February’s real estate market witnessed a surprising 10% jump in existing home sales from January, a development far surpassing consensus forecasts. However, sales still lagged slightly behind the figures from the same period last year. his phenomenon unfolds within a broader context of a persisting inventory crisis and fluctuating home prices, painting a complex picture […]
Home Prices
October 2023 Housing Market: Declining Inventory and Home Builder Sentiment
The October 2023 Housing Market in the U.S. presented a complex landscape of high mortgage rates intertwined with a fluctuating economy, creating a scenario of contradictions. While there was a slight uptick in single-family housing starts and permits, indicating a possibility for future construction expansion, the overall market dynamics continued to exhibit inconsistency. Housing Inventory […]
Inflation Peak: Recent Signs of Rising Costs Coming to an End
Inflation has become a prominent concern in recent times, as rising costs have impacted various aspects of our daily lives. From grocery bills to housing expenses, consumers have felt the pinch of increasing prices. However, there are signs that the inflation peak may be within reach, offering a glimmer of hope for individuals and businesses […]
Falling Mortgage Rates: Impact on New Home Buyers
Despite a seemingly endless upward trajectory, recent data finally points to falling mortgage rates. Mortgage rates, on a consistent rise over the past year, fell to 6.61%. Thus, mortgage rates decreased nearly half a percentage point since last week. Furthermore, 15-year mortgage rates dropped to 5.98%, nearly half a point drop but still way higher […]
Home Buyer Affordability: Real Estate Market Now Sees Steady Improvements
Home buyer affordability—a measurement of the overall affordability of homes in certain areas compared to average income—is steadily improving in thirty-two states across the country. The median payment applied for by applicants decreased from $1,844 to $1,839, dropping for the third consecutive month. All of this is according to the Mortgage Bankers Association’s Purchase Applications […]
Buyers’ Market in 2022: A Changing of the Tide?
As inflation soars and loan applications plummet, real estate analysts are starting to see evidence of a buyers’ market in 2022. For the past several years, many real estate analysts considered the housing market to be a ‘seller’s market’. In the real estate world, home prices rose, interest rates fell, and demand reached one of […]
Declining Loan Originations: Rising Prices & Limited Inventory Hurting Housing
After last year’s record-setting real estate year, 2022 is displaying declining loan originations and refinancing activity. Since the start of the coronavirus pandemic, the housing market took center-stage while home demand skyrocketed. As the dust settles, the numbers now point in the opposite direction. As demand wanes. prices surge, and mortgage, refinancing, and loan applications […]
Housing Inventory Fell to New Record-Low Level in March 2022
With the release of last month’s real estate market report, housing inventory fell to a new record-low level. Meanwhile, both existing and new home sales disappointed as prices jumped higher. As the United States first experienced the coronavirus pandemic in 2020, the housing market suffered. One year later, the United States surged through an unprecedented […]
February 2022 Real Estate Reporting Presents Mixed Bag for Housing Market
As previously mentioned, 2021 marked one of the best years for real estate in recent memory. After the coronavirus pandemic stifled home sales throughout the country, the real estate market rebounded at a quicker pace than anticipated. However, the real estate market still deals with longstanding housing inventory challenges. In addition, rising home prices and […]
Chicago Home Prices Appreciate Despite Limited Housing Inventory
With the United States continuing to witness record-setting inflation levels, Chicago home prices see massive appreciation. Of course, this market correction comes after a two-year period of record-low mortgage rates and a lackluster 2020 real estate year. Hot off the trail of 2021’s real estate market rebound, Chicagoland real estate affordability grows farther out of […]