Tag Archives: Homebuyers

What will 2024 have in store? LendingTree experts weigh in on housing and economic conditions expected to occur throughout the year, from interest rates on 30-year fixed mortgages to other benchmarks.

“This holiday season, homeowners are the ‘grinches,’ hoarding housing supply from willing buyers and keeping upward pressure on prices," said Mark Fleming, Chief Economist at First American. But the question remains: Will the New Year offer discouraged homebuyers more hope?

NAR Chief Economist Lawrence Yun said, "The latest weakness in existing home sales still reflects the buyer bidding process in most of October, when mortgage rates were at a two-decade high before the actual closings in November.”

In November, new listings jumped to their highest level since October 2022, while home prices also posted its biggest increase since the same time last year. Pending home sales also continued to rise, but many home purchases fell through at a record rate as some homebuyers got cold feet, according to a new Redfin report.

While a recent apartment construction boom offered U.S. renters more options to choose from, an increasing number of buildings to choose from caused the rental vacancy rate to rise in Q3, according to a new Redfin report.

While the average homebuyer can now afford to spend even less on a home, a new Point2 study revealed that the median home price in the U.S. is now 50% higher than the average affordable home price.

While seasonal price trends typically place downward pressure on rents throughout the fall and winter, it may be no surprise that rents dropped in November, according to a new Rent. report. Asking rents have declined year-over-year in three of the last four months.

A Bank of America study revealed that the vast majority of prospective homebuyers expect home prices and interest rates to fall in the coming year, so they’re waiting until then to purchase a home. But how likely is that to happen? BofA experts unveil more in their latest Homebuyer Insights Report.

“Mortgage rates are dropping due to easing inflation and investors betting the Fed will cut interest rates sooner than expected," said Redfin Economics Research Lead Chen Zhao. “Declining rates, along with a sizable year-over-year increase in new listings, are leading to more favorable conditions for some buyers."

In a letter, nearly 80 consumer, energy, housing, health, manufacturing, and environmental organizations called on the Federal Housing Finance Agency to help lower costs and make housing safer and healthier, in addition to suggesting requirements that all new homes with mortgages backed by Fannie Mae and Freddie Mac meet updated energy codes.