Housing markets

The 30-year conforming average reached its highest point since March last week, while loan application volumes finished 35% below their levels from a year ago, a trade group said.

Purchases of new single-family homes increased 4.1% to an annualized 683,000 pace last month from a downwardly revised 656,000 rate in March, government data showed Tuesday.

The Mortgage Bankers Association sees the likelihood of a rise in sales activity later this year based on recent construction trends, in a turnaround from the 2022 market.

Contract closings decreased 3.4% last month to an annualized pace of 4.28 million, according to data released Thursday by the National Association of Realtors.

After dropping to a low of more than 40% last year, the recent rally in homebuilders represents a massive rebound from last June's slump and a testament to what appears to be a gradual recovery in home construction. 

Beginning home construction rose 2.2% to a 1.4 million annualized rate, according to government data released Wednesday.

The share of job seekers who relocated to take up a new position fell to 1.6%, the lowest level on record, in the first quarter of 2023, according to a quarterly survey that's been carried out by executive coaching firm Challenger, Gray & Christmas, Inc. for decades.

The National Association of Home Builders/Wells Fargo gauge jumped five points to 50, extending a streak of increases to five months, figures showed Tuesday.

Rents for primary residences in the New York, Jersey City and Newark, New Jersey, region rose 6.1% in the 12 months through April, the biggest increase since 2005, according to a Bureau of Labor Statistics report Wednesday.

Home price overvaluations over 10% are easing in some markets, analysts say, but RMBS investors are still cautiously tightening liquidity amid uncertainty.

Refinance applications surged by almost 10%, the highest level of activity since September, with federally backed activity jumping by almost 24%.

The combined companies, which originated three or fewer loans in the state last year, saw minor growth year-over-year, against an overall 41% drop in volume statewide.

April interest rate drops provided momentum for an upturn, but more consumers also thought the outlook for buying and selling was headed in a favorable direction, according to Fannie Mae.

Homes in the top five states have an average of $222,964 in 2022, according to LendingTree.

The median price slipped 0.2% in February from a year earlier to $363,000, according to the National Association of Realtors.

The popular notion that any downturn this year will be mild by historical standards as firms seek to "hoard" labor is about to be put to the test.

A potential pause in the cycle by the Federal Open Market Committee is welcomed by housing industry observers, but inflation and inventory hinder activity.

Homes in the top five states have an average of $512,836 in 2022, according to LendingTree.

Housing costs increased at the slowest pace in over a decade nationwide, even while monthly growth now exceeds its pre-pandemic level.

The average profit margin on the sale of median-priced single-family homes and condos fell to 44% last quarter, from a peak of 56% in the second quarter of 2022, according to data published Thursday by Attom, a real estate analytics firm.