MarketNsight, a leading real estate data and analysis provider, reports that even after six weeks in a row with 30-year fixed mortgage rates higher than 7%, pending sales are performing better than in the fall of 2022. “Home buyers have become accustomed to higher rates, and the market continues to be driven by the lack of housing supply,” said John Hunt,[...]
Dr. Robert Dietz, Chief Economist of the National Association of Home Builders (NAHB), recently addressed the public affairs and communications committee at the fall leadership meetings in Palm Springs, California, sharing information on the US Housing Market. As an active member of NAHB, I am fortunate to chair public affairs for NAHB this year and have the opportunity to hear[...]
MarketNsight identifies 7% as the new sensitivity threshold for mortgages. The leading real estate data and analysis provider reports that rates in the second week of August 2023 rose to 7.09% - surpassing the 20-year highs set last fall. On the way to 7.09%, pending sales rapidly declined, completely reversing the positive trend witnessed in the third week of July[...]
Bright Spot: New home pending sales are up 48% year over year since February MarketNsight, a leading real estate data and analysis provider, reports that pending sales in July were down 18% year to year – showing no significant change from the 19% decrease revealed in its January 2023 update. Unless interest rates drop significantly in the next few months, pending[...]
A recent Fortune article reports that Warren Buffet just made a big bet on the U.S. housing market, and from Blue River Development's perspective, it is easy to see why. The recent investment by Warren Buffett's Berkshire Hathaway in three leading U.S. homebuilders – D.R. Horton, Lennar and NVR – signals strong confidence in the U.S. housing market. The investments, worth[...]
In the first half of 2023, the housing market in the United States witnessed a significant downturn in turnover. Redfin reports that only 14 out of every 1,000 U.S. homes changed hands, a drastic decline from 19 out of every 1,000 during the same period in 2019. The drop is even more pronounced for large suburban houses. Let's dive into[...]
Redfin recently revealed startling findings about the U.S. housing market. To afford the typical starter home, a first-time buyer must earn $64,500 per year. This figure is up 13% from last year due to rising mortgage rates and home prices. The income needed to afford a starter home has risen over 20% in Fort Lauderdale, FL, and Miami -- more[...]
The U.S. housing market has witnessed a surge in luxury homes. According to a new report by Redfin, just over 8% of U.S. homes are valued at $1 million or more, approaching June 2022's record high of 8.6%. In Atlanta, MarketNsight data shows the same thing, with new and resale closings of homes more than $500,000 making up the bulk[...]
MarketNsight, a leading real estate data and analysis provider, reports that June’s collapse in housing inventory ushered in 2023’s first significant price increase. In late June, total inventory turned negative year over year for the first time in 13 months. Two weeks later, the effect of this drop in inventory was reflected in prices. Prices in July 2023 were up 6%[...]
Georgia is on everyone's mind! The Peach State is packing a punch, taking a leap to the 4th spot in CNBC's Top States for Business 2023 ranking, up six positions from last year. This juicy slice of news, no doubt, has Georgia’s business community thinking positively peachy thoughts about the future. So, how did the rankings pan out? North Carolina clinched[...]