The 30-year fixed-rate mortgage neared its all-time low this week, averaging 2.88%. The record low was 2.86%, set in mid-September.The low rates are turning into a boon for the housing market. The National Association of REALTORS® reported this week that housing contract signings in August jumped 24% year over year. Pending home sales are exceeding pre-pandemic levels, with all four major regions of the U.S. posting higher sales activity.
The pandemic has prompted homeowners to reevaluate where they call home. Sears Home Services recently surveyed about 1,000 people nationwide on how they feel about home since the pandemic and the results show a growing dissatisfaction. Forty-four percent of respondents said they are less satisfied with their home since the beginning of the pandemic.“There’s a sense of feeling ‘trapped’ when it’s required to remain inside; we’re missin
It’s a great time to be a home seller, but home buyers are feeling the competition—which is only growing. Homes sold faster in September than in August, realtor.com® reports in its September Monthly Housing Trends Report. September is usually the best time of year to buy a home since more homes tend to go on the market and there is less competition. Not in 2020.The pandemic has fueled a buying spree that has led to a very competitive fall ma
The 2020 wildfire season will likely set the record for the most acres burned. Smoky skies, poor air quality and the COVID-19 pandemic are adding to the challenges of this year’s wildfire season.Wildfires raging across the Western region of the U.S. are putting nearly 2 million homes at extreme risk of property losses, according to CoreLogic’s recently released “Wildfire Report.”“As the U.S. population increases and residential developm
Autumn is no time for homeowners to ignore their lawns and landscapes. In fact, what they do now will determine the quality of their family yard next spring and summer. During the pandemic, homeowners have been rediscovering the importance of connecting to the outdoors. That has translated into record sales in yard and garden equipment and supplies, according to the Outdoor Power Equipment Institute.Tell your homeowner contacts they can ensu
Pending home sales are exceeding pre-pandemic levels and defying forecasts. August marked the fourth consecutive month of escalating sales contract activity, with all four major regions of the U.S. posting higher year-over-year pending home sales numbers, the National Association of REALTORS® reported Wednesday.NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—increased 8.8% in August to a record high of
Former factories, breweries, air force bases, and even old churches are being turned into multifamily buildings as developers target them as a viable solution to overcoming housing shortages. Apartment conversions reached an all-time high over the past decade, according to a new analysis from RENTCafe.Adaptive reuse projects have brought more than 240,000 apartments onto the market over the past 70 years. Sixty-five percent of these conversi
The frenzy in the housing market continued in August as buyer competition remained elevated. Properties that closed in August received an average of three offers, according to the August REALTORS® Confidence Index Survey. The report is based on a survey of about 4,000 REALTORS® about their latest real estate transactions.Further evidence that the housing market is going strong: Buyer foot traffic to listings remains high. The REALTORS® Bu
With mortgage rates hitting all-time lows in recent months, 75% of homeowners—or 19.3 million—could refinance and lower their monthly mortgage payments, according to data from Black Knight, a software and analytics firm for the mortgage and lending industry. That is the largest number of potential refinance candidates on record, Black Knight says.What’s more, the average homeowner could potentially reduce their mortgage payme
Sales of newly built single-family homes in August reached their fastest pace since September 2006, the Commerce Department reported Thursday. They also attained another landmark: topping 1 million sales, to a seasonally adjusted annual rate of 1.01 million units. That marks a 43% jump when compared to last year.“Already, more new homes have sold in 2020 than did in all of 2019,” says Danielle Hale, realtor.com®’s chief economist. “With
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