Housing Wire

OCTOBER 31, 2023

Affordability becomes a major issue in the current housing market Mortgage rates near the 8% level combined with limited inventory and high home prices make for historic affordability challenges, Bright MLS Chief Economist Lisa Sturtevant noted in a statement. The August level was the highest recorded since the index began in 1987.

Inventory 471

Inventory Housing Market Contracts Realtors 471

Housing Wire

MAY 16, 2024

In a “Real Estate Insiders” podcast with James Dwiggins, Chief Economist for BrightMLS Lisa Sturtevant addressed the question, “What do you have to say to those who comment, ‘Shocker, an MLS has a survey that is positive about MLSs?” ” says Sturtevant. They would be wrong.

Sellers 378

Sellers Real Estate Buyers Marketing 378

Housing Wire

SEPTEMBER 7, 2023

Rates should continue to come down from their peaks, as the inflation and the jobs market are cooling, said Bright MLS Chief Economist Lisa Sturtevant. However, high home prices and growing affordability challenges are the two factors weighing on prospective home buyers, said Sturtevant. 7, down from last week ’s 7.18%.

Housing Market 442

Housing Market Mortgage Marketing Contracts 442

Housing Wire

FEBRUARY 13, 2024

” Bright MLS Chief Economist Lisa Sturtevant expects the Fed to cut rates later this year and forecasts mortgage rates to come down. The Consumer Price Index rose more than forecasted in January, highlighting again the bumpy road to disinflation. Consumer prices were up 3.1% in January from a year earlier, down from 3.4%

Finance 441

Finance Mortgage Buyers Marketing 441

Housing Wire

JANUARY 11, 2024

However, given December’s strong jobs report and today’s inflation reading, it’s becoming more likely that those rate cuts will come later in the year, Lisa Sturtevant, chief economist at Bright MLS , said in a statement. Consumer prices were up 3.4% in December from a year earlier, up from 3.1% Consumer prices were up 3.4%

Sellers 430

Sellers Housing Market Marketing Mortgage 430

Housing Wire

DECEMBER 20, 2023

Sales were subdued in 2023 because of high mortgage rates and a lack of inventory Overall, Lisa Sturtevant, chief economist at Bright MLS, expects to see 4.1 Falling rates will bring both more buyers and more sellers into the housing market,” Sturtevant said in a statement. million home sales nationally by the end of 2023.

Inventory 424

Inventory Housing Market Realtors Buyers 424

Housing Wire

DECEMBER 12, 2023

Housing costs, in particular, are weighing on many individuals and families,” Bright MLS Chief Economist Lisa Sturtevant said in a statement. Inflation continued to edge down in November on a monthly basis, reinforcing the likelihood that the Federal Reserve holds interest rates steady at its final meeting of the year on Wednesday.

Tools 403

Tools Housing Market Mortgage Marketing 403

Housing Wire

JANUARY 25, 2024

But inventory is likely to remain an issue for homebuyers this year, cautioned Lisa Sturtevant, chief economist at Bright MLS. To stay within budget, buyers will have to talk through trade-offs and compromises with a real estate professional who understands local market conditions, Sturtevant said in a statement.

Mortgage 414

Mortgage Inventory Real Estate Housing Market 414

Housing Wire

NOVEMBER 14, 2023

“Shelter inflation has been coming down slowly since the summer, as new residential construction activity ramped up in 2023,” said Lisa Sturtevant, chief economist for Bright MLS. it will be harder and harder for the Fed to bring inflation down,” Sturtevant said. Even though shelter prices dropped to 0.3%

Construction 404

Construction Tools Investors Marketing 404

Housing Wire

OCTOBER 6, 2023

The addition of new jobs in core industries where there are prospective homebuyers such professional and business services or health care is an encouraging sign for the housing market in the fourth quarter of 2023, Bright MLS Chief Economist Lisa Sturtevant told HousingWire. The number of unemployed persons was unchanged at 6.4

Housing Market 433

Housing Market Business Government Marketing 433

Housing Wire

SEPTEMBER 26, 2023

Homebuilders are still benefiting from very low inventory of existing homes for sale, which has driven more buyers to consider new construction,” Bright MLS Chief Economist Lisa Sturtevant said. After a boost in July, the sales pace of new homes slowed in August, according to data published on Wednesday by the U.S.

Inventory 493

Inventory Buyers Construction Sellers 493

Housing Wire

JANUARY 30, 2024

Home prices might ease in 2024 but buyers should not expect discounts The constrained housing inventory is keeping home prices elevated, and the supply picture is unlikely to change dramatically in 2024, according to Bright MLS chief economist Lisa Sturtevant. in September to 7.8% by the end of October, before falling back to 7.2%

Mortgage 424

Mortgage Buyers Housing Market Marketing 424

Housing Wire

APRIL 5, 2024

Some had been hoping that the Federal Reserve would cut interest rates at its June meeting; however, with today’s strong jobs report, it is all but certain that the first rate cut won’t be before July,” Bright MLS chief economist Lisa Sturtevant said in a statement. “As in February, and still below the full employment rate of 4%.

