Housing markets

Heightened government-backed activity also helped bring the average loan size down to its lowest mark in 2023, with purchase amounts falling below $400,000 for the first time since January, the Mortgage Bankers Association found.

While Fitch and CoreLogic predict home prices will rise next year, Redfin is forecasting a 1% drop in the second and third quarters.

Only 62% of likely purchasers surveyed in October were waiting to act in expectations of declines, down from 85% in April.

California, Midwest and Northeast cities are poised to see the greatest combined rise in sales and home values, but some affordability relief will also emerge nationwide in the next 12 months, Realtor.com said.

Spending on furniture and related items fell nearly 12% from the year-earlier period in October.

Affordability decreased during the month across all racial groups and loan types tracked by the Mortgage Bankers Association.

The National Association of Realtors' index of contract signings to purchase previously owned homes declined 1.5% to 71.4, the lowest in data back to 2001, the group reported Thursday.

Of the top five factors influencing a home buying decision, an Assurance IQ survey of real estate agents said price and affordability was at the top, followed by financing & mortgage options.

A national gauge of prices rose 0.7% in September from August, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.

Purchases of new single-family homes decreased 5.6% to a 679,000 annualized pace last month, government data showed Monday.