Signs of a Nascent Housing Market Recovery Emerge in November

By Odeta Kushi on December 18, 2024
Key Points: Despite an increase in mortgage rates, leading indicators of sales point to a modest pickup in sales activity in November. Inventory turnover has steadily increased to reach 0.95 percent as of October 2024 —that’s 95 in every 10,000 existing homes for sale. The recent increase in inventory helps to coax some potential buyers off the ... Read More

Housing Mortgage Rates Existing-Home Sales

Why are Mortgage Rates Increasing when the Federal Reserve is Cutting Rates?

By Odeta Kushi on November 20, 2024
Key Points: Upwardly revised economic data, strong employment numbers, and the election have lowered bond market expectations for future rate cuts relative to the Fed’s projections, pushing up mortgage rates. Holding income constant, house-buying power decreased by more than $10,000 in October due to the 25-basis point increase in mortgage rates. ... Read More

Housing Federal Reserve Mortgage Rates Existing-Home Sales

So, Where Does the Existing-Home Market Go from Here? The Good, The Bad, and the Likely

By Odeta Kushi on October 17, 2024
Key Points: Existing-home sales as a percentage of total households are historically low, at just 2.9 percent. By contrast, the pre-pandemic average was 4.4 percent. Only 94 of every 10,000 existing homes are for sale, lower than the pre-pandemic historical average of 220 of every 10,000 homes. Given the current number of households in the U.S. ... Read More

Housing Mortgage Rates Existing-Home Sales

Two Months of Progress for Existing-Home Sales

By Odeta Kushi on September 16, 2024
Key Points: Existing-home sales for August are expected to increase 0.5 percent from July’s pace of sales. If realized, this would mark two consecutive monthly increases. While house-buying power is nearly 4 percent greater than last month, and 10 percent above a year ago, it remains 7 percent below the two-year, pre-pandemic average. Even if ... Read More

Housing Mortgage Rates Existing-Home Sales

Mortgage Rate Relief Brings Much-Needed Optimism to the Housing Market

By Odeta Kushi on August 20, 2024
Housing market sales activity in 2024 has closely followed the path of mortgage rates, and we expect that to remain true with July’s existing-home sales data that will publish on July 22. Each month, we use our Existing-Home Sales Outlook Report to ‘nowcast’ existing-home sales based on the historical relationship between sales, demographic ... Read More

Housing Mortgage Rates Existing-Home Sales

The Tale of Two Markets Continues…For Now

By Odeta Kushi on July 19, 2024
Even with more existing-home inventory on the market than last year, today’s potential home buyers face one of the least affordable markets in history due to record-high and still-rising home prices and elevated mortgage rates. Each month, we use our Existing-Home Sales Outlook Report to ‘nowcast’ existing-home sales based on the historical ... Read More

Housing Mortgage Rates Existing-Home Sales