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Real Estate Market Updates

Mortgage Rates Rising; Average Breaks the 3.0% Barrier

At an average 3.02% for a 30-year, fixed-rate mortgage, last week’s slightly higher rate carries psychological impact. One year ago, the average FRM was 3.29%. WASHINGTON (AP) – U.S. long-term mortgage rates were steady to higher last week, as the benchmark 30-year loan breached the 3% mark for the first time since July 2020. Rates remain near historic lows as the economy strains toward recovery in...

Real Estate Pros to Homeowners: Don’t Wait to Sell

“A lot of people are missing the best market now by waiting,” Kris Lindahl, CEO and founder of Kris Lindahl Real Estate in the Minneapolis area, told MarketWatch. Homeowners are finding themselves with more negotiating power as buyer demand remains high and housing inventories are slim. The supply of homes for sale is at a record low of 1.9 months. A six-month supply is considered a healthy balance...

In the Pandemic, Online Home Buying Picks Up Speed

It’s a competitive and scary market for first-time buyers due to fewer listings, rising median prices, widespread use of tech tools and buy-it-now pressure. NEW YORK – The share of first-time buyers in the housing market reached 36% in April 2020, up from 31% in 2018 and 2019, according to the National Association of Realtors® (NAR). Millennials represent the largest contingent of homebuyers in...

Mortgage Rates Keep Rising, Hit 2.97% Last Week

Rising rates say good things about the U.S. economy, but it’s not great news for homebuyers. Still, most experts predict something a bit above 3% for most of 2021. MCLEAN, Va. – In 2020, a weak economy that kept getting weaker sparked a series of record-low mortgage rates announcements in Freddie Mac’s weakly survey – but the trend has reversed over the past few weeks. In this week’s...

Hot Housing Market: January New Home Sales Up 4.3%

Sales came in at 923K – much higher than the 842K economists expected even after revising Dec. numbers. That increase is also 19.3% higher than sales in Jan. 2020. SILVER SPRING, Md. (AP) – Demand for new homes in the U.S. surged 4.3% in January with the housing market still one of the strongest segments of the economy. Last month’s increase pushed sales of new homes to an adjusted annual rate...

U.S. Home Prices Up 10.1% in Dec – Highest Since 2014

Fueled by low interest rates and high buyer demand, home prices surged 10.1% higher year-to-year in Dec., according to the Case-Shiller 20-city home price index. WASHINGTON (AP) – U.S. home prices surged at the fastest pace in nearly seven years in December, fueled by low mortgage rates and Americans moving from crowded urban areas to houses in the suburbs. The S&P CoreLogic Case-Shiller...

Question Keeps Popping Up: Are We in Another Bubble?

Some analysts say with a financial crisis unlikely to occur and high home equity, only a buyer drop or huge uptick in sellers could spark a crisis despite rising prices. NEW YORK – In the midst of a raging COVID-19 pandemic, with millions of Americans still out of work and facing the possibility of eviction and foreclosure, the United States is experiencing a real estate boom the likes of which it...

Mortgage Rates Rise to 3 Month High

The 30-year fixed-rate mortgage reversed course this week, moving up to a 2.81% average. That marks its highest point since mid-November, Freddie Mac reports. “Economic spending has improved, due to the most recent stimulus, but supply chain shortages are causing downstream inflation, leading to higher mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “While there are multiple...

Jan 2021 Real Estate Market Update: Broward County

"Last year’s trend of monthly increases in closed sales and median price looks to be continuing into 2021! The steady rise in both categories along with a low supply of inventory should have homeowners ecstatic for the year ahead. In January, we saw the median price rise 12.2 percent to $420,000 while closed sales increased 18.2 percent to 1,154. The low inventory levels of 2.2 months are causing homes...

Mortgage Rates Move Notably Higher this Week to 2.81%

The 30-year, fixed-rate mortgage averaged 2.81% compared to last week’s 2.73% – but economists still expect rates to hover around 3% for the rest of 2021. SILVER SPRING, Md. (AP) – U.S. long-term mortgage rates ticked up this week but remain at historic lows as the coronavirus pandemic continues to batter the economy even as more Americans get vaccinated. Mortgage buyer Freddie Mac reported...

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