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Midwest housing markets good for first-time homebuyers: Zillow

Housing Wire

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Millennials comprised 75% of this demographic, with older millennials and Generation X (ages 44 to 58) accounting for 44% and 24% of first-time buyers.

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Pending home sales recede in January: NAR

Housing Wire

month over month in January, according to the newest data from the National Association of Realtors (NAR). ” Lower mortgage rates buoyed buyer demand in early 2024, but rates started to inch back up toward 7% in February. Pending home sales dropped 4.9% NAR’s Pending Home Sales Index (PHSI) decreased to 74.3 in December.

Contracts 429
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The seller’s market is roaring back as buyers vie for limited inventory

Inman

A "drought" of new listings is driving up prices, reversing the sluggishness of late 2022 and forcing buyers to compete fiercely for homes, according to a new analysis from Zillow.

Buyers 160
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NAR: Almost 50% of homes sold for more than list price

Housing Wire

The National Association of Realtors Confidence Index Survey for April reveals how hot the housing market is. Per the report, homes that sold had five offers on average , and nearly 50% of homes sold for more than their list price during the four weeks ending May 16. The pandemic continues to impact how people live and work.”

Realtors 479
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Existing-home sales have nowhere to go but up in 2024? 

Housing Wire

million, according to the N ational Association of Realtors. Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” NAR Chief Economist Lawrence Yun said in a statement. Existing-home sales dropped 4.1% Looking at the four major U.S.

Inventory 410
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Pending home sales are down 31% from last year

Housing Wire

according to data released Friday by the National Association of Realtors. The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.”. The new normal for mortgage rates could be around 7% for a while,” Yun added. “On in September.

Contracts 525
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Pending home sales surged in December: NAR

Housing Wire

month over month in December, according to the newest data from the National Association of Realtors (NAR). Looking ahead Confronted with limited existing home inventory, many buyers have pivoted to newly constructed homes. But new listings activity grew by 9.1% Pending home sales rose 8.3% in December, up from 71.6

Contracts 458