News

2023 has been a rough ride for homebuyers. Exploding interest rates caused many potential buyers to pump the brakes on diving into homeownership.

Existing home sales dropped once again in October, according to the National Association of Realtors (NAR).

The U.S. real estate market is not for the timid. Another period of heart-stopping inflation, soaring mortgage rates, uncontrollably rising prices, and widespread worry about homeownership followed the unanticipated rollercoaster that was the pandemic.

Home sales aligned with expectations in October. While sales were cooler than September, the rate of sales was well above levels a year ago, according to the October New Home Market Update report from Zonda.

According to the RE/MAX National Housing Report for October, the seasonal decline of the housing market is here. Signs indicate that the softening of new home sales affected last month.

RE/MAX surveyed 53 metros for the report and noted that inventory grew for the seventh month. In short, the buyers are still hibernating.

Mortgage applications for new-home purchases increased 39.7% compared with a year ago, according to the October data from the Mortgage Bankers Association (MBA) Builder Application Survey (BAS). Compared with September, applications increased by 6%.

As the CEO of FirstService Residential, David Diestel has witnessed the shifting trends in the high-rise luxury market. Luxury buyers demand name recognition, impressive amenities, and immediate service. Diestel’s company aims to bring all these requests and more to today’s high-rise purchasers.

The median down payment increased across the board in the third quarter, somewhat counterintuitive, according to Realtor.com. While down payment amounts typically increase as home sale prices increase, the increase in down payments in the third quarter came during a period when home prices were steadying.

Consumer prices remained unchanged in October on a seasonally adjusted basis, after increasing 0.4% in September, according to the U.S. Bureau of Labor Statistics (BLS). Over the last 12 months, inflation has increased 3.2%, according to the Consumer Price Index (CPI).

Simon Mass has a reputation within the building industry that spans across North America. He’s known as the creator of volume pre-construction sales investing for qualified high-net-worth individuals and families.  

The National Association of Realtors’ (NAR) antitrust verdict will have a profound effect on how homes are bought, sold, and commissions are paid. The trial, formally known as the Sitzer/Burnett Commission lawsuit, saw the NAR and major real estate companies unsuccessfully defend themselves in an antitrust case. The judge ruled they conspired to drive real estate commissions higher and levied a fine just north of $1.7 billion, which could be tripled under antitrust legislation.

Frustration toward housing affordability and inflation concerns continued to weigh down consumer sentiment in October.

Amid a backdrop of a growing economy and softening inflation, the Federal Reserve Open Market Committee elected to keep rates steady. The decision was the second consecutive meeting where the Fed elected to pause on rate hikes, following 11 rate hikes since March 2022.

Adam McAbee has nearly 30 years of experience analyzing real estate projects and markets, both in the U.S. and around the world. There’s no one better to speak on the data and insights of branded residences in the country.

With 30-year fixed-rate mortgages climbing toward 8% and limited inventory available, there is plenty to be scared of in the housing market for prospective buyers. In honor of Halloween, Point2Homes analyzed the largest 200 housing markets in the country to determine the scariest markets, based on median price, year-over-year differential in home prices, differences in for-sale inventory, and fewest days on the market.

Pending home sales climbed 1.1% in September, according to the National Association of Realtors.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose to 72.6 last month. Year over year, pending transactions declined 11%