Current Market Data
Demand for second homes was up 70% from pre-pandemic levels in October, according to a new report from Redfin. This outpaced August’s 48% gain but was below January’s record 91% growth.
The U.S. housing market kept firing on all cylinders, as the demand for residential real estate drove prices higher for the 116th month in a row, marking the longest streak on record.
November’s reading of 83 was up three points from October, driven by low existing inventories and strong buyer demand, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.
Housing observers noted that demand for housing remains robust despite the lack of new supply.
According to real estate data provider ATTOM, foreclosure filings, which include default notices, scheduled auctions or bank repossessions, rose 5% in October on a monthly basis and 76% from October 2020, to 20,587 filings.
Seventy-eight percent of the 183 U.S. markets monitored by the National Association of Realtors had double-digit increases in their median home prices, a decline from the second quarter, when 94% of markets saw double-digit increases.
The supply of affordable homes on the market rose a record 13% in the third quarter as mortgage forbearance programs ended, prompting low-cost homeowners to put their properties on the market.
“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth and rising inflation pushed Treasury yields lower.” — MBA associate vice president of economic and industry forecasting Joel Kan
Millennials are purchasing houses — finally. Over the past year, millennials made up the largest share of homebuyers: 37% according to Barron’s.
“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun