According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices rose 5.5%% between Q3 of 2022 and Q3 of 2023. In addition, FHFA’s seasonally adjusted monthly index for September was up 0.6% from August. The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house price growth continued to accelerate in the third quarter, appreciating more than in each of the previous…
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The National Association of Realtors is reporting that pending home sales dropped 1.5% in October, 2023. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 71.4 in October. The NAR says inventory is adversely affecting demand: “Recent weeks’ successive declines in mortgage rates will help qualify more home buyers, but limited housing inventory is significantly preventing housing demand from fully being satisfied… [HOWEVER] Home sales are rising in places where more inventory is available,” Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of…
Statista reminds us that a “free press is essential to holding governments accountable and informing the public, thus enabling voters to partake in political debate and make qualified decisions.” However, as they illustrate in today’s graphic (citing data from Gallup), an increasing number of Americans do not trust the media. Well, that old axiom might just ring true in this case; trust, but verify… Stay safe and have a Happy Friday!!! Hat tip to Statista.
According to Black Knight’s latest Mortgage First Look, the national delinquency rate fell 3 basis points (bps) to 3.26% in October, marking a 9 bps (-2.8%) improvement from the same time last year. However, Black Knight says foreclosure starts rose to 33k in October – their highest levels in 18 months. Meanwhile, the number of foreclosure sales (completions) remained relatively flat. Active foreclosure inventory inched up 3k to 217k, but remains more than 25% below prepandemic levels. Click here to read the full report at Black Knight.
The U.S. Government is reporting that sales of new single-family houses in October, 2023 were at a seasonally adjusted annual rate of 679k, which is 5.6% lower than September’s revised rate but is 17.7% higher than one year ago. The median sales price of new houses sold in October was $409,300 with an average sales price of $487k. There were an estimated 439k new houses for sale at the end of October representing a 7.8-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
On a recent episode of CNBC’s Squawk Box, the NAR’s chief economist, Lawrence Yun, discussed the state of the housing market, why he believes it’s a strange market of record-high home prices, deep-slumping home sales, and other industry-related issues. Click on the image below to watch. Click here to read more at CNBC.com.
Realtor.com says there are still some affordable cities where buying a house isn’t just a pipe dream but can become a reality. Their number-crunchers looked over the national real estate landscape and found the top 10 places where a house with a yard goes for about $300k, or less. To get their list, they looked at median home list prices in the 100 largest metropolitan areas in October. “Of course, there are reasons why some regions are so affordable for housing. Most of the metro areas that landed on our list have experienced some economic challenges that have resulted in…
The Army Times is reporting that the U.S. Department of Veterans Affairs is pausing foreclosures on homes financed with VA loans for 6 months. They say the move comes after a recent NPR report that found thousands of veterans in danger of losing their homes because of the end of the Veterans Assistance Partial Claim Payment program in late 2022. The Military Times says NPR reported that about 6k individuals with VA home loans have already entered the foreclosure process as a result of the problems. In a statement, VA Press Secretary Terrence Hayes said the department will push all…
The National Association of Realtors is reporting that existing home sales were down 4.1% in October to a seasonally-adjusted annual rate of 3.79 million (down 14.6% year over year). Total housing inventory at the end of October was 1.15 million units, up 1.8% from September but down 5.7% from one year ago. Unsold inventory sits at a 3.6-month supply at the current sales rate with properties remaining on the market for around 23 days. The median existing-home price for all housing types in July was $391,800, up 3.4% from one year ago. Click here to read the full report at…
As always, we hope you & yours had a wonderful and happy Thanksgiving this year. And, if you’re like many Americans you may have not only eaten more than your fair share, but you might also have oodles of leftovers that will be calling your name in the days and weeks to come. Today’s infographic from craftminute.com reminds us to not “spoil Thanksgiving” and properly put away those leftovers so there will be plenty to eat and/or snack on in the colder days and months ahead….Stay safe and have a Happy Friday!!! Hat tip to craftminute.com.
