Housing markets

Sluggish sales, high mortgage rates and the exit of iBuyers all contributed to the larger share of properties going for less than original purchase value last month.

Stronger than expected demand and home prices drove the latest forecast.

An index tracking the industry is up 28% so far this year coming off of one of its worst years since 2018.

The median selling price of a previously owned home clocked in at $375,700 in March. That's 0.9% below its year-ago level, marking the largest decline since 2012, data from the National Association of Realtors showed Thursday.

Contract closings decreased 2.4% last month to an annualized pace of 4.44 million after an outsize jump in February, according to data released Thursday by the National Association of Realtors.

Home loan applications dropped for the second time in three weeks, with the 30-year conforming interest rate ticking up 13 basis points, according to data from the Mortgage Bankers Association.

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Fannie Mae researchers found housing costs decelerating for the fourth straight quarter, but limited inventory may be driving hopeful buyers to look for opportunities in the new-construction market.

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The loans increased their share to more than 20% of home lending volume in the fourth quarter, compared to just 7% a year earlier.

A February survey of 2,000 people who were looking to sell their home in the next 12 months, found that 86% were planning to buy another home, but of those respondents, 56% are waiting for rates to come down.

U.S. homebuilder sentiment rose for a fourth month in April as limited resale inventory helped drive demand for new houses, suggesting the residential real estate market is slowly recovering.

Recent efforts to open up homeownership opportunities include a proposed $100 million down-payment-assistance initiative within the Biden Administration's 2024 federal budget request.

Average purchase-loan amounts on new applications also increased after a recent pullback, as limited inventory provided little price relief.

But overall availability still remained near a 10-year low in March, with government-backed products falling for the third time in four months, the Mortgage Bankers Association found.

Last month saw purchase rate locks increase by 44%, jumping past the 30% average in February, according to Black Knight's report.

Affordability constraints have made borrowers who bought properties within the last 12 months increasingly vulnerable to price declines.

While they see a meager gain of just 1.2% in 2024, the recovery will pick up steam in the following three years, when prices are forecast to increase 4% annually, a Pulsenomics survey found.

But a monthly increase in housing costs nationwide to start 2023 may point to a bottoming out of prices in many areas, CoreLogic said.

Lower mortgage rates during the early part of the month, along with fewer properties for sale helped to drive values higher.