Home Buyers

Fed Signals End to Rate Hikes, Invigorating the Market

The Chairman of the Federal Reserve, Jerome Powell, has signaled a potential end to a series of rate hikes, after once again raising the interest rate by .25%. As a result, the real estate market was invigorated, with mortgage demand increasing by 5% over the course of a week. However, people remain cautiously optimistic, as future rate hikes may be necessary to further slow inflation.

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March Saw “Biggest Annual Decline” in Home Prices in 11 Years

March saw the “biggest annual decline” in home prices in the past eleven years, according to an article from the Wall Street Journal. This dramatic decrease in home prices is a significant sign of the state of the housing market, which has been suffering from a decline in demand for months. These issues are blamed primarily on high interest rates, which have made mortgages less appealing for many prospective homeowners.


The Largest Annual Decline in Eleven Years


In March, home prices fell by 0.9% compared to the same time the previous year. At the same time, sales of previously owned homes fell by 22% during the same period. Month over month, home sales fell by 2.4% compared to February. While this may not sound like a major decline, it is the biggest drop in annual prices since 2012, and indicates a housing market in potential trouble.

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Bank Failures Lead to Major Decline in Mortgage Rates

Mortgage rates have fallen slightly after two high profile bank failures, including the second largest bank failure in the history of the United States. This drop in mortgage rates is attributed to an increase in consumer fear after these banks failed, with people more concerned about placing their money into large purchases. Economists and consumers alike remain uncertain about the state of the economy, although this could cause mortgage rates to drop further, which could spur growth in the housing market.

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Mortgage Interest Rates Fall as Inflation Lightens

For the first time in several months, mortgage interest rates have begun to decline somewhat, bringing some relief to the real estate market. This drop in interest rates is considered to be a sign of inflation beginning to drop off, which is an overall positive for prospective homeowners. Unfortunately, however, interest rates are still far higher than they were at the beginning of the year, and some home buyers may still be hesitant to put money down on a new house. Continue reading “Mortgage Interest Rates Fall as Inflation Lightens”

Homebuilders Expect Decline in New Construction for 2023

Homebuilders are foreseeing a decline in demand and the number of new homes to be built in 2023. This is reflected in an overall drop in the number of building permits, which have declined dramatically over the past year. With interest rates on the rise and the price of existing homes falling, there is simply less demand for the construction of new homes.

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Mortgage Demand Falls to Lowest Levels in 22 Years

Overall demand for mortgages fell by 2% during the week of August 10, bringing demand to the lowest levels that they have been since 2000. This represents an overall cooling of the market that has brought mortgage rates down over the past few weeks, despite rising interest rates.

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Home Prices Saw 10 Year Record Decline in July

Nationally, home prices fell for the first time in three years in July, signaling to some that the housing market may be on the verge of a recession. Part of the reason for this anxiety is that this drop is the largest the housing market has seen since 2011, making it the biggest dip in the market in more than a decade. Combined with rising interest rates, high inflation, and an increasing amount of inventory, some economists believe that prices could decline even further in the coming months.

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Buyers See Benefit in Higher Housing Inventory and Lower Prices

As the amount of housing inventory has increased and prices have fallen, some buyers have become more eager to look for potential homes to purchase. This follows several months of rising interest rates and record-high inflation, which have caused the housing market to cool and prices to drop overall. While this may be less fortunate for some sellers, it could be a good time for reticent buyers to start getting into the market to take advantage of relatively low prices.

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Mortgage Rates Fall on Negative Economic Signs

Mortgage rates declined nearly half a percent over the course of two days after worse than expected economic reports became public. These reports have stoked fears that the economy may be facing a potential recession, with mortgage lenders reacting by lowering rates. This also comes at the same time that inflation is reaching the highest levels they have been at in decades, while the Federal Reserve is raising interest rates more broadly.

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Home Sale Cancellations At Highest Rate Since Beginning of Pandemic

The rate of home sale cancellations reached a record of 15%, the highest rate since the beginning of the COVID-19 pandemic. This rate of cancellations is the result of buyers reconsidering their purchases due to changes in the market, which have caused them to back out on their existing real estate transactions. As a result, sellers are left with an unsold home, contributing to a housing market that has begun to cool.

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