All articles tagged with #housing market
Mortgage rates rose to 6.65% for 30-year conforming loans, pushing total mortgage applications down 8.5% for the week; refinance applications fell 18%, the lowest share of refinances since June 2025, while purchase applications slipped 0.4% and remained about 5% higher than a year ago.
Mortgage rates climbed to about 6.51% for a 30-year fixed—the highest in nine months—driven by bond-market turmoil linked to Middle East tensions and higher oil prices, with inflation worries and lagging wages clouding the housing outlook. A $450,000 loan would cost roughly $2,278 per month, up from about $2,154, illustrating higher borrowing costs. Mortgage applications fell in April while home prices stayed near record highs, signaling a tepid spring market as buyers face higher costs and greater uncertainty.
Thousands of Chicago-area home listings disappeared from Zillow after Midwest Real Estate Data pulled access to its regional MLS amid a dispute over private listings marketed to select buyers; Zillow has sued MRED and Compass, arguing the move undermines its rules and hurts buyers, with the suspension causing many listings to go-dark or stay outdated as listings don’t refresh.
April pending-home-sales rose 1.4% month-over-month and 3.2% year-over-year, with gains in the Northeast, Midwest and West and a decline in the South. NAR Chief Economist Lawrence Yun says buyers are cautiously optimistic despite higher mortgage rates, but without a meaningful rise in supply, price growth could outpace wages and curb homeownership. The Pending Home Sales Index remains a leading indicator for closings, with notable local-year gains and the next release scheduled for June 17.
The 30-year fixed mortgage rate rose to 6.75%, the highest since July 31, up 7 basis points as bond yields climb amid Iran-related uncertainty. Higher rates mean a $420,000 home with 20% down would have monthly principal and interest of about $2,179, up from $2,012. Despite the rate jump, April pending home sales rose year over year, with buyers showing cautious optimism. Homebuilders remain active, supported by rate buydowns, and analysts say rates could ease if the conflict subsides.
Redfin’s 2024 census analysis shows boomer empty-nesters own 28% of three-plus-bedroom homes, almost double the 16% share held by millennial families and far more than Gen Z parents. Millennial families’ largest-home ownership is around 19% in Austin, Columbus and Minneapolis, while Los Angeles, Miami and San Jose range from 11–13%. Boomer empty-nesters own more than 30% of large homes in Memphis, Cleveland and Pittsburgh. Older homeowners stay put due to mortgage-free status or low rates, while millennials face supply and affordability constraints that limit upgrades; millennial share has grown from about 5% in 2014 to 16% in 2024, partly by buying homes once owned by older generations. More large homes may hit the market as rate-locks loosen and owners reassess their mortgages.
Oakland’s typical home value was about $716,000 in March, down 8–9% year over year (roughly 11.4% in inflation-adjusted terms) and about 28% below the 2022 peak, with a split market: Rockridge and Claremont-Elmwood still see bidding activity, while downtown has double‑digit declines. Higher mortgage costs and condo fees keep affordability tight, with a mid-priced Oakland home costing around $3,680/month with 20% down, pushing buyers to wait out the market. National spring trends hint slight gains, but Oakland’s outcome will hinge on days-on-market, inventory changes, and rate movements, likely preserving a city divided between brisk neighborhoods and those needing sharper price adjustments.
NAR reports April existing-home sales rose 0.2% month-over-month to a seasonally adjusted annual rate of 4.02 million, with inventory up 5.8% to 1.47 million (about 4.4 months’ supply). Sales were flat year-over-year, while the median price increased 0.9% to $417,700. The Housing Affordability Index stood at 110.6 and affordability improved across regions. Mortgage rates averaged 6.33% in April. Regional detail shows Midwest and South up, Northeast unchanged, and West down, with second-home purchases contributing to demand.
U.S. existing-home sales in April rose just 0.2% to 4.02 million (SAAR), missing forecasts and flat vs. a year ago. Inventory climbed 5.8% from March to a 4.4‑month supply but remains tight. The median home price was $417,700, up 0.9% year over year—the highest April price on record. Mortgage rates surged into about 6.4% this week after being in the high 5% range, weighing on buyers. Days on market rose to 32, and first-time buyers accounted for 33% of sales, with all-cash purchases at 25%.
Mortgage rates jumped to 6.45% on the 30-year fixed—the highest since early April—after Iran-related tensions spooked markets and sent oil and bond yields higher. Mortgage applications to buy a home rose about 1% for the week and were up 21% from a year ago, aided by more housing supply and some price relief in parts of the market. The Federal Reserve is not expected to move rates at its meeting, leaving the spring housing outlook uncertain.
Denver posts the steepest year-over-year drop in major-metro home values in February (-2.2%), surpassing Tampa (-2.1%), as the Case-Shiller index shows widening weakness beyond the Sun Belt; nationally, single-family prices rose 0.7% YoY but cooled from January, with Seattle and Portland down while Chicago, New York, and Cleveland still show gains, indicating a fragmented nationwide housing slowdown.
US housing’s spring rebound faded as the Iran war raised borrowing costs and created uncertainty for buyers, despite rates dipping below 6% in February. By April, 30-year mortgage rates hovered near 6.5% before easing to about 6.25%, dampening demand even as inventory rose and regional markets showed mixed signals. Analysts trimmed optimistic forecasts, with some buyers leveraging concessions and rate buy-downs, yet most experts view a swift, nationwide rebound as fragile and highly dependent on rate stability, job growth, and an eventual resolution to geopolitical tensions.
Mortgage rates fell to their lowest spring-time level in about three years, improving affordability for homebuyers and those seeking to refinance. While the slide boosts purchasing power this season, rate moves remain tied to inflation and policy expectations, so shoppers should compare offers across lenders and consider rate locks as the spring homebuying period continues.
Mortgage rates on the 30-year fixed fell to 6.35% from 6.42% as total mortgage applications rose about 7.9% for the week; purchase loan applications jumped around 10% (conventional up 11%), while refinancings rose 6% and were about 52% higher year over year. The rate drop, aided by Middle East ceasefire optimism and lower oil prices, has revived demand in a spring housing market that benefits from higher inventory and a resilient job market.
New York City Mayor Zohran Mamdani and Governor Kathy Hochul unveiled a pied-à-terre tax targeting second homes valued over $5 million, potentially raising up to $500 million to fund city needs. The proposal has split experts: supporters say it taxes non-resident wealth to fund housing and transit, while critics warn it could distort the housing market and broader economy. Reactions range from the Fiscal Policy Institute praising the revenue to economist Gabriel Zucman disputing migration fears and real estate figures warning of price declines, fewer jobs, and wider impacts on homeowners.