Housing markets

Manhattan home prices rose for the first time in more than a year, as surging high-end sales propelled the market and lower mortgage rates set the stage for a broader recovery in 2024.

The segment demonstrated sustained resilience in the third quarter, growing its share of the market each month amid rate volatility, according to Corelogic.

The share of relocators was 23.9% in November, the first annual decline recorded by the brokerage but still well above the 19% pre-pandemic rate.

Borrowers can shell out nearly $300 less per month to purchase a median-priced home compared to late October when rates peaked near 7.8%, according to new data.

The National Association of Realtors' index of contract signings to purchase previously owned homes was unchanged at 71.6, the lowest in data back to 2001.

The city claims it can build the rental units quicker through this mechanism rather than low income housing tax credits.

State and local governments have collected $757 billion in revenue over the past 12 months, according to analysis from the National Association of Home Builders.

Home lending and real estate-related businesses developed tools to answer loan officer questions, help write marketing copy, envision newly designed interiors and even correspond with consumers on a limited basis.

Values declined in two regions and were flat in two others, according to the Federal Housing Finance Agency.

The S&P CoreLogic Case-Shiller index measures a period when 30-year mortgage rates were climbing toward 8%, shutting out increasing numbers of would-be homebuyers.

The so-called core personal consumption expenditures price index barely rose in November and trailed policymakers' 2% target by one measure, reinforcing the central bank's pivot toward interest-rate cuts next year.

Purchases of new single-family homes decreased 12.2% to a 590,000 annual pace last month, a one-year low, government figures showed Friday.

Median homes in the top three cities in this ranking are being sold on average 12 days faster than the year before.

Even if lower rates boost inventory and shift sales from new to existing homes, these companies are well-positioned to deal with the change, analysts said.

The effects of expected lower mortgage interest rates are boosting a lot of different facets of the housing market.

Indicators are starting to align, that with falling interest rates and prices, buyers and sellers will return to the housing market in 2024, a trio of interested parties commented.

Contract closings increased 0.8% from a month earlier to a 3.82 million annualized rate, according to the National Association of Realtors, and ahead of estimates of 3.78 million units.

Industry leaders share their thoughts on some of the forecasts that fizzled.

Loans for new homes are up 22% while overall purchase volume is down 20%, the Mortgage Bankers Association found.

Construction of single-family houses jumped 18% to the highest level since April 2022, while starts of multifamily projects increased 6.9%.