article thumbnail

Pending home sales fall to their lowest level in two decades

Housing Wire

in October on a month-over-month basis, according to data released Thursday by the National Association of Realtors (NAR). Historically high rates harmed the housing market in October Annualized existing home sales remained below 4 million in October, the lowest rate since 2010. down from 72.6 in September. New home sales fell 5.6%

article thumbnail

Pending home sales up slightly in September: NAR

Housing Wire

in September despite significant affordability hurdles weighing on the market, according to data released Thursday by the National Association of Realtors (NAR). For those new construction units, the national median new home price is projected to drop by 5.9% Pending home sales ticked up 1.1% in September. increase in September.

Inventory 379
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

1.2 million homes face wildfire risk in California

Housing Wire

In June, insurance giants State Farm and Allstate pulled out of California’s home insurance marketplace, citing mounting construction costs. Realtors and homeowners, said Knippen, should carefully consider the fire risk implications of purchasing a property in an affected area. “In

Insurance 332
article thumbnail

Can first-time homebuyers afford homes today?

Housing Wire

The monthly Realtors Confidence Index is an essential measure of what real estate professionals are seeing in their local markets and how the market is evolving on a monthly basis. The National Association of Realtors Research Group has produced the index since 2008, a time of turbulence in the real estate market.

Realtors 419
article thumbnail

A closer look at housing markets across the country

Housing Wire

That’s reflected in home prices, where the median Honolulu home sold for $975,000 in the second quarter of 2021, according to the National Association of Realtors , a climb of 20% year-over-year. from 2010 to 2020, Peoria’s population dropped 2.5% Springfield, Missouri. The “Queen city of the Ozarks” needs more homes.

article thumbnail

US housing market is short 5.5 million homes, NAR says

Housing Wire

The National Association of Realtors says the current state of the housing market is absolutely “dire,” the consequence of a housing shortage 30 years in the making. According to the lobbying group, construction of long-term housing fell 5.5 In fact, coming off the Great Recession, new home construction in the U.S.

article thumbnail

Why housing inventory is so low right now

Housing Wire

The big theme of my housing work since 2010 has been that the housing market would have its weakest recovery from 2008 to 2019 because we simply built too many homes versus the real demand curve, and monthly supply proves that. Then we had an 82% crash in new home sales, and the weakest new home sales recovery ever after 2010.

Inventory 497