New home sales fell 2.4% in November but still remained above the 1 million mark for the ninth consecutive month.The U.S. Census Bureau reported that new single-family home sales fell from a seasonally adjusted annual rule of 1.11 million in October to 1.08 in November. Although sales have fallen for the past three months, National Association of Home Builders economists are predicting 2003 sales will total 1.08 million to 1.09 million and beat last year's record by 11%. The only surprise in the November report was an increase in the average home price. The average sales price jumped from $244,000 in October to $274,000 in November. "That is a very big jump," said NAHB economist Michael Carliner said. But the economist admitted that he did not have an explanation for the jump. "It may take a while to figure out," he said.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28