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
AI has become one of real estate’s fastest-adopted technology tools, embraced by brokerages and agents at a breakneck speed despite anxiety over safeguards. CANTON, Ohio – The popularity and use of artificial intelligence (AI) in real estate has become nearly ubiquitous among America’s leading real estate brokerages, with 75% already using the technology and … Read more
The average 30-year mortgage rate rose to 6.84% from 6.78% last week, the highest since July. Rates on 15-year fixed-rate mortgages increased to 6.02% from 5.99%. NEW YORK — The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week as it climbed to its highest level since July. The … Read more
Overall, house hunters prioritize more space, upgrading to a better home or neighborhood or finding a lower cost of living when planning their next move. SEATTLE — Nearly one in seven (13.7%) home hunters say a concern for natural disasters or climate risks in their area is a reason they are likely to move in … Read more
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