For the latest market info, go to our new blog at westandmain.co
Found 116 entries about How is the Market?.
Mortgage rates dipped slightly to a nearly three-year low because of concern about a potential global economic slowdown and some weak home sale news.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 3.75 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.81 percent a week ago and 4.54 percent a year ago.
The 15-year fixed-rate average declined to 3.18 percent with an average 0.5 point. It was 3.23 percent a week ago and 4.02 percent a year ago. The five-year adjustable rate average dropped to 3.47 percent with an average 0.4 point. It was 3.48 percent a week ago and 3.87 percent a year ago.…
2231 Views, 0 Comments
young adults today are facing larger hurdles than older generations when it comes to housing.
Based on our analysis, housing costs and labor market outcomes explain over half of the gap between the household formation rates of young adults in 2016 versus young adults in 2000.
Household formation is an important predictor of growth in the housing market. For example, when the economy was strong, young adults went on to form their own households, thereby increasing the demand for housing. However, during the recession many young adults moved back in with parents or doubled up with roommates shrinking the number of households and shrinking demand as well. To prepare for future housing demand, it is important that we track trends in household…
1187 Views, 0 Comments
The latest report from the Denver Metro Association of Realtors confirms what we already know:
There is no shortage of luxury condos in the Mile High City.
Denver is building its way out of the housing crisis—at least for those who can afford luxury condos. The latest Denver Metro Association of Realtors report shows there is now 5.6 months of inventory of attached units worth between $750,000 and $1 million, meaning with Denver’s supply and the current rate of purchasing, it would take that long for every luxury condo on the market now to sell.
This is significant—if you’re wealthy and don’t need a yard—because it means the tables have turned in this subset of Denver housing. At long last, buyers of condos in the urban core have…
1336 Views, 0 Comments
With metro-Denver housing inventory at its highest level since October 2013 and interest rates still low, now is a good time for homebuyers. On the flip side, with home prices peaking now is also a good time for home sellers; making for a more balanced market.
Housing inventory is up 28 percent year to date from 2018. The first half of this year ended with the most active listings, at 9,520 at the end of June, since October of 2013 which was at 9,734.
For perspective, the record-high June for active listings was in 2006 with 31,900, and the record-low was in 2015 with 6,197 listings.
“I’ve heard this year referred to as the ‘Goldilocks year’ in Denver real estate - not too hot, not too cold,” said Jill Schafer, Chair of the…
1666 Views, 0 Comments
The most recent data shows that the average length of time someone lives in their home reached 11.3 years in May 2019, a 10 percent increase compared with a year ago.
First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released First American’s proprietary Potential Home Sales Model for the month of May 2019.
May 2019 Potential Home Sales
- Potential existing-home sales increased marginally to a 5.20 million seasonally adjusted annualized rate (SAAR), a 0.4 percent month-over-month increase.
- This represents a 54.8 percent increase from the market potential low point reached in February 1993.
- The market potential for existing-home…
1298 Views, 0 Comments
Colorado was a leader when it came to missed mortgage payments and foreclosures in the years before the 2008 financial crisis.
Now, no state can compare when it comes to borrowers who are timely on their mortgage payments and hanging onto their homes.
The share of mortgage loans in the state past due 30 days or more stood at 1.78 percent in April, according to Black Knight, a mortgage technology firm. That is only slightly above the record low of 1.76 percent reached in the state last August.
Colorado has had the lowest rate of mortgage delinquencies of any state for 26 consecutive months and has ranked in the bottom five states for the past 94 months, said Mitch Cohen, a spokesman for Black Knight.
When it comes to the share of mortgage…
884 Views, 0 Comments
The month of May recorded highest housing inventory in Metro Denver since 2013 and record-breaking average single-family home price.
In May, there were 8,789 new listings, up 16.97 and 38.12 percent from the previous month and year, respectively. At month’s end, 6,470 homes went under contract, up 5.65 and 10.5 percent from April and last year, respectively. Notably, the average single-family home price reached a record-breaking $555,482.
“Even with all of those offers written and accepted, we still ended the month with 8,891 homes for sale,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “That’s an important number to note. It’s the highest end-of-month number of active listings since November…
1565 Views, 0 Comments
Sales of existing homes fell for a second straight month in April, but the market should rev up soon, the National Association of Realtors (NAR) said on Tuesday.
Home sales dipped 0.4% from March to a seasonally adjusted annual rate of 5.19 million . Sales were down 4.4% from a year ago.
Student debt is still holding back many millennial buyers, says Lawrence Yun, NAR's chief economist. And prices for the entry-level homes that age group targets have risen sharply because of low supplies.
Meanwhile, a big drop in mortgage rates didn’t boost home sales. The average rate for a 30-year, fixed-rate mortgage dropped to 4.14% in April from 4.27% in March, according to Freddie Mac, the mortgage loan company. The average rate in 2018 was 4.54%.
962 Views, 0 Comments
After piling in when the market was hot, investors are facing losses from homes that take too long to sell.
Sean Pan wanted to be rich, and his day job as an aeronautical engineer wasn’t cutting it. So at 27 he started a side gig flipping houses in the booming San Francisco Bay Area. He was hooked after making $300,000 on his first deal. That was two years ago. Now home sales are plunging. One property in Sunnyvale, near Apple Inc.’s headquarters, left Pan and his partners with a $400,000 loss. “I ate it so hard,” he says.
A new crop of flippers, inspired by HGTV reality shows, real estate meetup groups, and get-rich gurus, piled into the market in recent years as rapid price gains helped the last property crash fade from memory. Many newbie…
1255 Views, 0 Comments