local Market Update – July 2023 Affordability constraints have continued to limit home buying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily […]
Homes Sales Cool Off in Summer Season
Local Market Update – June 2023 Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association […]
Inventory Shortage Contributes to Decline in Homes Sales
Local Market Update – May 2023 Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% […]
Local Inventory Remains Tight as Rates Cause Buyers to take Pause
Local Market Update – April 2023 U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month over-month. Meanwhile, the median existing-home sales price declined […]
US Home Sales Increase, While Year-Over-Year Prices Decrease
Local Market Update – March 2023 Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of […]
Affordability Limits Homebuyer Activity Heading into Spring Market
Local Market Update – February 2023 In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% – 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their […]
Buyers & Sellers Remain Cautious as Market Rebalances
Local Market Update – January 2023 The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as […]
2022 Closes on a Softening Housing Market
Local Market Update – December 2022 2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according […]
