Weekly Update: High Prices, Inflation Continue to Impact the Real Estate Market
Weekly Update: High Prices, Inflation Continue to Impact the Real Estate Market
Category: Real Estate
New-Home Construction Improves Despite High Inflation, Rising Mortgage Rates, and the Shortage of Skilled Labor and Materials
The numbers: U.S. home builders started construction on homes at a seasonally-adjusted annual rate of roughly 1.79 million in March, representing a 0.3% increase from the upwardly-revised figures for the previous month, the U.S. Census Bureau reported Tuesday. Compared with March 2021, housing starts were up nearly 4%. Permitting for new homes occurred at a seasonally-adjusted …
Existing-Home Sales Fall as Soaring Interest Rates Scare Off Home Buyers
The numbers: Existing-home sales decreased 2.7% between February and March, dropping to a seasonally adjusted, annual rate of 5.77 million, the National Association of Realtors said Wednesday. It was the second consecutive month in which sales fell. Compared to a year ago, sales were down 4.5%. Despite the decline, existing-home sales came in ahead of expectations. …
Mortgage Rates Rise Above 5% for the First Time Since 2011. Is the Seller’s Market Over?
Mortgage rates have increased for seven consecutive weeks, creating openings for buyers who have managed to withstand this tough housing market. The average rate on a 30-year fixed-rate mortgage was 5.11% as of the week ending April 21, representing an increase of 11 basis points from the previous week, Freddie Mac reported Thursday. One basis …
Mortgage Rates Soar to New Highs as Fed Works To Tame Inflation: This Week in Real Estate
Mortgage Rates Soar to New Highs as Fed Works To Tame Inflation: This Week in Real Estate