article thumbnail

Opinion: Real estate agents must embrace a non-traditional housing market

Housing Wire

For agents navigating and servicing the American housing market , acknowledging its profound evolution over recent decades is crucial. Looking back to the 2005 and 2006 real estate peak, lofty home prices reached a then staggering-sounding high of $230,200 in July 2006. year-over-year increase to 70,829.

article thumbnail

The last time houses were this unaffordable was 2006

Housing Wire

housing was the least affordable ever back in July 2006 when it took 34.1% Adjustable-rate mortgages, which typically have lower interest rates than fixed-rate mortgages, have become an attractive option for borrowers in a challenging housing market. percentage points of the prior record,” Graboske added.

Insiders

Sign Up for our Newsletter

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

article thumbnail

New homes are selling like it’s 2006 again

Housing Wire

million seasonally adjusted annual rate, according to the Department of Housing and Urban Development and the U.S. This is the fastest sales pace since September 2006. The post New homes are selling like it’s 2006 again appeared first on HousingWire. from February to a 1.02 Census Bureau. lower than March 2020.

Buyers 483
article thumbnail

Positive signs abound for 2024 housing market: ICE

Housing Wire

Recent market trends — including an improvement in mortgage rates, housing affordability and potential refinance opportunities — suggest positive signs for the real estate market this year, according to February’s Mortgage Monitor report from Intercontinental Exchange (ICE). Mortgage rates held at 6.71% as of Jan.

article thumbnail

Housing starts hit highest pace since 2006

Housing Wire

Single-family housing starts ended 2020 on a high note, rising 12% in December to a 1.338 million unit pace – the highest pace since 2006, according to the Census Bureau. “ December housing rates hit 1,338,000 — up from November’s equally- impressive number of 1,195,000. . That’s up 27.8%

article thumbnail

Just how bad was 2023 for the housing market?

Housing Wire

RealTrends has been tracking housing market data since 1979, including households, home sales, average mortgage rates , etc. Even during the downturn of 2006-2010, this factor only hit a low of 3.84% (2010). RIP 2023 — Whew, that was a year none of us would like to live through again. How bad was last year?

article thumbnail

Housing market inventory is starting to recover

Housing Wire

That’s up 37% from a year ago, but it’s important to take into account that the COVID-19 virus first took hold of the housing market in March 2020, said Doug Duncan, chief economist at Fannie Mae. “The March pace was the second strongest since 2006, surpassed only by this past December’s reading,” Duncan said.

Inventory 545