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Homesales

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economy2 years ago

"2023 Housing Recap: Affordability Plummets as Markets Tighten Nationwide"

The US housing market is currently experiencing a significant decline in home sales, with new home sales down 27% and existing home sales down 40% since January 2022. Despite high mortgage rates and historic unaffordability, homebuilder stocks have surged due to tight supply. Experts predict a slight market loosening in 2024, with an increase in inventory and a reduction in the "lock-in" effect as homeowners may be forced to sell despite higher rates. The market is supported by structural demand due to underbuilding and demographic shifts, but affordability remains a critical issue, with only 15.5% of homes deemed affordable for the average household in 2023.

via Business Insider|
##economy#homebuilderstocks
economy2 years ago

"2024 Interest Rate Outlook: Navigating the Dip in Mortgage Rates Amid Financial Predictions"

A significant factor that previously drove mortgage rates higher is now contributing to their decline. Despite a period of elevated rates, the spread between average 30-year fixed mortgage rates and benchmark Treasury yields has been narrowing for eight consecutive weeks, reaching its lowest point since March. This change comes alongside an increase in existing home sales for the first time in half a year and a consistent rise in home prices for five months.

via The Wall Street Journal|
##economy#homesales
real-estate-economy2 years ago

"Insights and Trends: Navigating the Ups and Downs of the Triangle's Housing Market"

The Triangle housing market is showing signs of recovery as mortgage rates fall back into the 6% range, sparking optimism among real estate professionals for a robust market in 2024. Increased open house attendance and a surge in mortgage applications indicate renewed buyer interest. Although the market may not reach the frenzy of early 2023, multiple offers and excitement are expected. The increase in available homes, from 2,300 last year to over 7,000, along with more affordable rates, is promising for both buyers and sellers, with home prices predicted to rise in the Raleigh-Cary and Durham-Chapel Hill areas.

via WRAL TechWire|
##homesales#marketoptimism
economy-and-finance2 years ago

"Expert Insights: Navigating the 2024 Housing Market and Mortgage Rates"

Logan Mohtashami predicts a similar range for the 10-year yield in 2024 as in 2023, with mortgage rates potentially dropping to sub-5% if economic conditions weaken. Home prices are expected to see low single-digit growth unless mortgage rates stay low and new listings don't increase, which could drive prices higher. Existing home sales need lower rates for growth, while new home sales could benefit from builders' ability to offer lower rates. The economic outlook remains cautiously optimistic, with no immediate recession concerns unless jobless claims rise significantly. Mohtashami emphasizes the importance of tracking weekly housing market data to stay informed of rapid changes.

via HousingWire|
##economicforecast#economy-and-finance