US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices
6 months ago

US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what’s traditionally the housing market’s busiest period of the year. “We had low home sales activity, prices are hitting record highs and homes look like they’re still getting multiple offers.” The U.S. housing market has been mired in a slump going back to 2022, when mortgage rates began to climb from pandemic-era lows. Existing home sales sank to a nearly 30-year low last year as the average rate on a 30-year mortgage surged to a 23-year high of 7.79%, according to mortgage buyer Freddie Mac. Homebuyers who can afford to sidestep mortgage rates and pay all cash for a home accounted for 28% of sales last month, up from 25% in May last year.

Homes Market Mortgage Sales Month Rate Rates Mortgage Rates Yun Nar  recordhigh  prices  mortgage  thats  housing  rate  market  rates  straight  rising  homes  sales  amid  fall  month

History of this topic

US home sales hit fastest pace since March with more properties up for sale
5 days, 3 hours ago

US home sales hit fastest pace since March with more properties up for sale

Associated Press  

Sales of previously occupied U.S. homes rose in November to their fastest pace since March with home shoppers encouraged by a wider selection of properties on the market, even as mortgage rates mostly ticked higher. Despite increasing in November and October, home sales are still running below last year’s pace, when they sank to a nearly 30-year low. “Looks like …

Surprise jump in house prices with fastest rise in two years - as experts warn they will continue to increase
3 weeks, 1 day ago

Surprise jump in house prices with fastest rise in two years - as experts warn they will continue to increase

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy House prices made a surprise jump in November, with experts …

House prices rise just 0.1 per cent in weakest result since January 2023, CoreLogic data shows
3 weeks, 1 day ago

House prices rise just 0.1 per cent in weakest result since January 2023, CoreLogic data shows

ABC  

National home prices are losing momentum and anticipated interest rate cuts are unlikely to stop falls in house prices next year. New CoreLogic data shows house prices increased 0.1 per cent nationally in the last month of spring — the weakest Australia-wide result since January 2023. Brett D'Souza says he "made mistakes" when he tried to sell his home without …

Mortgage rates: Bad news if you’re looking to buy a house in the next two years
1 month ago

Mortgage rates: Bad news if you’re looking to buy a house in the next two years

CNN  

Washington CNN — Americans looking to purchase a home in the next few years will have a tough pill to swallow. Mortgage rates are now expected to stay stuck above 6% for at least the next two years, according to economists and recent forecasts. Wells Fargo economists project mortgage rates to average 6.3% by the end of next year, according …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Hindustan Times  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. Average rate on a 30-year mortgage in the US rises to highest level since July The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. When mortgage rates increase they can add …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Associated Press  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though U.S. home sales are on …

US home sales rose in October, notching their first annual gain in more than 3 years
1 month ago

US home sales rose in October, notching their first annual gain in more than 3 years

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in October, the first annual gain in more than three years, with home shoppers encouraged by easing rates and a pickup in properties on the market. Existing home sales rose 3.4% last month, from September, to a seasonally adjusted annual rate of 3.96 million, the National Association of Realtors said …

Mortgage pain fuels highest rise in home ownership costs in 30 years
1 month ago

Mortgage pain fuels highest rise in home ownership costs in 30 years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Soaring monthly mortgage payments are …

Home Depot’s Q3 results top Wall Street as pullback in consumer spending eases a bit
1 month, 1 week ago

Home Depot’s Q3 results top Wall Street as pullback in consumer spending eases a bit

Associated Press  

Home Depot continued to deal with a pullback in spending from customers in its fiscal third quarter, but it was less severe than in the past, and its performance beat Wall Street’s expectations. While this comes off the back of a decline in the prior year, it is the shallowest rate of decrease in two years and sends a positive …

UK house sales jumped 9% in September, says HMRC
1 month, 3 weeks ago

UK house sales jumped 9% in September, says HMRC

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Nick Leeming, chairman of estate agency group Jackson-Stops, said …

Number of house sales in pipeline at highest in four years, says Zoopla
1 month, 3 weeks ago

Number of house sales in pipeline at highest in four years, says Zoopla

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy An estimated £113 billion-worth of …

Housing market ‘is reviving’ amid growth in house prices and mortgage approvals
2 months, 3 weeks ago

Housing market ‘is reviving’ amid growth in house prices and mortgage approvals

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “These trends have helped to improve affordability for prospective …

Mortgage approvals for house purchase jump to two-year high in August
2 months, 3 weeks ago

Mortgage approvals for house purchase jump to two-year high in August

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Remortgage approvals also picked up after a dip in …

