Real Estate News
Experts: 2024 Home Prices Won’t Decline
Despite predictions housing prices would come down, values keep rising in 2024. The reason? The tight inventory. WASHINGTON – Much to the chagrin of would-be homebuyers, property prices just keep rising. It seems nothing — not even the highest mortgage rates in nearly 23 years — can stop the continued climb...
Nearly 32% of Home Sales in Q4 Were Newly Built
New construction accounted for a large share of home sales in 2023 Q4 because homebuilding has increased and the number of homeowners selling has decreased, Redfin said. SEATTLE — Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter of 2023 were new construction, according to a new report...
Beachfront Homes Where the Tides Don’t Reach
Several Florida developers have opened “beachfront” communities with abundant amenities along manmade lagoons. ST. JOHNS COUNTY, Fla. – Neal and Barb Shact's home in the Beachwalk neighborhood has a water view even though the ocean is 17 miles away. A 14-acre pool in the neighborhood contains 37 million gallons of water and...
New Mortgage Applications Jump More Than 10%
New mortgage applications increased 10.4% from one week earlier, according to the Mortgage Bankers Association. WASHINGTON — Mortgage applications increased 10.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 12, 2024. Last week’s results included an adjustment...
American Consumers Feeling More Confident
Consumer confidence came in better than expected in January and anxiety over a possible recession continues to fade. WASHINGTON – American consumers, fresh off strong holiday spending, are feeling more confident than they have in two years. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose...
Redfin: Buyers Gained Purchasing Power with Lower Rates
Redfin said buyers can afford a more expensive home since mortgage rates have dropped from nearly 8% in October. SEATTLE – A homebuyer on a $3,000 monthly budget has gained nearly $40,000 in purchasing power since mortgage rates peaked this past fall, according to a new report from real-estate brokerage Redfin. A...
Fed Official Sees Slowing Inflation
Christopher Waller, an influential member of the Fed's Board of Governors, said he’s feeling confident the economy is moving in a positive direction. WASHINGTON — A top Federal Reserve official said Tuesday that he is increasingly confident that inflation will continue falling this year back to the Fed's 2% target level,...
Where Are Homes Selling Below Asking?
Several Florida cities, including Crestview, Deltona and Ocala, are a boon for buyers, coming in among the top 50 U.S. cities that had the most homes sell under the asking in 2023. MIAMI – It's a tough time to be in the market for a new house. The average 30-year fixed rate...
Q&A: Increasing Loan Limits in 2024
One borrower wants to know how increasing loan limits will impact a purchase on a larger home. RICHMOND, Va. – Question: Our mortgage lender says loan limits will increase for 2024. Will this change our financing efforts since we're trying to move into a larger home? Answer: Loan limits may well impact...
More Properties Listed, Supply Still Short
Active listings in the U.S. climbed 4.9% in December year over year, but for-sale inventory is still below pre-pandemic levels. LOS ANGELES — The recent pullback in mortgage rates is spurring more homeowners to put their homes up for sale, though the increases so far have been too modest to return...
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