January 17, 2021

Real Estate in 2021: Plenty of Reason for Optimism

• Home sales are expected to rise by around 10% in 2021.
• Home prices will also climb, but more moderate increases should help first-time buyers get into the market.
• Mortgage rates will continue to be favorable, staying at near historic lows of 3% on average.

There is plenty of room for optimism in 2021 as the housing market is expected to continue its upward trend. We take a closer look at the year ahead This Week in Real Estate.

“During the pandemic, we learned that most people who work in offices could be just as productive at home, and this new reality will help fuel home sales in the post-pandemic economy.”

said Lawrence Yun, chief economist National Association of Realtors

January 10, 2021

Mortgage rates drop even lower to new record of 2.65%

The average mortgage rate continues to fall! It fell to a record low sixteen times throughout 2020 according to Freddie Mac’s Primary Mortgage Market Survey. Then, the mortgage rate for a 30-year fixed loan fell two basis points to the lowest rate in the survey’s near 50-year history during the first week of the new year. This, as buyer demand for homes explodes and residential spending continues to lead construction spending. We take a closer look This Week in Real Estate.

“Even just a year ago, that didn’t seem probable, and it’s certainly not my baseline forecast, but we’d have to acknowledge that there is a chance rates could continue their secular decline.”

said Len Kiefer, Freddie Mac‘s deputy chief economist

January 3, 2021

Real Estate Market’s Momentum Will Continue Into 2021, Expert Says

Despite a worldwide pandemic, the real estate market continues to see record numbers as all major regions are posting double-digit year-over-year increases, mortgage rates fall to record lows 16 times in 2020, and why the experts believe the momentum will continue in 2021. We take a closer look This Week in Real Estate.  

“People who would not consider buying or selling a home several years ago are now beginning to be tempted to consider that, and that will filter in continuously through 2021.”

said Lawrence Yun, chief economist at the National Association of Realtors

December 13, 2020

U.S. Homeowners Gained $1 Trillion of Equity in Q3!

U.S. homeowners see major home equity gains in Q3 of 2020 as home price growth continues to set records and mortgage rates hit 14th RECORD LOW of the year. We take a closer look This Week in Real Estate.

“The housing market has remained a strong pillar in an otherwise tumultuous economic year. A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity. And with many people now spending more time than ever before at home, some homeowners have tapped into their strengthening equity to fund renovations.”

said Frank Martell, president and CEO of CoreLogic.

November 9, 2020

U.S. Home Price Appreciation Hits 6-Year High in September!

U.S home price appreciation hits 6-year high, home equity levels continue to rise nationwide and purchase and refinancing continue to show year-over-year gains! We take a closer look at stories impacting the real estate market This Week in Real Estate.

“Those in sectors that weathered the transition to remote work successfully are now able to take advantage of low mortgage rates to purchase a home for the first time or to trade-up to a larger home,”

said Frank Martell, president and CEO of CoreLogic.

November 2, 2020

Pending Home Sales Fall Back After 4-Month Winning Streak!

Pending home sales faltered a bit in September, while new home sales decline in September for the first time since April, but homeownership is growing, especially among younger age groups. We take a closer look This Week in Real Estate.

“The demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes sold overall in 2020 than in 2019,”

said Lawrence Yun, NAR’s chief economist.

October 25, 2020

Existing home sales surge 9.4% in September!

Existing home sales surge in September, major metropolitan areas see huge double digit home price gains in Q3 and single-family housing starts reach highest level since 2007. We take a closer look This Week in Real Estate.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,”

said Lawrence Yun, NAR’s chief economist. 

October 20, 2020

Mortgage Rates Set Record Low for 10th Time!

Mortgage rates set record low for 10th time, U.S. mortgage credit availability dips in September, and new home sales are outpacing new home starts at a historic rate. We take a closer look This Week in Real Estate.

““With mortgage rates to remain near 3% for the next couple of years, homebuying activity is expected to stay strong for several more years,”

said Nadia Evangelou, a research economist for the National Association of REALTORS®, wrote on NAR’s Economists’ Outlook blog.

October 12, 2020

Home prices rose by record numbers last week!

Home prices rise by record numbers last week, mortgage applications uptick again this month and the average lot size is shrinking. We take a closer look This Week in Real Estate.

“Large, expensive, luxury homes are taking up a bigger share of the homes that are selling, which is driving a high growth rate for the median sale price.”

said Redfin chief economist Daryl Fairweather. 

October 4, 2020

Homes sold two weeks faster in September due to unusual surge!

Pending home sales hit all-time high in August, homes sold 2 weeks faster in September due to an unusual surge in demand and another month of strong gains in August for single-family construction. We take a closer look at this week’s top real estate market stories This Week in Real Estate.

“Unseasonably high buyer interest coupled with historically low inventory and favorable mortgage rates are creating a perfect storm in the housing market.”  

said Danielle Hale, chief economist at realtor.com.