US home price growth plunges to lowest level in more than a decade Annual home price growth dropped below 2 percent for the first time in 11 years as elevated home prices and mortgage rates continued to inhibit buyers and sellers, according to data released Tuesday by CoreLogic.Single-family home price growth slowed to an annual increase of 1.4 percent in May after increasing 2 percent a month earlier, according to the da
The U.S. labor market showed no signs of letting up in June, as companies created far more jobs than expected, payroll processing firm ADP reported Thursday.Private sector jobs surged by 497,000 for the month, well ahead of the downwardly revised 267,000 gain in May and much better than the 220,000 Dow Jones consensus estimate. The increase resulted in the biggest monthly rise since July 2022.From a sector standpoint, leisure and hospitality led
Strong jobs numbers and GDP growth have bond market investors convinced it's all but certain the Federal Reserve will resume rate hikes this month More good news about the economy is sending mortgage rates soaring to new 2023 highs this week, with the Federal Reserve all but certain to resume rate hikes this month after pausing in June.Fed policymakers are focused intently on the tight job market and rising wages as drivers of inflation. So a&nbs
The average sale price nationwide just exceeded 100% of list price for the first time since August of last year, according to a new market report from Redfin released on Thursday Since September, homesellers have consistently found themselves in an uncomfortable spot.They’ve been getting plenty of offers from buyers. That hasn’t been the issue. But on average, final sale prices have come in below the original asking price at listing.That is,
For more than a decade, the Austin area has been the fastest-growing large metro region in the country. That explosion has brought sweeping changes to the Texas capital and its renowned music scene. Laura Barrón-López reports for our arts and culture series, CANVAS.Source: pbs.org
At the end of last year, I made some guesses about the housing market in 2023. Well, here we are, six months into the new year and how did those predictions turn out? I spoke with economist Kathryn Rooney Vera, Chief Market Strategist, StoneX and we had a freewheeling conversation about the housing market and I’ll combine her observations with an evaluation of mine from last year.Rooney Vera recently joined StoneX as its chief ma
Many homeowners have anxiety when it comes to maintaining their home, a survey shows. Here’s a breakdown of the top projects. Seventy-eight percent of homeowners say they have buyer’s remorse over purchasing their home within the last 12 months, mostly because of unexpected repair costs, according to a survey from Hippo, a home insurance group. Proactive home maintenance, however, can help ward off many repair nightmares.After all, two-thirds
Pending home sales may be down significantly from a year ago, but housing activity is quite lively in many parts of the country. Read more from NAR’s latest housing report. Although pending home sales fell 2.7% month over month in May, according to new data from the National Association of REALTORS®, that’s not necessarily an indication of a slowing housing market.Low inventory is the primary reason contract signings are down a whopping 22%
Mortgage rates turned higher again last week. But the increase did not cut into mortgage demand, as buyers sought newly built homes.Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made for the Juneteenth holiday.Applications for a mortgage to purchase a home rose 3% for the week but were 21% lower year over year. Th
Jumbo loan rates higher than conforming mortgages for 3rd week in a row as spread widens to 16 basis points, latest MBA lender survey reveals Homebuyer demand for purchase loans picked up last week to the highest level since May even as rates on jumbo mortgages surged, according to a weekly survey of lenders by the Mortgage Bankers Association (MBA).The MBA’s Weekly Mortgage Applications Survey shows applications for purchase mortgage
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