Housing markets

Nearly 85,000 sellers removed their properties in September, the highest number for that month in eight years, according to Redfin.

Luxury home prices rose 5.5% year over year in October to a median $1.28 million, far outgaining the 1.8% increase of nonluxury homes.

While some international purchasers are reluctant to buy in the U.S. right now, interest in investment properties still abounds, the CEO of Waltz said.

The national median payment applied for by purchase applicants fell to $2,039 in October from September, the Mortgage Bankers Association said.

Sales of previously owned homes in the US rose in October to the fastest pace in eight months, as buyers took advantage of lower mortgage rates and gained the upper hand over sellers in some markets.

While Redfin argues the housing market is stuck and First American was cautious, Remax and Zillow had positive observations about the month's sales activity.

In November, 41% of builders reported cutting prices, a record in the post-Covid period, according to Tuesday's report. More broadly, 65% reported using sales incentives, unchanged from the prior two months.

Home Depot's bleak forecast provides another warning about the strength of US consumers in the absence of official economic data during the US government shutdown.

The hidden costs of homeownership total nearly $16,000, rising 4.7% in the past year.

For the second consecutive week, the 30-year fixed rate mortgage increased as investors were still sorting through the lack of information due to the shutdown.

Fed Gov. Stephan Miran has spent his short tenure at the central bank arguing that disinflation in housing and immigration reforms will tamp down inflation in the near term. But other economists say the timing, degree and context of those effects is very much in question.

Besides adding 60 days to the partial claim deadline in some cases, the bill also has provisions for buyer agent payments for Veterans Affairs borrowers.

Rate-and-term refinances dropped 14% month over month in October, but were still up 143% from last year.

Mortgage credit availability increased 2.3% to 106.8 last month, marking the fourth consecutive month of growth.

The average price of a single-family home increased 1.7% from last year to $426,800 in the third quarter.

In markets across the US, homebuilders sitting on unsold inventory are subsidizing mortgage rates so heavily they sometimes match the record lows last seen during the Covid-19 pandemic.

The latest sale consists of close to 1,200 HECMs secured by vacant residential units found in 46 states, according to data provided by the government agency.

What makes the situation alarming is the government attack on the fair lending enforcement infrastructure, said Lisa Rice of the National Fair Housing Alliance.

The age at which people purchase their first home has climbed rapidly since 2021, when the median was 33, according to a National Association of Realtors survey of transactions from July 2024 through June.

Vic Lombardo, new head of mortgage services, has identified growth ideas and new revenue streams for Motto Mortgage and Wemlo, Remax CEO Erik Carlson said.