Weekly Housing Headlines

Mortgage applications increased 1.6 percent this week; buyers remain in wait-and-see mode as lower prices, an increase in listings and longer times on the market are giving them more time to weigh their options; a new survey shows that 50% of prospective homebuyers can’t afford the basic costs of homeownership; and mortgage rates continue to hold steady.

Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage Bankers Association - 9/4/2024
Mortgage applications increased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Applications Survey for the week ending August 30, 2024.

Weekly Housing Trends View — Data for Week Ending Aug. 31, 2024
Realtor.com - 9/5/2024
Lower prices, an increase in listings and longer time on the market are giving buyers more time and flexibility to consider their options, setting the stage for a favorable fall.

Fewer people are purchasing homes, despite high demand — buyers are in ‘wait and see’ mode
CNBC - 8/30/2024
Among buyers who can afford a home, many are likely waiting until mortgage rates decline further later this year, as is widely expected.

Half Of Prospective Homebuyers Cannot Afford Basic Home Costs
National Mortgage Professional - 9/5/2024
A new survey reveals that nearly 50% of prospective home buyers are grappling with the affordability of basic home costs, with home insurance emerging as a significant factor influencing their relocation decisions.

Mortgage Rates In The U.S. Hold At The Lowest Level Since May 2023
Financial Advisor - 9/5/2024
Mortgage rates in the U.S. held steady, giving home buyers a crack at the lowest loan costs since May 2023. The average for a 30-year, fixed loan was 6.35%, the same as last week, Freddie Mac said in a statement Thursday.

How Gen Z outpaces past generations in the homeownership race
CNBC - 9/5/2024
In 2023, the homeownership rate for adult Gen Zers, or those between 19 and 26 years old, was higher than the homeownership rate for millennials and Gen X when they were 24, according to Redfin, a real estate company.

Where Are Home Prices Heading Over the Next 24 Months?
MortgagePoint - 9/5/2024
The latest Fannie Mae Home Price Expectations Survey finds that following home price growth of 6.0% in 2023, an annual national home price growth of 4.7% is forecast for the remainder of 2024, followed by 3.1% in 2025.

Single-Family Home Construction Up Across U.S.
National Mortgage Professional - 9/3/2024
The construction of single-family homes was up nationwide in the second quarter of 2024, driven by low inventory and pent-up demand.

How affordable are homes in America?
Mortgage Professional America - 9/4/2024
August brought a much-needed break for prospective homebuyers, with mortgage rates dipping and home prices cooling, according to the latest ICE Mortgage Monitor Report.

Private Residential Construction Spending Inches Down in July
Eye On Housing - 9/3/2024
Private residential construction spending fell 0.4% in July, according to the Census Construction Spending data. Nevertheless, spending remained 7.7% higher compared to a year ago.