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Pending home sales up slightly in September: NAR

Housing Wire

Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated.” For those new construction units, the national median new home price is projected to drop by 5.9% Because of homebuilders’ ability to create more inventory, new-home sales could be higher this year despite increasing mortgage rates.

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Pending home sales fall to their lowest level in two decades

Housing Wire

Historically high rates harmed the housing market in October Annualized existing home sales remained below 4 million in October, the lowest rate since 2010. Meanwhile, new home sales posted a better performance as homebuyers pivoted to new construction amid waning existing home supply. New home sales fell 5.6%

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Mortgage rates continue falling before Thanksgiving: Freddie Mac

Housing Wire

“In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory,” Sam Khater, Freddie Mac’s chief economist, said in a statement. This dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low.”

Mortgage 441
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Here’s what you can expect from the 2024 housing market

Housing Wire

The number of home sales in 2023 will likely be at its lowest level since 2010, and while sales activity will pick up in 2024, transactions will still be below average. At a national level, if there are price drops, they will be modest and short-lived simply because inventory will still be very low by historic standards.

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Homeowners are staying in place twice as long as they did 20 years ago: Redfin

Housing Wire

were 65 and older as of 2020, up from 13% in 2010,” the report reads. Homeowner tenure is projected to remain flat, but a larger share of homeowners remaining in place is also contributing to an inventory shortage, according to the report. Some young families are turning to new construction, and others are renting homes.”

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Home sales to remain subdued for remainder of 2023: Fannie Mae

Housing Wire

million, the existing home sales forecast represents the slowest annual pace since 2010, according to the ESR Group. New home construction is expected to pull back later in 2023 – consistent with Fannie Mae’s forecasted recession – which is due, at least in part, to tighter credit availability for construction lending.

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Can first-time homebuyers afford homes today?

Housing Wire

Homebuyers placed competitive offers on homes while inventory grew increasingly difficult to find. At that time, housing inventory dropped to historic lows making the environment ripe for investors. Notably, during the timeframe of the First-time Home Buyer Tax Credit, there was significantly more inventory than seen today.

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