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Despite lack of supply, existing home sales rise 6.7%

Housing Wire

from December and mortgage rates shot up 30 basis points. Homes went under contract in just 19 days on average, down from 21 a year ago. ” While homebuilders are getting closer to delivering new homes , they remain stymied by ongoing global supply chain issues. Sales of homes priced above $1 million were up 39%.

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Pending home sales reach highest May mark in 16 years

Housing Wire

The strong increase in home sales and transactions in May —following a dip in April — was a surprise, per Lawrence Yun, National Association of Realtors chief economist, who attributed the home sales increase to mortgage rates remaining below 3%, as well as an uptick, nationally, in listings. year over year. . year over year. All four U.S.

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Builders apply the brakes amid canceled contracts

Housing Wire

However, for the first time in recent modern-day history — due to supply chain issues and other factors — housing completion data has lagged behind housing permits and starts. For this reason, the number of housing units “under construction” is the largest ever recorded in history because they were taking so long to finish.

Contracts 544
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CONDO NEWS

Will Springer Realtor

Seattle leads the nation in construction cranes. Multi-family construction is still moving forward but most of the residential buildings will become apartments. This may help lower monthly rents but the overall construction industry continues to face challenges. This year’s banking crisis – where three U.S.

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Home Buyer Frustration Will Increase in 2022

Hank Miller Team

Is new construction the answer? Supply chain issues, cost of land and labor, permit and paperwork delays (blame it all on Covid) and more will likely take a year to straighten out. Today (12/16/21) there was continued chatter about the Fed acting to combat historic inflation, mortgage rates will be impacted and rise.

Buyers 98
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What to expect from homebuilders in 2023

Housing Wire

After record sales in 2021, demand for new construction waned throughout 2022 as the Federal Reserve raised interest rates cutting into home buyer’s purchase power and making financing new development projects even more costly for builders. What are you expecting to see next year in terms of supply chain issues?

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The nation’s housing market is on a correction course

Housing Wire

The Fannie Mae report projects “strong deceleration in home-price growth going forward” due to higher mortgage rates and the overall slowing economy affecting purchase demand. Homes listed for sale are increasingly seeing asking-price reductions, and both construction and home sales — both existing and new — are slowing.”.