India  

US Housing Market Sees Temporary Surge as Mortgages Inch Lower

Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
US Housing Market Sees Temporary Surge as Mortgages Inch Lower

US Housing Market Sees Temporary Surge as Mortgages Inch Lower

US Housing Market , Sees Temporary Surge , as Mortgages Inch Lower.

'Newsweek' reports that the United States housing market saw a surge in activity amid declining mortgage rates.

At the same time, housing prices have reached their highest point since October of 2022.

Last week, Redfin released a report indicating a steep increase in pending home sales and housing prices in November.

According to Mortgage News Daily, this coincides with the drop in mortgage rates, which have ebbed back to 6.64%.

In November, the median price of U.S. homes rose to $408,732, a 3.7% increase from 2022.

The Redfin report also indicated that pending home sales had risen 2% month over month, reaching the highest level in a year.

.

A year ago, sellers had trouble understanding why they weren't getting $20,000 over the list price like their neighbor did during the pandemic homebuying boom, Shay Stein, a Redfin Premier real estate agent in Las Vegas, via 'Newsweek'.

Now, they understand that to sell their home, they need to price it fairly and in some cases offer the buyer concessions like money toward closing costs or mortgage-rate buydowns, Shay Stein, a Redfin Premier real estate agent in Las Vegas, via 'Newsweek'.

'Newsweek' reports that despite increased activity, the Redfin report also found that 16.9% of home- purchase agreements in November were canceled.

That cancellation rate was the highest its been since 2017


You Might Like


💡 newsR Knowledge: Other News Mentions

Redfin Redfin Real estate brokerage

These 5 US Cities Have the Fastest-Rising Home Prices [Video]

These 5 US Cities Have the Fastest-Rising Home Prices

These 5 US Cities Have the , Fastest-Rising Home Prices. 'Newsweek' reports that five cities in the United States saw home prices increase by more than 8% between January 2023 and January 2024. The S&P CoreLogic Case-Shiller National Home Price Index showed that all 20 cities analyzed had year- over-year increases during the same period of time. According to the report, , these are the five cities where , home prices grew the fastest:. Chicago, IL, Home prices increased by 8% year-over-year in the Windy City. According to the latest Redfin data, the median sale price of a house in Chicago was $335,000 as of February 2024, a 6.3% increase compared to the same time last year. Charlotte, NC, Charlotte saw home prices increase by 8.1% year-over-year for 2024, with the median home price at $399,995. Detroit, MI, Motor City saw home prices jump 8.3%. The median sale price of a home was $83,000, a significant 15.3% increase compared to 2023. 'Newsweek' reports that while Detroit has some of the cheapest home prices in the nation, its housing market is seeing a resurgence due to a boom in electric vehicle production. 'Newsweek' reports that while Detroit has some of the cheapest home prices in the nation, its housing market is seeing a resurgence due to a boom in electric vehicle production. Los Angeles, CA, The city's 8.6% hike ranked as the second-highest price increase in the nation with the median home price at $975,000, a 5.9% increase year-over-year. San Diego, CA, San Diego registered a whopping 11.2% price increase for 2023 with the median sale price sitting at $940,000, a 10% year-over-year increase.

Credit: Wibbitz Top Stories    Duration: 01:31Published
Experts Say Fed's Rate Hikes Could Impact Housing Market for Decades [Video]

Experts Say Fed's Rate Hikes Could Impact Housing Market for Decades

Experts Say Fed's , Rate Hikes Could Impact , Housing Market for Decades. Yahoo Finance reports that the housing market has been showing signs of bouncing back as this year's spring home-buying season begins. For the second week in a row, mortgage rates fell, reaching the lowest level in over a month. . According to Freddie Mac, the average rate on a 30-year fixed mortgage dropped to 6.74% from 6.88% the week before. At the same time, supply is also starting to rebound, with new listings hitting a 17-month high in February. . Despite the improvement, experts warn that the Fed's aggressive rate-hiking campaign could have long-lasting side effects on the housing market. Despite the improvement, experts warn that the Fed's aggressive rate-hiking campaign could have long-lasting side effects on the housing market. According to economist Gary Shilling, the Fed's campaign has created a "perfect storm," with higher rates causing would-be home sellers to put their plans on hold. . It won't continue indefinitely, but it certainly is disruptive right now, Gary Shilling, Economist, via Yahoo Finance. Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts. Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts. There's going to be low supply for a long time to come. What the Fed did… will have a 30-year tail on it, Glenn Kelman, Redfin CEO, via Yahoo Finance. Yahoo Finance reports that mortgage rates may be unlikely to fall much further in the near term, meaning that a more substantial rebound may still be far off.

Credit: Wibbitz Top Stories    Duration: 01:30Published

Las Vegas Las Vegas Largest city in Nevada, United States

911 Outage Hits Multiple US States, Texas and Las Vegas Among Impacted Regions| Oneindia News [Video]

911 Outage Hits Multiple US States, Texas and Las Vegas Among Impacted Regions| Oneindia News

A 911 outage swept across several US states, including South Dakota, Nevada, and parts of Nebraska, causing concern over emergency services accessibility. Las Vegas valley was also affected, prompting swift action from the Las Vegas Metropolitan Police Department to confirm service restoration. #911outage #911outageemergencyalert #911outagestoday #911telephoneoutageemergency #911telephoneoutage #JoeBiden #US #Worldnews #Oneindia #Oneindianews ~PR.152~ED.101~GR.122~HT.96~

Credit: Oneindia    Duration: 02:26Published
Aldi to Add 800 New Stores in US [Video]

Aldi to Add 800 New Stores in US

Aldi to Add , 800 New Stores in US. The grocery giant wants to add 800 new stores in America by 2028, NBC News reports. . Aldi plans to build or expand many locations in the Northeast, Midwest, western U.S. and Southern California. Las Vegas will also get its first Aldi store. . In the Southeast, Aldi plans to convert some Winn-Dixies and Harveys into its stores. However, since acquiring parent company Southeastern Grocers, "a meaningful" amount of Winn-Dixies and Harveys will keep their current branding. . Aldi expects 50 stores to start the conversion process toward the end of 2024. Our growth is fueled by our customers, and they are asking for more Aldi stores in their neighborhoods nationwide, Jason Hart, Aldi CEO, via statement. With this commitment to add 800 stores in the next five years, we’ll be where our shoppers need us while positively impacting the communities we serve, Jason Hart, Aldi CEO, via statement. Aldi is currently "the fastest-growing grocery retailer" in America, NBC News reports. Aldi is currently "the fastest-growing grocery retailer" in America, NBC News reports. Retailers everywhere should be examining their private brand, pricing, assortment, digital, and real estate strategies in response to Aldi’s move, to build protective moats for an uncertain future. , Via a report on Aldi from last summer said, according to GroceryDive.com. Retailers everywhere should be examining their private brand, pricing, assortment, digital, and real estate strategies in response to Aldi’s move, to build protective moats for an uncertain future. , Via a report on Aldi from last summer said, according to GroceryDive.com

Credit: Wibbitz Top Stories    Duration: 01:31Published

Related videos from verified sources

Some Areas of California See House Values Plummet [Video]

Some Areas of California See House Values Plummet

Some Areas of California , See House Values Plummet. 'Newsweek' reports that many areas across California, typically one of the most expensive housing markets in the United States, have experienced..

Credit: Wibbitz Top Stories     Duration: 01:31Published