National News
The Swanepoel Power 200, or SP 200, annual ranking of the most-powerful and influential leaders in residential real estate has been released.
Despite the record low number of homes for sale, prices and pending sales continue to rise.
Taylor Morrison topped Lifestory Research’s annual list of America’s Most Trusted® Homebuilders — for the seventh consecutive year.
At the same time, the average 30-year fixed-rate mortgage rose to 3.33%, its highest level since April 2021, the Mortgage Bankers Association said.
Inflation concerns are influencing plans for homebuyers and sellers, according to a recent Redfin survey.
“There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” National Association of REALTORS® chief economist Lawrence Yun said.
The median sales price of new homes hit a new high of $416,900.
The median existing-home sales price for all housing types rose again on an annual basis, marking 117 consecutive months of gains.
The partnership will help potential homeowners find down-payment assistance programs to make homeownership more attainable, especially for first-time buyers.
LoanSnap said it used its innovative AI technology, affectionately called Nell, to close the loan in the record-breaking amount of time.
“November’s housing starts report signals strength for the housing market.” — First American deputy chief economist Odeta Kushi
In unveiling its predictions, the National Association of Realtors also released its top 10 housing-market “hidden gems” for 2022.
“While 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.” — NAHB chief economist Robert Dietz
The decline in mortgage rates prompted an uptick in refinancing, with government refinances increasing more than 20% over the week, MBA associate vice president of economic and industry forecasting Joel Kan said in a press release.
The REACH program aims to identify and accelerate the most promising new technology companies in real estate and adjacent industries, including banking, insurance and home services.
“Despite higher mortgage rates, purchase applications had a strong week, mostly driven by a 6% increase in conventional loan applications.” — MBA associate vice president of economic and industry forecasting Joel Kan