Housing markets

Buyers aren't necessarily responding to greater inventory and lower mortgage rates.

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.