Number of house sales was 5% higher in August than a year earlier
2 months, 3 weeks ago

Number of house sales was 5% higher in August than a year earlier

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Holly Tomlinson, a financial planner at wealth manager Quilter …

US home sales fell in August despite easing mortgage rates, more homes on the market
3 months ago

US home sales fell in August despite easing mortgage rates, more homes on the market

Hindustan Times  

LOS ANGELES — Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise. Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased …

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February
4 months, 3 weeks ago

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it …

US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices
5 months ago

US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices

Associated Press  

LOS ANGELES — The nation’s housing slump deepened in June as sales of previously occupied homes slowed to their slowest pace since December, hampered by elevated mortgage rates and record-high prices. Existing home sales sank to a nearly 30-year low last year as the average rate on a 30-year mortgage surged to a 23-year high of 7.79%, according to mortgage …

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?
5 months, 2 weeks ago

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?

Associated Press  

LOS ANGELES — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7%; the supply …

Market for newly built homes slows as elevated mortgage rates put off many home shoppers
5 months, 3 weeks ago

Market for newly built homes slows as elevated mortgage rates put off many home shoppers

Associated Press  

LOS ANGELES — Homebuilders who bucked the worst of last year’s housing slump may be seeing their luck run out. The recent slowdown in new home sales marks a shift from last year, when sales rose nationally for the first time in two years, climbing 4.2% from a year earlier. As last year, homebuilders have lowered prices and offered incentives …

Average long-term US mortgage rate falls again, easing to lowest level since early April
6 months ago

Average long-term US mortgage rate falls again, easing to lowest level since early April

Associated Press  

LOS ANGELES — Home loan borrowing costs eased again this week as the average rate on a 30-year mortgage declined to its lowest level since early April. “Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist. Federal Reserve officials said …

Southern California prices are at a record. Could relief be on the way?
6 months, 1 week ago

Southern California prices are at a record. Could relief be on the way?

LA Times  

Southern California home prices hit a record for the third-straight month in May, but there could be some help on the horizon. Gabriel said the inventory increase probably isn’t enough to send home prices down, but, if the trend holds, home prices should rise less than they are today. Mike Simonsen, founder of real estate data firm Altos Research, said …

US home sales post second straight monthly drop; house prices accelerate
7 months ago

US home sales post second straight monthly drop; house prices accelerate

Live Mint  

* Existing home sales fall 1.9% in April * Housing inventory increases 9% to 1.21 million * Median house price rises 5.7% to $407,600 from year ago By Lucia Mutikani WASHINGTON, May 22 - U.S. existing home sales unexpectedly fell in April as higher mortgage rates and house prices weighed on demand, dealing another setback to the housing market. Though …

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices
7 months ago

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices

Associated Press  

WASHINGTON — High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month. Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million in April from a revised 4.22 million in March, the National Association of Realtors reported Wednesday. Homeowners have hesitated to put their houses on the market …

Long-term mortgage rates retreat for second straight week, US average at 7.02%
7 months, 1 week ago

Long-term mortgage rates retreat for second straight week, US average at 7.02%

Associated Press  

The average rate on a 30-year mortgage in the U.S. fell for the second straight week, giving some relief to home shoppers already facing sky-high prices and a shortage of supply. The average 30-year rate fell to 7.02% from 7.09% last week, mortgage buyer Freddie Mac said Thursday. Mortgage rates are influenced by several factors, including how the bond market …

Buying a home in Southern California? There are now more options
7 months, 1 week ago

Buying a home in Southern California? There are now more options

LA Times  

A home for sale in the Highland Park neighborhood of Los Angeles. “It’s getting a little bit better,” said Eneida Contreras, a Compass real estate agent who specializes in the San Fernando, Santa Clarita and Antelope valleys. “Ultimately, these are people’s homes, too, and they are not just straight-up investments.” Levine said he expects inventory levels to increase and home …

US Existing-Home Sales Decline as Rates Keep Buyers Sidelined
8 months ago

US Existing-Home Sales Decline as Rates Keep Buyers Sidelined

Live Mint  

-- Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices. “Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” NAR Chief Economist Lawrence Yun said in a statement. At the current sales pace, selling all …

Average long-term US mortgage rate climbs above 7%
8 months ago

Average long-term US mortgage rate climbs above 7%

Associated Press  

LOS ANGELES — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. “Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.” AP AUDIO: Average long-term US mortgage rate …

