The Number of U.S. Homebuyers Just Dropped to a Record Low, Shifting the Market Further in Buyers’ Favor
Sellers outnumbered buyers by 51% in July—just shy of December’s record high—giving buyers more negotiating power. The number of buyers in the market fell to a record low of about 967,000 amid historically high housing costs, almost half a million fewer than the 1,463,000 sellers. Nearly 80% of ma
U.S. Pending Home Sales, New Listings Show Flickers of Life to Start August
The housing market is gaining slight momentum as the summer winds down, but demand remains subdued overall. U.S. pending home sales edged up 0.4% week over week during the four weeks ending August 9 on a seasonally adjusted basis, offering a small boost to this summer’s sluggish housing market. Mor
Mortgage Rates to Hold Steady on As-Expected Inflation Report, Dimming Odds of a September Fed Rate Hike
Takeaway: Rates should see little change today following an as-expected inflation report, but a Fed hike in September seems increasingly unlikely. Core inflation came in almost spot on with expectations, thwarting fears that inflation would continue to spike in the absence of an agreement with Iran.
Home Sales Drop to Lowest Level in Nearly 2 Years, With Texas and Seattle Driving Decline
Near-record home prices, elevated mortgage rates and economic instability drove down U.S. home sales in July. Homebuying demand fell most sharply in Texas and Seattle. In Seattle, high prices and tech sector layoffs are discouraging prospective buyers. Some places are bucking the national trend. Hom
