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Housing Market Tracker: Mortgage rates and inventory fall together

Housing Wire

These events led to lower mortgage rates and increased purchase application data last week, but decreased housing inventory. Active inventory fell 1,109, and new listing data made a lovely comeback week to week but was still noticeably down year over year. In a regular market, they would be closer to 5.25%.

Inventory 450
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Existing home sales data shows extent of housing inflation

Housing Wire

From NAR Research : “Total existing-home sales notched a minor contraction of 0.4% Existing home sales have more legs to go lower, especially now that new listing data is falling. Total Inventory data fell in this report from 1.31 It doesn’t even look like we will breach the lower level of my inventory wish list of 1.52

Inventory 458
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Fed’s Beige Book shows recent moderation in mortgage rates propped up demand for homes

Housing Wire

Moderation in mortgage rates led to a pickup in demand for residential real estate, but limited inventories across the country hindered actual home sales , the Federal Reserve reported in its Beige Book survey of regional business contacts that was published Wednesday.

Mortgage 396
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Inventory needs to increase to balance housing market: Fed Beige Book

Housing Wire

While home prices have started to inch down, more inventory is needed for a balanced housing market, the Federal Reserve Beige Book said. Housing markets continued to weaken, with sales and construction declining across [all 12 Federal Reserve] districts,” according to the Federal Reserve Beige Book released on Wednesday.

Inventory 413
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Remove all bathtubs from home?

Appraisal Today

Armour likely got the idea for the shape of his home from the book A Home for All by noted phrenologist, sexologist, and amateur architect Orson Squire Fowler. Fowler extolls the merits of octagonal structures over traditional square or rectangular dwellings in his book. The average contract interest rate for 5/1 ARMs increased to 6.38

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The nation’s housing market is on a correction course

Housing Wire

Rising interest rates and a slowing economy overall are already taking some of the air out of the rapid home-price appreciation the housing market has experience over the past year, according to the recently released Federal Reserve Beige Book for July. Inventories are rising across the country. The Beige Book.

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Appraising Luxury Homes

Appraisal Today

Both inventory levels and new listings increased significantly in recent months, leading to an 18 percent increase in sales and a 1.6 Even more telling, contract signings for homes priced at $1 million or more have increased by 11 percent over last year, and demand remains high among affluent buyers. Hagar Book.