Mortgage 349

Mortgage Transportation Construction Housing Market 349

Housing Wire

SEPTEMBER 13, 2023

Housing continues to contribute an outsized share to the inflation measures If shelter was excluded from the CPI calculation, inflation would be about 1%, said Bright MLS Chief Economist Lisa Sturtevant. Meanwhile, rent growth slowed considerably and median rents nationally fell year-over-year in August, according to Sturtevant.

Landlords 393

Landlords Insurance Construction Realtors 393

Housing Wire

OCTOBER 12, 2023

year over year in September,” Bright MLS Chief Economist Lisa Sturtevant said in a statement. If mortgage rates pass 8%, housing market activity will see a contraction, Sturtevant said. With the next FOMC meeting on Nov. Overall, shelter costs were up 7.2% Rents of primary residences were up 7.4%.”

Government 403

Government Housing Market Contracts Insurance 403

Housing Wire

AUGUST 10, 2023

in July, said Bright MLS Chief Economist Dr. Lisa Sturtevant. To Bright MLS Chief Economist Dr. Lisa Sturtevant, these changes are not the result of the Fed’s action but rather the consequence of more new residential construction coming on the market. After recording a 3.0% annual increase in June , the CPI rose just 3.2%

Design 370

Design Insurance Construction Marketing 370

Housing Wire

FEBRUARY 2, 2024

But consumers are now saving less and continue to spend. “While job growth in January seems to suggest the economy will continue to grow quickly, the picture could begin to shift as more people have to rethink their spending habits,” Bright MLS chief economist Lisa Sturtevant said in a statement. month over month to $34.55

Retail 414

Retail Mortgage Marketing Business 414

Housing Wire

NOVEMBER 3, 2023

While wages kept rising, October posted the slowest pace of wage growth since June 2021, according to Bright MLS Chief Economist Lisa Sturtevant. Affordability issues, elevated mortgage rates and high home prices are contributing to consumer anxiety, Sturtevant said in a statement. That means mortgage rates will be coming down.

Marketing 403

Marketing Construction Housing Market Government 403

Housing Wire

NOVEMBER 30, 2023

Existing-home sales and housing inventory will increase next year, and home prices will remain stable, said Lisa Sturtevant, the MLS’s chief economist. Pending home sales in October fell to their lowest level since 2001. As mortgage rates edged near multi-decade highs, pending home sales declined 1.5% down from 72.6 in September.

Housing Market 471

Housing Market Inventory Realtors Construction 471

Housing Wire

AUGUST 30, 2023

Compared to a year ago, pending sales activity was down by more than 20% in the Northeast region, the biggest decline in that region over the past year, noted Lisa Sturtevant, Bright MLS chief economist. While it is common for pending sales to decline between June and July, this year’s situation is tougher, said Sturtevant.

Inventory 414

Inventory Contracts Buyers Realtors 414

Housing Wire

AUGUST 23, 2023

Building activity continues to be buoyed by a strong and steady demand, but there could be a shift underway in the housing market, warns Bright MLS Chief Economist Lisa Sturtevant. months of supply,” detailed Sturtevant. Census Bureau and the Department of Housing and Urban Development ( HUD ). year-over-year in July and up 0.2%

Inventory 370

Inventory Housing Market Finance Mortgage 370

Housing Wire

SEPTEMBER 28, 2023

Pending sales in August provide a preview of closed sales this fall The sharp drop in pending sales in August, along with slower existing and new home sales, suggest that the housing market is cooling, Bright MLS Chief Economist Lisa Sturtevant noted. Mirroring the trend for new home sales , pending home sales fell 7.1%

Housing Market 471

Housing Market Contracts Government Buyers 471

Housing Wire

DECEMBER 22, 2023

The biggest challenge, according to many builders, is government regulation,” Lisa Sturtevant, chief economist at Bright MLS , said in a statement. “A Total new home sales are expected to reach about 5% higher than last year, while sales of existing homes are down by nearly 20% year-over-year. This is 12.2%

Inventory 441

Inventory Government Development Marketing 441

Housing Wire

JANUARY 19, 2024

In reality, the demand for housing—and homeownership, in particular—has remained high, despite higher rates,” Lisa Sturtevant, the chief economist at Bright MLS , said in a statement. Continued strength in the homebuilding sector will be important to adding to supply in 2024,” Sturtevant said in a statement. from a year prior.

Inventory 433

Inventory Realtors Housing Market Construction 433

Housing Wire

NOVEMBER 28, 2023

Home-price growth expected to slow in Q4 High mortgage rates combined with a typical seasonal slowdown will limit the number of buyers on the market in Q4, Bright MLS Chief Economist Lisa Sturtevant said in a statement. Home prices appreciated in almost all 50 states year over year. in home-price gains, respectively.