Home sales fall in March with mortgage rates rising
8 months ago

Home sales fall in March with mortgage rates rising

Associated Press  

LOS ANGELES — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices. A modest pullback in mortgage rates early this year helped lift home sales in January and February, but rates mostly ticked up in February and March, when many of the home sales that were finalized last …

Homebuyers’ quandary: To wait or not to wait for lower mortgage rates
8 months, 1 week ago

Homebuyers’ quandary: To wait or not to wait for lower mortgage rates

Associated Press  

LOS ANGELES — Shop for a home now or hold out for the possibility of lower mortgage rates? “If mortgage rates do in fact drop as expected, I would expect there to be more competition from increased demand, so that’s one reason to potentially act now,” said Danielle Hale, chief economist at Realtor.com. Combined with a nearly 44% increase in …

Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March
8 months, 1 week ago

Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what’s traditionally the busiest time of the year for home sales. How the bond market reacts to the Fed’s interest rate policy, the moves in the 10-year Treasury yield, as well as other factors can influence mortgage …

February home sales hit strongest pace in a year as mortgage rates ease and more houses hit market
9 months ago

February home sales hit strongest pace in a year as mortgage rates ease and more houses hit market

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in February from the previous month to the strongest pace in a year with homebuyers encouraged by a modest pullback in mortgage rates and more properties on the market. Existing home sales climbed 9.5% last month from January to a seasonally adjusted annual rate of 4.38 million, the National Association …

US new home construction surged last month, as mortgage rates stayed high
9 months ago

US new home construction surged last month, as mortgage rates stayed high

CNN  

Washington, DC CNN — Amid a housing shortage and an affordability crisis, US homebuilding heated up in February as builders anticipate demand for new homes to stay strong. “Lower mortgage rates are likely to bring buyers to the market in larger numbers, and builders are ramping up supply to meet this demand,” said Kelly Mangold of RCLCO Real Estate Consulting, …

Mortgage rates tumble for the second week in a row
9 months, 1 week ago

Mortgage rates tumble for the second week in a row

CNN  

Washington, DC CNN — Mortgage rates dropped for the second week in a row, falling nearly a quarter of a percentage point over the past two weeks in the face of stronger-than-expected employment and inflation data. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation,” said Sam Khater, Freddie Mac’s chief …

Is this the 'magic' mortgage rate that will kickstart the housing market? Fascinating study reveals rate that could finally spur the majority of aspiring homeowners into buying
9 months, 3 weeks ago

Is this the 'magic' mortgage rate that will kickstart the housing market? Fascinating study reveals rate that could finally spur the majority of aspiring homeowners into buying

Daily Mail  

After the Federal Reserve started lifting interest rates in March 2022, mortgage rates followed suit - and home sales have faltered since. Fixed 30-year mortgage rates are now hovering around 6.9 percent after reaching a 22-year high of 7.8 percent in October, according to Government-backed lender Freddie Mac. Some 72 percent out of 5,000 potential home buyers said they pulling …

Looking to buy or sell a home this spring? Here’s what to expect
9 months, 4 weeks ago

Looking to buy or sell a home this spring? Here’s what to expect

LA Times  

Prospective home buyers might see slightly more homes for sale this spring. Prospective buyers had received some good news in recent months as the average rate on a 30-year fixed mortgage fell from a high of 7.79% at the end of October to 6.6% in January. For the first time since 2021, new listings in January — homes hitting the …

Average long-term US mortgage rose again this week to highest level since mid December
10 months ago

Average long-term US mortgage rose again this week to highest level since mid December

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate rose this week for the third time in as many weeks, driving up home loan borrowing costs in just as the spring homebuying season ramps up. The average rate on a 30-year mortgage rose to 6.90% from 6.77% last week, mortgage buyer Freddie Mac said Thursday. “Strong incoming economic and inflation …

Home sales rose in January as easing mortgage rates, more homes for sale enticed homebuyers
10 months ago

Home sales rose in January as easing mortgage rates, more homes for sale enticed homebuyers

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in January as homebuyers were encouraged by easing mortgage rates and a modest pickup in properties on the market. Existing home sales rose 3.1% last month from December to a seasonally adjusted annual rate of 4 million, the National Association of Realtors said Thursday. “While home sales remain sizably lower …

Home Depot’s strong fourth quarter overshadowed by weakening sales and expectations for 2024
10 months ago

Home Depot’s strong fourth quarter overshadowed by weakening sales and expectations for 2024

