Existing Home Sales Spike—Especially In This Region—As Mortgage Rates Easehttps://t.co/n0moPFM6rq https://t.co/5ZzyZlbHzD ...

Core Insights - Sales of previously owned homes increased in October for the second consecutive month, indicating a potential recovery in the housing market [1] - Despite the increase, sales remain below the historical norm, suggesting ongoing challenges in the real estate sector [1] Summary by Category Sales Performance - The sales of previously owned homes rose in October, marking the second month of growth [1] - The current sales figures are still lower than the typical levels expected in the market [1]

New home sales data out last hour. The number came in at 652,000 for the month of July. Stronger than expected, but still it's an 8.2% decline yearon year.A trend our next guest says benefits the rental market in particular because high home prices are sending more Americans looking for alternative options. Joining us now with his outlook, Invitation Home CEO Dallas Tanner. Dallas, it's good to talk to you today.All right. So, you have these new homes start that are are it looks it looks great. It looks lik ...

Core Insights - New home sales for July reached 652,000, which is stronger than expected but represents an 8.2% decline year-on-year [1] - The rental market is benefiting from high home prices, leading more Americans to seek rental options [1][2] New Home Sales and Market Dynamics - Home builder sentiment is positive, with new construction performing well over the past 3 to 5 years [2] - The renewal rate for rental properties is approximately 77%, with customers staying for about 40 months [3] - There is a demand for new rental products, with around 1,500 homes delivered through builder networks [3] Cost and Pricing Issues - High costs, including property taxes and insurance, have made renting about $1,000 per month cheaper than owning a home [4] - There is a mismatch between seller expectations and buyer willingness to lower prices, leading to fewer transactions [5][6] Inventory and Liquidity - The number of homes on the market has increased from about 1 million three years ago to approximately 2 million today, indicating a liquidity issue rather than a supply issue [6][7] - Current sales are at a seasonally adjusted rate of just over 4 million units, down from the typical range of 5 to 6 million units over the past 5 to 10 years [7] Buyer Behavior and Mortgage Rates - Only 16% to 19% of customers are moving out to purchase homes, down from the typical 20% to 25% [8] - A reduction in mortgage rates by 100 basis points could stimulate more aggressive buying behavior in the market [10]

So, Prashant, we know that these homebuilders have been doing these mortgage rate buy downs where if the 30 year fixed rate mortgage is six and a half percent, they'll bring it down to something lower, maybe in the 5% range. But your reporting shows that a lot of these homebuilders are managing to bring down the mortgage rate to something in the neighborhood of 3% or 2% or even 1%, things we haven't seen since the COVID era. Yeah, I think of it like, you know, sort of like being in a at a car dealership or ...

Mortgage Rate Outlook - Mortgage Bankers Association forecasts mortgage rates to remain above 6% through 2028 [1] - Expects the Federal Reserve to cut rates three to four times in the next six months [3] - Rising term premiums and concerns about debt and deficit will push up 10-year Treasury yields, impacting mortgage rates [4] - Mortgage rates are closely tied to the longer end of the yield curve, specifically 10-year Treasuries [4] Housing Market Analysis - 2023 was the low point for the housing and mortgage market [6] - Home sales are expected to increase by about 5% in 2026 [7] - Existing inventory has increased by approximately 30% compared to last year [11] - Builders are offering buy-downs, potentially permanent, to move new construction inventory, which is at nine months of supply [13][14] Buyer and Seller Dynamics - First-time buyers have acclimated to the 6% to 6.5% rate range [10] - Move-up buyers with lower locked-in rates (e g, 3%) are reluctant to give them up [10] - Increased inventory benefits buyers with more options, but challenges sellers as it takes longer to sell and home prices have flattened [8]

Manhattan home sales jumped to the highest level in more than two years as affluent buyers armed with cash forged ahead on deals https://t.co/pHprNpdUQj ...

Pending home sales in August rose 4% from July and were 3.8% higher year-over-year. That is a strong beat. The street was looking for flat.This count is based on signed contracts. So, it's a forward-looking indicator of closed sales in September and October. Now, mortgage rates in August when people were out signing these deals were slightly lower than they were in July, but not as low as they are right now.Last week, we saw a huge jump in sales of newly built homes, which are also measured by signed contra ...

GDP revised higher for Q2 to 3.8%; fastest economic growth in 2 years.Initial & continuous jobless claims lower than expected, home sales higher than expected, core PCE marginally higher.TLDR; economy holding up better than expected, rates are up, risk is down. ...

Core Insights - The median home price reached $422,600, marking a 2% increase from the previous year and the highest price recorded for the month of August [1] Group 1 - The median home price is at an all-time high for August [1] - The year-over-year increase in median home price is 2% [1]