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Homesales | Beach Road Realty Blog

Monday, July 15, 2024   /   by Richard Eimers

BRICK BY BRICK: WHY ECONOMISTS SEE THE HOUSING MARKET AS A BUFFER AGAINST RECESSION

As economic uncertainties loom on the horizon, many experts are turning their attention to an unexpected source of stability: the housing market. Despite challenges such as high mortgage rates and affordability concerns, the resilience of the housing sector is emerging as a potential "downside cushion" for the broader US economy. This phenomenon is particularly intriguing given the housing market's historical role in economic downturns. Let's delve into why and how the housing market might serve as a buffer against economic headwinds in the coming months.Richard Eimers July 15, 2024
The Current State of the Housing MarketTo understand the housing market's potential as an economic cushion, we first need to examine its current state. As of 2024, the US housing market presents a complex picture:Inventory Levels: After years of severe shortages, housing inventory has begun to show signs of improvement. This increase in available homes provides more options for buyers and helps to stabiliz ...

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Monday, June 10, 2024   /   by Richard Eimers

WEEKLY MORTGAGE RATES DIP, HOME PRICES SOFTEN

By Richard Eimers June 10, 2024

The housing market is showing signs of cooling down as mortgage rates remain elevated, and home buyers grapple with affordability challenges. According to the latest data, average mortgage rates ebbed this week, but not enough to provide significant relief for prospective homebuyers. Meanwhile, national home prices continue to rise, albeit at a slower pace compared to the past few years.

Mortgage Rates Ease, but Remain High
The average rate on the 30-year fixed-rate mortgage fell to 6.89% in the week ending June 6, down from the previous week's 7.02% average. While this dip in mortgage rates is a welcome development, it may not be enough to entice many buyers back into the market. Rates above 7% have been blamed for slowing down the spring homebuying season, as they have significantly impacted affordability for many households.
Despite the latest ease in mortgage rates, home buyers haven't been flooding back to the market. Mortgage applications f ...

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Monday, March 4, 2024   /   by Richard Eimers

Wall Street Sees a Solid Year for Homebuilders

Sales of new homes rose nationally in 2023 for the 1st time in 2 years, up 4.2% from the previous year. However, fluctuating mortgage rates remain a wild card.

LOS ANGELES (AP) – Housing market trends are shaping up in favor of a solid 2024 for U.S. homebuilders – as long as mortgage rates don't jump back to the highs they hit late last year.
Sales of new homes rose nationally in 2023 for the first time in two years, climbing 4.2% from a year earlier, according to the Commerce Department. This bucked the trajectory of the broader housing market, which remained mired in a deep slump as sales of previously occupied U.S. homes sank roughly 19% to a nearly 30-year low.
Homebuilders were able to mitigate the impact of higher interest rates on home shoppers by lowering prices and offering incentives like paying buyers’ closing costs or buying down the rate on their mortgage. They also b ...

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Sunday, February 25, 2024   /   by Richard Eimers

Home Sales Are Heating Up Ahead of Spring Buying Season

More buyers appear to accept escalating home prices as long as mortgage rates stay lower, NAR data shows.
Existing-home sales accelerated in January as home buyers shrugged off rising home prices—which surged to an all-time high—and took advantage of lower mortgage rates and moderately higher inventory, according to the National Association of REALTORS®.
NAR’s latest existing-home sales data, which reflects completed transactions for single-family homes, townhomes, condos and co-ops, jumped 3.1% month over month in January. Still, sales are down 1.7% compared to a year earlier.
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” says NAR Chief Economist Lawrence Yun. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”
Although there were 2% more homes on the market in January than ...

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Thursday, January 25, 2024   /   by Richard Eimers

Real Estate Market Outlook 2024: A Guide for Home Buyers and Sellers

In 2023, the real estate market faced challenges, witnessing a decline in home sales due to higher borrowing costs and soaring home prices, marking the steepest slowdown since the 2008 recession. Aspiring homebuyers found themselves priced out of the market, while hesitant sellers held back, resulting in a notable drop in listings.
Relief in Sight
There's optimism on the horizon as the Federal Reserve, in December, signaled an end to interest rate hikes and hinted at a potential 0.75% rate cut in the coming year. Although mortgages don't mirror the federal funds rate directly, they typically follow the same trend, hinting at the possibility of more affordable home loans.
Home Prices Stability
Despite high mortgage rates, U.S. property values ended 2023 higher, with some regions experiencing appreciation while others saw declines. Analysts attribute this to a nationwide housing shortage, emphasizing the delicate balance between low demand and low supply. Forecasts for 2024 vary, but ...

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Beach Road Realty
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798
Beach Road Realty

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