Housing markets

Contract closings decreased 3.4% in May from the prior month to an annualized 5.41 million, the weakest since June 2020, figures from the National Association of Realtors showed Tuesday.

Property prices could contract an annual 5% by the middle of next year, a senior property economist, said in a research note Monday. He’d previously projected no change in values by that time.

Also, Notarize announces layoff, Lower reveals a cyberattack and M&A activity heats up.

The S&P Supercomposite Homedbuilders Index dropped 16% this week as investors grow concerned over a recession and surging mortgage rates.

But even with bidding wars on the decline and inventory increasing, listing prices continue to creep up.

Prices for new construction dropped in May. In comparison, April construction raised to a 1.81 million rate, the highest since 2006.

Lumber prices have wavered, but gypsum, steel and transportation were still on the rise in the past month, according to a National Association of Home Builders analysis.

These buyers snagged 20% of listings in metropolitan areas tracked by Redfin in the first quarter, the highest share since 2000.

As the market continues to cool, the real estate brokers are laying off around 450 employees each.

The lender also announced its acquisition of Florida-based Hamilton Home Loans, which will operate as a new division within the company.

New-home borrowers eyeing things like rising commuting costs could add at-home amenities instead so long as they remain relatively affordable, one take on a National Association of Home Builders report suggests.

At the same time, the share of new properties acquired by the services dropped, reflecting overall purchase trends and Zillow’s exit from the market.

As the market slows down, property owners are awaiting opportunities for discounts from builders.

Seven towns had home values worth $150K more than properties within nearby cities.

But it's far too early to declare the market to be down and out, especially as employment stays strong and mortgage rates stabilize.

The hottest U.S. pandemic market fell as mortgage rates rise and buyers fear overpaying in a slowing market.

The commodity's price fell to the lowest it has been since September as interest rates continue to rise.

Hybrid work has led to an increase in purchasing a second home in more scenic, family-friendly areas in addition to smaller, closer homes by the office.

Lenders reduced refinance and jumbo programs on their product menus as interest rates continued to rise in May, the Mortgage Bankers Association said.