Real Estate

Led by an increase in sales in the Northeast and Midwest, NAR found that pending home sales nationwide rose slightly month-over-month in June, with the market continuing to struggle with a lack of housing supply.

Redfin reports that 25.5% of homebuyers in the second quarter of 2023 looked to move, with San Francisco and the Empire State topping the list as homebuyers continue to depart expensive metros in favor of areas with more affordable housing options.

While housing affordability remains a worry for many Americans, the MBA's Purchase Applications Payment Index revealed purchase applications inched downward in June, as home prices and mortgage rates remain elevated nationwide.

Continuing our coverage on the Fed’s announcement of a 25-basis point rate hike at the end of their two-day July meeting, more commentary has come through focusing specifically on the real estate market, including sales, defaults, and home prices.

According to ATTOM's 2023 U.S. Home Equity & Underwater Report, the share of mortgaged homes that were equity-rich in Q2 2023 increased from 47% in Q1, reaching the highest point in four years.

The Department has announced new protections and funding to build on commitments made by the Biden Administration’s Blueprint for a Renters Bill of Rights, drafted to increase fairness within the nation’s rental marketplace.

While racial disparities in homeownership persist, a new study from the Joint Center for Housing Studies revealed immigrants face unique challenges in becoming homeowners, as data found only 16% of households nationwide were headed by a foreign-born resident in 2021.

The MBA reports that week-over-week, mortgage application volume fell 1.8%, partly driven by a 10% decrease in FHA applications as the overall average purchase loan size hit $432,700,

Five California metros have been named the least affordable cities and worst cities to purchase a home for first-time homebuyers, according to a new study from WalletHub. Multiple Golden State areas were also ranked for the highest cost of living throughout the U.S.

At the conclusion of Fed’s two-day July meeting, the Federal Open Market Committee moved to raise the base interest rate by 25 basis points, with all members voting in favor of the action.