Inventory 464

Inventory New Listings Finance Buyers 464

Housing Wire

MAY 25, 2023

The housing market looks different than it does during a typical spring, when the market is usually in full gear,” Lisa Sturtevant, the chief economist at Bright MLS , said in a statement. Looking ahead, Sturtevant believes the real estate industry will be keeping a keen eye on some of the ongoing discussions in the nation’s capital.

Inventory 382

Inventory Housing Market Contracts Government 382

Housing Wire

AUGUST 31, 2023

Last fall when mortgage rates surged, homebuyers adjusted pretty quickly, noted Bright MLS Chief Economist Lisa Sturtevant. The desire for homeownership is still strong, but there are going to be more and more prospective buyers for whom the numbers simply don’t pencil out anymore at 7%+ rates,” added Sturtevant.

Mortgage 414

Mortgage Housing Market Contracts Buyers 414

Housing Wire

OCTOBER 5, 2023

Freddie Mac ‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.49% as of Oct. 5th, up 18 basis point from last week ’s 7.31%. By contrast, the 30-year fixed-rate mortgage was at 6.66% a year ago at this time.

Mortgage 442

Mortgage Modernization Government Investors 442

Housing Wire

SEPTEMBER 1, 2023

However, while wage growth and job openings are slowing, employers are not cutting jobs in big numbers and the labor market remains tight, noted Bright MLS Chief Economist Lisa Sturtevant. That caution—coupled with mortgage rates above 7%—will lead to a cooler housing market this fall,” said Sturtevant. in August and up 4.3%

Construction 393

Construction Housing Market Marketing Mortgage 393

Housing Wire

JULY 13, 2023

Overall, the economy is still very durable, said Lisa Sturtevant, chief economist of Bright MLS. While further rate hikes are likely, economists, including Sturtevant, do not think that it’s the solution to induce a significant drop in home prices. By contrast, the 30-year was at 5.51% a year ago at this time.

Mortgage 370

Mortgage New Listings Buyers Inventory 370

Housing Wire

SEPTEMBER 26, 2023

“The Case Shiller index indicates that the typical home price in July 2023 is about 45% higher than it was four years ago in July 2019,” said Bright MLS Chief Economist Lisa Sturtevant. National Index posted an increase of 0.6%, while the 10-City posted a 0.8% increase and 20-City Composite a 0.9% in July, and now stands 1.0%

Inventory 450

Inventory Housing Market Lending Buyers 450

Housing Wire

SEPTEMBER 21, 2023

However, month-over-month, the median home price nationally was flat in August, Bright MLS Chief Economist Lisa Sturtevant noted. million,” Sturtevant said. This marks the third consecutive month the median sales price surpassed $400,000, NAR found. All four U.S. regions posted price increases. from the prior year.

Inventory 433

Inventory Realtors Housing Market Mortgage 433

Housing Wire

APRIL 12, 2023

Housing costs are still a key driver of inflation, accounting for the largest part of the monthly increase in the CPI,” Lisa Sturtevant, the chief economist at Bright MLS, said in a statement. Higher mortgage rates have slowed demand by pricing some would-be buyers out of the market,” Sturtevant said.

Transportation 381

Transportation Insurance Buyers Government 381

Housing Wire

JANUARY 5, 2024

While this is below the job growth in 2021 and 2022, when the economy was rebounding from the sharp job losses in 2020, it is still a much higher pace of job growth than we had before the pandemic,” Bright MLS Chief Economist Lisa Sturtevant said in a statement. Economists were expecting an addition of 170,000 jobs. million in October.

Transportation 433

Transportation Construction Government Investors 433

Housing Wire

MARCH 14, 2023

Before this week’s bank failures and growing risks in the banking sector, the February inflation report would have meant that it was all but certain that the Federal Reserve would continue to raise rates,” Lisa Sturtevant, Bright MLS chief economist, said in a statement. Transportation services jumped 1.1% and shelter had a 0.8%

Transportation 370

Transportation Housing Market Insurance Lending 370

Housing Wire

OCTOBER 12, 2023

Additionally, higher mortgage rates are also a result of the Federal Reserve ‘s reduced holdings of mortgage-backed securities, Bright MLS Chief Economist Lisa Sturtevant said in a news statement. That’s up 8 basis points from 7.49% the previous week.

Mortgage 414

Mortgage Investors Housing Market Marketing 414

Housing Wire

MARCH 23, 2023

Homebuilders are still feeling cautiously optimistic about a strong spring home buying season, despite mortgage rate volatility and economic uncertainty,” Lisa Sturtevant, the chief economist at Bright MLS , said in a statement. “A New home sales continued to rise in February, jumping 1.1% This represents 8.2 year over year.

Buyers 404

Buyers Inventory Real Estate Development 404