Home Buyers

Category: Real Estate News

Home Sale Cancellations At Highest Rate Since Beginning of Pandemic

The rate of home sale cancellations reached a record of 15%, the highest rate since the beginning of the COVID-19 pandemic. This rate of cancellations is the result of buyers reconsidering their purchases due to changes in the market, which have caused them to back out on their existing real estate transactions. As a result, sellers are left with an unsold home, contributing to a housing market that has begun to cool.

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Housing Supply Up By 19%, But Inventory Issues Remain

According to recent reports, the number of homes available for purchase is up 19% overall across the country, compared to the same time last year. Despite this, however, housing prices remain high, due to enormous demand for housing, especially affordable housing. However, some experts are predicting that these high prices will not last much longer, and as more inventory enters the market, sellers may begin to lower their prices to compete.

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Rising Interest Rates Could Lead to Chilling Market

Although home prices have reached some of the highest levels on record, some economists warn that rising interest rates could stop this trend soon. With more inventory entering the market, forecasters are predicting the real estate market is beginning to cool. Higher interest rates could accelerate this process by making it more expensive for prospective buyers to get mortgages, limiting demand.

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As Home Prices Rise, House Listings Follow to Meet Demand

Home prices have risen to their highest point since 2008, due in part to an overwhelming amount of demand compared to the amount of houses available for sale. However, that may be changing, as more people have started putting their homes up for sale on home listings to meet this rising demand. As a result, this could have the effect of helping to cool what some see as an overheated housing market.

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Demand For Adjustable Rate Mortgages (ARMs) Doubles

According to a recent report by the Mortgage Bankers Association, demand for adjustable rate mortgages (also known as ARMs) has doubled over the past three months, making up 9% of all new mortgage applications. This comes at a time when the number of people seeking mortgages overall has fallen, and when interest rates are rising. Some fear this could be the sign of the market cooling in the near future, which may result in prices starting to fall.

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Existing Home Sales Fell in April, But Prices Continue to Rise

The number of existing homes being sold fell in April, even as home prices continue to rise. According to the National Association of Realtors, the number of home sales fell to the lowest level it has been since before the beginning of the pandemic. At the same time, though, there are many people looking to become homeowners, only to find there is simply not enough available inventory to go around.

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