Pending Home Sales: National Update

first_img Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] The National Association of Realtors (NAR) recently released an update on its Pending Home Sales Index (PHSI)—reporting the index is 3.5 percent below last year, and is now at its lowest reading since January 2015.According to the report, activity declined annually both nationally and in all major regions.PHSI in the South decreased 2.3 percent to an index of 115.9 in September—now 5 percent below last September, the report noted. However, index in the West increased 1.9 percent in September to 102.7, but is 2.9 percent below last year.Northeast increased 1.2 percent to 94.5 in September, but is still 2.4 percent below a year ago. Similarly in the Midwest the index increased 1.4 percent to 102.9 in September, but remains 2.5 percent lower than September 2016.NAR Chief Economist Lawrence Yun said the search to buy a home this fall continues to be a challenge for potential homeowners.“Demand exceeds supply in most markets, which is keeping price growth high and essentially eliminating any savings buyers would realize from the decline in mortgage rates from earlier this year,” Yun said. “While most of the country, except for the South, did see minor gains in contract signings last month, activity is falling further behind last year’s pace because new listings aren’t keeping up with what’s being sold.”Yun continued to explain that the ongoing supply constraints continue to squeeze prospective buyers the most at the lower end of the market.Last month, first-time buyers were 29 percent of all transactions, which matched the lowest share in exactly two years, according to Yun. Additionally, “existing sales were down notably on an annual basis in the price range below $250,000, but up solidly the higher up the price bracket.”“Buyers looking for a little relief from the stiff competition from over the summer may, unfortunately, be out of luck in the coming months,” Yun said. “Inventory starts to decline heading into the winter, and many would-be buyers from earlier in the year are still on the hunt to find a home.”Source: National Association of Realtors September 2017 Pending Home Sales HOUSING mortgage Pending Home Sales 2017-10-28 Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days ago October 28, 2017 1,450 Views in Daily Dose, Featured, Headlines About Author: Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Pending Home Sales: National Update Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: HOUSING mortgage Pending Home Sales Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Pending Home Sales: National Update Previous: RBS Faces 10 Years Without Profits Next: The Week Ahead: Quarterly Results for Freddie Mac Subscribelast_img read more

Homeownership at the Center of How Americans Save

first_img  Print This Post Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Homeownership at the Center of How Americans Save in Daily Dose, Featured, Market Studies, News July 9, 2019 1,569 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Homeownership goals dictate the financial choices made by Americans, according to a new Wells Fargo survey.The survey, titled “How America Views Homeownership” was conducted by The Harris Poll between April 17–29, 2019, among 1,004 U.S. adults 21 and older. It revealed that 49% of Americans who are saving to buy or renovate a home have worked outside their primary job to supplement their income in order to pay this expense.Thirty-seven percent supplemented their income by selling items online, followed by 21% who started a small business, 18% drove for a ridesharing company, and 16% took up chores such as dog sitting/walking to supplement their primary income.Potential homebuyers were also willing to make trade-offs on their preferred locations as well as the size of the home, the survey found. In fact, 78% of those surveyed saying that they were “willing to accept their second choice of a city or town in order to afford their own home.” Nearly three-quarters of nonhomeowners (74%) said they were willing to buy a smaller home with fewer amenities too.Looking at different generations, millennials were willing to make more trade-offs than any other generation. The survey indicated that 85% of millennials were ready to consider the second choice of city. While 70% were willing to take up a second job to save for down payment or renovation, 83% of millennials said that they were willing to cut expenses such as dining out, going for events, and vacations.“Homeownership is part of the fabric of American life, defining communities and providing a base for families to live out their dreams,” said Michael DeVito, Head of Wells Fargo Home Lending. “As today’s consumers set out to achieve their homeownership goals, they are making smart financial decisions that position them—and the communities they call home—for long-term financial success.”The survey also revealed why Americans were willing to make such sacrifices and financial decisions to afford a home. It revealed that 70% of respondents saw owning a home as a sign that someone is a “successful adult.” Furthermore, it found that “homeownership is much more widely equated with being a successful adult (more than twice as much) than having children (34%) or getting married (32%).” The Best Markets For Residential Property Investors 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Previous: The Lingering Impact of Natural Disasters on Delinquency Rates Next: HUD Bets on Tech Innovation for Opportunity Zones About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago Down Payment Home Homeownership HOUSING Wells Fargo 2019-07-09 Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Homeownership at the Center of How Americans Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Down Payment Home Homeownership HOUSING Wells Fargo Related Articles Share Save The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more