Today's Headlines - Realty Times
Posted On Monday, 04 December 2023 11:26
Posted On Monday, 04 December 2023 08:22 Written by
Posted On Saturday, 02 December 2023 23:53 Written by

Just a couple of weeks left to get deals in and get them closed before the end of the year! Those coming in to start the process may be few, but they are serious! Buyers coming in today will also have a short window of opportunity as other potential buyers choose to sit on the sidelines in December and “wait until after the holidays” before getting back into the search! Those who make this choice could be costing themselves dearly! Here are a few things to think about:

  1. With people putting off the search, there is less competition in the market for those available homes.
  2. Seller’s that will show their homes in December are likely serious about selling and more likely to negotiate key points of the deal if you can close quickly!
  3. With new buyers entering the current market and those who will re-enter the market in January, individual buyers will face more competition for each house, and sellers will notice!
  4. What is the cost of waiting as home prices continue to climb?

The message must be clear! NOW is a great time to get out and buy a house! While others are sharing stories about how now is not a great time to buy, or that “nobody” wants to put a deal together during the holidays, or that it’s too late to get a deal done by the end of the year; YOU have a chance to share the message of “I can” and “I can help YOU get it done! 

How many people can you help get it done before the end of the year? One team I work with set a goal the week before Thanksgiving (maybe I pushed them into it) of combing their pre-approvals of those who had been less active in their search and share with them the opportunity to get a deal done by the end of the year. We set a target of adding 10 new deals to close in December. As of today, they have 9 deals in the pipeline so far, with 15 days to go! Things that can be accomplished when you understand that YOUR MESSAGE MATTERS!

Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 04 December 2023 00:00 Written by

The median monthly mortgage payment has declined more than $150 from its peak to its lowest level in three months. Another piece of good news for buyers: New listings are seeing their biggest year-over-year increase since summer 2021.

Housing payments have declined for the fifth week in a row, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The typical U.S. homebuyer’s monthly mortgage payment was $2,575 during the four weeks ending November 26, down $164 from a peak of $2,739 last month but up 13% year over year.

Monthly payments are falling from their peak because mortgage rates are falling from their peak. The weekly average 30-year mortgage rate is 7.29%, down from a high of 7.79% in October, and the daily average is 7.13% as of November 29, its lowest level since the start of September. Rates have declined enough to offset rising home prices; the median sale price is up 4%. Prices are up because inventory is low; the total number of homes for sale is down 7% year over year. But there is hope for buyers wanting more homes to choose from: New listings are up 6%, the biggest year-over-year uptick in over two years. Buyers are taking note of slightly improved conditions: Mortgage-purchase applications are up 5% week over week.

"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. My advice for serious homebuyers is to compare housing costs to recent highs instead of long-ago lows. Housing costs are at their lowest level in three months, and it's unlikely they will drop significantly anytime soon. That makes it a relatively good time to lock in a rate."

Leading indicators

Indicators of homebuying demand and activity

 

Value (if applicable)

Recent change

Year-over-year change

Source

Daily average 30-year fixed mortgage rate

7.13% (Nov. 29)

Down from 7.3% a week earlier; near lowest level since start if September

Up from 6.62%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

7.29% (week ending Nov. 22)

Down from two-decade high of 7.79% a month earlier; fourth straight week of declines

Up from 6.61%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

 

Up 5% from a week earlier (as of week ending Nov. 24)

Down 19%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)

 

Down 2% from a month earlier (as of the week ending Nov. 26)

Down 5%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Google searches for “home for sale”

 

Down 13% from a month earlier (as of Nov. 25)

Flat

Google Trends

Touring activity

 

Down 38% from the start of the year (as of Nov. 23)

At this time last year, it was down 40% from the start of 2022

ShowingTime, a home touring technology company

Key housing-market data

U.S. highlights: Four weeks ending November 26, 2023

Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.

 

Four weeks ending
November 26, 2023

Year-over-year change

Notes

Median sale price

$364,730

4.2%

Prices are up partly because elevated mortgage rates were hampering prices during this time last year

Median asking price

$371,225

6%

 

Median monthly mortgage payment

$2,575 at a 7.29% mortgage rate

13%

Down $164 from all-time high set a month earlier. Lowest level in 3 months.

Pending sales

61,217

-6.9%

 

New listings

64,576

5.8%

Biggest uptick in over two years. The increase is partly because new listings were falling at this time last year.

Active listings

856,016

-7%

Smallest decline since June

Months of supply

4.2 months

+0.1 pt.

4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions

Share of homes off market in two weeks

33.7%

Up from 30%

 

Median days on market

35

-2 days

 

Share of homes sold above list price

27.3%

Up from 26%

 

Share of homes with a price drop

5.7%

+0.3 pts.

 

Average sale-to-list price ratio

98.8%

+0.4 pts.

Lowest level since April

Metro-level highlights: Four weeks ending November 19, 2023

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

 

Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases

Notes

Median sale price

Anaheim, CA (19.3%)

San Diego, CA (13%)

Cincinnati, OH (12.3%)

Miami (10.5%)

Providence, RI (9.9%)

Austin, TX (-9.2%)

San Antonio, TX (-1.7%)

Portland, OR (-1.3%)

Detroit (-0.8%)

Houston (-0.5%)

Nashville, TN (-0.2%)

Denver (-0.1%)

Declined in 7 metros

Pending sales

San Jose, CA (15.3%)

Columbus, OH (3.7%)

Detroit (1.3%)

Cincinnati, OH (-21.9%)

New York (-18.7%)

New Brunswick, NJ (-15.4%)

Providence, RI (-15.3%)

Portland, OR (-14.1%)

Increased in 3 metros

New listings

Orlando, FL (22.5%)

San Jose, CA (21.5%)

Phoenix (16.9%)

West Palm Beach, FL (16.7%)

Houston (13.4%)

Atlanta (-14.9%)

San Francisco (-11.7%)

Seattle (-11%)

Providence, RI (-8.4%)

Portland, OR (-6.8%)

Declined in 14 metros

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-monthly-payments-mortgage-rates-down

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