Associated Press  

Home Depot’s sales continued to fade during the fourth quarter as the country’s largest home improvement retailer feels the impact of high mortgage rates and inflation on its customers. “Over Home Depot’s final quarter, we estimate that home sales in the U.S. dropped by 7.2% over the prior year. For the three months ended Jan. 28, Home Depot Inc. earned …

Average long-term US mortgage rate rose to highest level in 10 weeks
10 months, 1 week ago

Average long-term US mortgage rate rose to highest level in 10 weeks

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season. AP AUDIO: Average long-term US mortgage rate rose this week to 6.77%, highest level in 10 weeks. The cost of financing a home has come down from its most recent …

Home sales post biggest decline in four months thanks to high mortgage rates - but experts insist you can STILL haggle a good deal
10 months, 2 weeks ago

Home sales post biggest decline in four months thanks to high mortgage rates - but experts insist you can STILL haggle a good deal

Daily Mail  

Touring activity of homes is on the rise, up 16 percent since January 1 Mortgage rates are down from records highs but borrowing is still expensive Home sales in January were down 8 percent compared to last year as high mortgage rates and harsh winter weather may have discouraged Americans from buying. This week, 30-year fixed mortgage rates were 6.64 …

Home prices jumped by the most in almost a year in November, this closely watched barometer says
10 months, 3 weeks ago

Home prices jumped by the most in almost a year in November, this closely watched barometer says

Associated Press  

LOS ANGELES — A closely watched housing market barometer shows U.S. home prices in November posted their biggest annual gain in more than a year. A tight supply of homes for sale nationally has kept upward pressure on home prices despite a severe housing market slump deepened by a sharp runup in mortgage rates last fall. “That suggests pivoting of …

2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers
11 months ago

2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans. Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates …

Boost for homebuyers: Average long-term mortgage rate falls to 6.6%, lowest level since May
11 months ago

Boost for homebuyers: Average long-term mortgage rate falls to 6.6%, lowest level since May

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate fell this week to its lowest level since May, welcome news for prospective homebuyers facing rising home prices and intense competition for relatively few properties on the market. The average rate on a 30-year mortgage dropped to 6.6% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. The decline, which …

This Week: Retail sales, housing starts, home sales
11 months, 1 week ago

This Week: Retail sales, housing starts, home sales

Associated Press  

A look at some of the key business events and economic indicators upcoming this week RETAILER CHECKUP The Commerce Department delivers its December snapshot of U.S. retail sales Wednesday. Retail sales, monthly percent change, seasonally adjusted: July 0.6 Aug. 0.7 Sept. 0.8 Oct. -0.2 Nov. 0.3 Dec. 0.4 Source: FactSet TRACKING HOME CONSTRUCTION New government data on residential construction should …

Almost 30 percent fewer mortgage applications in 2023 than a year ago
11 months, 2 weeks ago

Almost 30 percent fewer mortgage applications in 2023 than a year ago

NL Times  

There was a 30 percent decrease in mortgage applications last year compared to 2022. The number of mortgage applications on the buyers' market was almost 8 percent lower than in 2022. According to HDN director Reinier van der Heijden, this has to do with the "unruly start" of the year. According to HDN, this is partly due to the number …

Squeeze on home buyers’ budgets set to continue into 2024, say experts
11 months, 3 weeks ago

Squeeze on home buyers’ budgets set to continue into 2024, say experts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Overall, we predict a modest average fall of 1% …

Down again: Average long-term US mortgage rate falls to 6.67%, lowest level since June
1 year ago

Down again: Average long-term US mortgage rate falls to 6.67%, lowest level since June

Associated Press  

LOS ANGELES — Home loan financing costs eased again this week, pulling the average long-term U.S. mortgage rate down to a six-month low. The average rate on a 30-year mortgage dropped to 6.67% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. Mortgage rates have been easing since late October, when the average rate on a 30-year home loan …

5-month skid in home sales snapped in November as easing mortgage rates give buyers breathing room
1 year ago

5-month skid in home sales snapped in November as easing mortgage rates give buyers breathing room

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in November, ending a five-month skid, as easing mortgage rates provided some breathing room for homebuyers. Existing home sales rose 0.8% last month from October to a seasonally adjusted annual rate of 3.82 million, the National Association of Realtors said Wednesday. “Home sales always respond to lower interest rates,” said …

From AI and inflation to Elon Musk and Taylor Swift, the business stories that dominated 2023
1 year ago

From AI and inflation to Elon Musk and Taylor Swift, the business stories that dominated 2023

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Their aggressive rate hikes had brought inflation way down from the peaks of 2022, when …

Discover Related