House prices rose as demand outpaced supply, but elevated prices and mortgage rates slowed growth. WASHINGTON – U.S. home prices rose 4.3% between the third quarter of 2023 and the third quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI). House prices were up 0.7% compared to the … Read more
Beginning in 2025, Fannie Mae and Freddie Mac can acquire loans of up to $806,500 for single-family homes, a 5.2% increase from its 2024 level. WASHINGTON – The Federal Housing Finance Agency is increasing the size of home loans that the government can guarantee against default as it takes into account rising housing prices. Beginning … Read more
NEW YORK – The holidays bring happy times — but also financial burdens. And more than ever this past season. While inflation is easing, prices for just about everything are still considerably higher than they were pre-pandemic. In fact, Bankrate’s 2024 Holiday Shopping Survey found that 28% of holiday shoppers say they are stressed about … Read more
Most economists think officials will probably cut rates next month for the third time this year but could then skip cuts in 2025. WASHINGTON — With inflation still elevated, Federal Reserve officials expressed caution at their last meeting about cutting interest rates too quickly, adding to uncertainty about their next moves. Even if inflation continued … Read more
NAR’s Pending Home Sales Index increased 0.9% in the South to 90.0 in October, up 2.5% from a year ago. Pending sales grew across the U.S. WASHINGTON – Pending home sales ascended in October – the third consecutive month of increases, according to the National Association of Realtors®. All four major U.S. regions experienced month-over-month … Read more
Rates on 30-year mortgages slipped to 6.81% from 6.84% last week, while borrowing costs on 15-year fixed-rate mortgages climbed to 6.1% from 6.02%. WASHINGTON – The average rate on a 30-year mortgage in the U.S. eased this week, though it remains near 7% after mostly rising in recent weeks. The rate slipped to 6.81% from … Read more
The court heard from all parties as well as objectors and the Department of Justice, and is expected to soon issue a formal written order. CHICAGO — Today, the U.S. District Court for the Western District of Missouri granted final approval of the National Association of Realtors®’ proposed settlement agreement to resolve class action claims … Read more
Real estate pros should vet advice, avoid one-size-fits-all solutions and adapt to changes in industry practices, says Barb Betts at NAR NXT. CHICAGO – Real estate professionals need to be cautious about the business advice they receive —especially from so-called “experts” on social media — because solutions aren’t one-size-fits-all, particularly in the age of industry … Read more
The University of Michigan’s consumer sentiment increased for the fourth straight month in November and is at its highest level since hitting 77.2 in April. WASHINGTON – Consumer sentiment in the U.S. improved slightly less than previously estimated in the month of November, according to revised data released by the University of Michigan on Friday. … Read more
Growing supply of multifamily housing suggests a 1.1% increase in rental stock to more than 49 million units by next fall, with the biggest increases in the South and West. SANTA CLARA, Calif. – Rents fell by -0.8% to $1,720 in October, marking their fifteenth consecutive month of year-over-year declines and falling the most for … Read more
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