Housing market economists are forecasting 5% mortgage rates in 2024, and 4% rates in 2025. Tom Toole reminds everyone to start planning now for changing market trends.
Byron Lazine, Lisa Chinatti, and Tom Toole discuss the latest CPI data, the Fed’s (outdated) playbook, consumer confidence, the MLS PIN decision, technology for the real estate industry, and the Boston mayor’s incentive for converting office buildings for residential use.
Realtor.com® has issued its 2023 Forecast Update, showing a drop in mortgage rates to 6% by the end of the year, a slight decline in home prices, negative rent growth, and the total count for home sales hitting its lowest point since 2012.
Zillow released its May 2023 Housing Market Report, showing a 1.4% monthly increase in home prices and a 0.9% annual increase. Buyer competition for available homes is driving up prices as high mortgage rates deter would-be sellers, keeping inventory low.
A recent Fannie Mae blog highlights the resilience of consumer aspirations to homeownership in spite of elevated mortgage rates, high home prices, and limited inventory. For 87% of consumers, owning a home is an important part of living the good life.
Byron Lazine, Tom Toole, and Lisa Chinatti discuss their outlook for the rest of 2023, the 64% of Americans waiting for rates to drop, the shortage of homes for buyers with median incomes, why 7% is too high for today’s market, the next Fed meeting, and a Steve Harney Tweet on foreclosures.
A new Realtor.com report highlights 10 U.S. cities with the largest annual increases in housing supply and the top 10 with the largest annual decreases.
A new report from Redfin shows an almost 50% annual drop in the number of investor home purchases in Q1 2023, outpacing the 40.7% annual drop in overall home purchases.
A new Redfin report shows the share of Redfin.com users looking to relocate to different areas of the country fell 6% year over year—the biggest decline on record—compared to a 23% increase one year ago (April 2022). Within-metro moves fell 17% year over year.
A new Redfin report shows 42.9% of home sales during the three months ending April 30 involved seller concessions—just under February’s record high of 45.6% and nearly double the 25.5% from April 2022.
Byron Lazine, Tom Toole, and Lisa Chinatti discuss mortgage rates rising amid debt ceiling talks, sacrifices buyers make to afford a down payment, the cost of online lead generation, and buyers turning to real estate agents for financing advice.
This week’s Hot Sheet recap includes reasons why real estate agents need to stay informed on both macro and micro trends, along with every segment Byron Lazine covered the week of May 22nd-May 26th.
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