Housing markets

Mortgage applications were up and rates were down in the wake of the Federal Reserve's interest rate cut, but experts wonder will that be enough to counteract higher housing prices.

Homes are 4.4% more affordable, the first annual improvement in years, while first-time buyers with lower incomes can qualify for a median priced house.

The top five states have more than 403,000 housing units approved to begin construction in 2024, according to LendingTree.

Some recipients of the new multimillion-dollar funding announced this week include several organizations partnering with historically Black colleges and universities.

New single-family home sales decreased 4.7% last month to an annualized rate of 716,000 after rising at the fastest pace since early 2022, government data showed Wednesday.

"A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August," NAR Chief Economist Lawrence Yun said in a prepared statement.

Affordability improved for a fourth straight month, but questions remain about whether recent trends will bring a significant number of buyers into the housing market.

The state, with the support of its Realtors, will be mandating that real estate salespeople have a contract with the home seekers they are representing.

While real estate agents have softened their opinions on the National Association of Realtors commission settlement, almost two-thirds remained opposed, a Clever RE survey found.

A letter from several U.S. senators asked Director Sandra Thompson to follow the lead of her counterparts at other government-housing departments with similar rules already in place.

Home-price gains in the U.S. slowed in July as still-high mortgage rates kept would-be buyers on the sidelines while inventory piled up.

Residential markets are set to gain momentum again with prices rising over the next few quarters as rising rents in cities support demand, according to Holzhey. 

Building on a prior initiative, the Federal Home Loan Bank of Atlanta is making available $5 million in grants to support efforts to assist owners of heirs' property.

There is a $446 difference between typical rent payments and typical mortgage payments in New Orleans.

While housing demand remains strained, national home price appreciation continued to make more room for buyers in August, according to First American.

Contract closings decreased 2.5% from a month earlier to a 3.86 million annualized rate, according to figures released Thursday from the National Association of Realtors.

The government agency also finalized a rule that will bring virtual home buyer counseling services to consumers.

Fannie Mae's economists are pessimistic about the future for existing home sales, reducing its purchase volume outlook in both 2024 and 2025.

U.S. housing starts bounced back in August after tumbling a month earlier, illustrating uneven residential construction as builders weigh inventory levels against brighter demand prospects tied to falling borrowing costs.

Changes to the Manufactured Home Construction and Safety Standards include allowing the building of two-to-four family units on a permanent basis.