Months’ supply of inventory was down 23.5 percent to 1.3 months. A balanced market is about 5-6 months of supply. 1.3 months of supply indicates a pretty extreme sellers’ market.
Mortgage Rates Drop Below Three Percent Again
November 10, 2021
Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week. These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for homebuyers.
Information provided by Freddie Mac.
September Monthly Skinny Video
There are some signs of a potential market shift, even though both new and active listings are down compared to last year and sales are up compared to 2019.
August Monthly Skinny Video
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department.
July Monthly Skinny Video
June Monthly Skinny Video
The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition.
May Monthly Skinny Video
Home prices are still on the increase and that is not likely to change during the summer months. The Median Sales Price increased 16.1 percent to $342,500 for the month.
Mortgage Rates Drop Below Three Percent
May 27, 2021
Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow. In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point.
Information provided by Freddie Mac.
April Monthly Skinny Video
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price.
