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KEY POINTS Existing home sales dropped to the slowest pace since October 2010. There were 1.13 million homes for sale at the end of September, down more than 8% from a year ago. Adding to higher mortgage rates, the median price of a home sold in September was $394,300, up 2.8% year over year. WATCH NOW VIDEO01:18 September home sales drop to the lowest level since the G...
Deep-pocketed home buyers who are paying cash to avoid rising mortgage rates are propping up the housing market, as high rates keep many borrowers on the sidelines. Prices, sales and inventory of luxury homes—defined as the top 5% of the market—are all outpacing the overall housing market, a shift from late 2021 when wealthy buyers began tapping the brakes, according t...
BY ANDREW KHOURISTAFF WRITER NOV. 16, 2023 3 AM PT Facebook Twitter Show more sharing options Southern California home prices are nearing a record high at a time of sky-high mortgage rates, a double blow that’s hammering housing affordability across the region. In October, the average home price for the six-county region climbed 0.12% to $831...
Tue, November 21, 2023 at 7:02 AM PST·4 min read FILE PHOTO: Homes for sale in Washington By Lucia Mutikani WASHINGTON (Reuters) - U.S. existing home sales dropped to the lowest level in more than 13 years in October as the highest mortgage rates in two decades and a dearth of houses drove buyers from the market. The report from the National Association of Realtors on Tue...
By Daniella Genovese FOXBusiness First-time homebuyers finding it 'tough to break in' to real estate market: Danielle Hale Realtor.com chief economist Danielle Hale reacts to existing home sales hitting a 13-year low at 3.79 million in October. U.S. housing markets that saw the biggest sales declines in 2023 are projected to achieve double-digit sales g...
As our absorption rate analysis blogs have likely emphasized by now, statistics are often at the whim of interpretation. These numbers are concrete: they tell us something that actually happened. A certain number of homes were sold in a given area. A certain number of homes were on the market in that same area. Anything beyond that is an assigned meaning that we’ve come to through a mixtu...
Several weeks ago, some of you received an email from your JohnHart agent about a promising new housing loans initiative. Dubbed the California Dream For All Shared Appreciation Loan, it sought to level the playing field for disadvantaged Californians with aspirations of homeownership. Yet, less than two weeks later, the program has already dispersed all of its funding. And the beneficiaries of...
Now these are some numbers that look familiar. The housing market has spent a couple of months in the wake of the holidays stretching out of hibernation. But March’s nearly straight run of surges brings us back to very familiar territory. Maybe painfully familiar for buyers. It was a month that saw neighborhoods surging further into the seller’s favor in all except two cir...
Netflix star and The Agency founder and CEO Mauricio Umansky is eager to see home sales pick up steam this spring, but the celebrity agent is warning that buyers and sellers may still be stuck in a price rut. "Right now, consumers and sellers are just kind of stuck," Umansky said on "The Bottom Line" Wednesday. "Even if you're in a situation where you&#...
"Unlocking the Secret to Success: Selling Your Home in the Summer" If you're considering selling your home, timing is key. And let me tell you, summer is the golden ticket to a successful sale. Why, you ask? Well, let's break it down. First off, the weather. Summer brings sunshine, longer days, and a burst of energy that naturally draws people outdoors. Potential buyers ...
