First-Time Home Buyers Shrink to Historic Low of 24% as Buyer Age Hits Record High
National Association of REALTORS® Key Highlights The first-time homebuyer market share decreased to a historic low of 24% (down from 32% last year), while home buyers’ ages hit all-time highs of 56 years overall (49 last year), 38 years for first-time buyers (35 last year) and 61 years for repeat buyers (58 last year), according […]
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Home Buyers See Slight Reprieve in Mortgage Rates
By Melissa Dittmann Tracey, REALTOR® Magazine Mortgage rates dipped to a 7.02% average this week, the second consecutive week for declines, Freddie Mac reports. “The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective home buyers,” says Sam Khater, Freddie Mac’s chief economist. Rates above 7% have […]
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Existing-Home Sales Slid 1.0% Nationally in December
National Association of REALTORS® Key Highlights Existing-home sales retreated in December, according to the National Association of REALTORS®. Among the four major U.S. regions, sales slipped in the Midwest and South, rose in the West and were unchanged in the Northeast. All four regions experienced year-over-year sales decreases. On an annual basis, existing-home sales (4.09 […]
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Pending Home Sales Fell 1.5% Nationally in October
National Association of REALTORS® Pending home sales dropped 1.5% in October, according to the National Association of REALTORS®. The Northeast posted a monthly gain in transactions while the Midwest, South and West all recorded losses. All four U.S. regions noted year-over-year declines in transactions. The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home […]
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Almost 60% of Metro Areas Posted Home Price Gains in the Second Quarter of 2023
National Association of REALTORS® Key Highlights Almost 60% of metro markets (128 out of 221) registered home price gains in the second quarter of 2023 as 30-year fixed mortgage rates oscillated between 6.28% and 6.71%, according to the National Association of REALTORS®’ latest quarterly report. Five percent of the 221 tracked metro areas registered double-digit price […]
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US Housing Market Needs More Than 300,000 Affordable Homes for Middle-Income Buyers
National Association of REALTORS® Key Highlights The U.S. housing market is short more than 300,000 affordable homes for middle-income buyers, according to a new analysis from the National Association of Realtors® and Realtor.com®. The country’s persistent housing inventory crunch impacts middle-income buyers more than any other income bracket. NAR and Realtor.com®’s housing affordability and supply report examines […]
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NAR President Testifies About New Mortgage Fees Before Congressional Panel
National Association of REALTORS® National Association of Realtors® President Kenny Parcell testified before the House Committee on Financial Services Subcommittee on Housing and Insurance this week about the Federal Housing Finance Agency’s (FHFA) new loan level pricing adjustments (LLPA) fee increase on borrowers with fair to good credit profiles. Parcell, a Realtor® for 27 years from Spanish Fork, Utah, said the fees were […]
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Real Estate Trade Groups Unite in Support of Federal Fair Housing Rule
The rule improves upon HUD’s 2015 AFFH rule, providing for more robust community engagement, streamlining processes for funding recipients, and providing greater transparency. The proposed rule also places a new emphasis on expanding homeownership opportunities.
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NAR Responds to White House Affordability Plan
The association has committed to educate members and consumers about rental assistance but urges policy around the root cause of affordability issues.
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Economist: Mortgage Rates Will Dip Below 6% Soon
After doubling from a year ago, rates likely will experience less volatility in 2023, says NAR Director of Forecasting Nadia Evangelou.
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