Grossman & Jones Real Estate Blog - housing

"Mortgage Rates Rise for Third Week in a Row, Returning to Highs Seen in November"

Realtor.com reports, "the numbers: Mortgage rates are up sharply, putting pressure on the housing market once again.

The 30-year fixed-rate mortgage averaged 6.5% as of February 23, according to data released by Freddie Mac on Thursday.

That’s up 18 basis points from the previous week. One basis point is equal to one one-hundredth of a percentage point.

The 30-year rate was last at this level in November 2022.

Last week, the 30-year was at 6.32%, compared with last year, when it was averaging 3.89%.

The average rate on a 15-year mortgage rose to 5.76%, from 5.51% the previous week. The 15-year was at 3.14% a year ago.

Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the…

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"Housing market continues to stabilize in Round Rock, Pflugerville, Hutto"

Community Impact writes "the latest report from the Austin Board of Realtors shows a continuing trend of decreasing prices and growing inventory in the Round Rock, Pflugerville and Hutto housing markets as of January.

According to the report, the three cities combined saw a median home sale price of $435,124 in January, up 7.39% from $405,200 in December, but down 3.48% from $450,800 in January 2022.

In keeping with previous months, Round Rock Pflugerville and Hutto's median price in January was higher than the broader Central Texas market at $417,500, but lower than the city of Austin's median price of $525,000.

The three cities had a combined 845 active listings and 237 closed sales in January. Last January, they had only 135 active listings and 423…

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"January housing report: Central Austin home prices trend downward, housing inventory increases"

Community Impact writes, "home prices are continuing to trend downward, and housing inventory is on a steady uptick in Central Austin, according to Austin Board of Realtors January report.

In January, median home prices in Central Austin decreased 0.2% to $680,000 in Central Austin.

This trend was reflected throughout the Austin-Round Rock area, where median home prices decreased 6.3% to $450,000, the largest drop since July 2011, according to ABoR.

ABoR President Ashley Jackson said that while the market is cooling within the Austin region, surrounding Central Texas cities are seeing an uptick in home prices.

“Outlying areas like Caldwell and Hays counties are the most affordable pockets in Central Texas. When we have a city like Austin challenged by…

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"Is Austin housing hot or not? Prices are sliding but buyers, sellers cautiously test waters"

Austin Business Journal writes, "despite chilly forecasts from the likes of Zillow and Goldman Sachs, others expect the heat to stay elevated in Austin’s housing market — by at least one measure, it's still among the hottest in the country.

Austin tied with Durham, North Carolina for third place in the U.S. News & World Report’s latest Housing Market Index, released Feb. 14. Raleigh, North Carolina ranked first and Denver ranked second.

The index takes into account data on employment, housing prices, builder sentiment and much more.

Austin ranked No. 4 in the supply sub-index, which included government data on housing supply, rental vacancy rates, construction costs, construction jobs, builder sentiment from the National Association of Home…

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"The Hottest Housing Markets in the U.S."

U.S. News reports, "now that the demand for housing is showing renewed signs of life amid lower mortgage rates, declining inflation and a reduced risk of recession, it’s certainly an opportune time to analyze which markets are the hottest across the country. While the term "hottest" may no longer mean desperate buyers bidding thousands over asking prices and waiving inspections, it does mean returning to the basics of healthy demand, supply and financing options.

Because the U.S. News Housing Market Index incorporates so many varied data points, it provides a simple and comprehensive way to rank the covered metropolitan statistical areas (MSAs) from shivering to scorching on a scale of 1-100. Designed to work on desktops and laptops but not on…

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"Seller’s Market, Buyer’s Market, ‘Nobody’s Market’? The Weird State of Housing Right Now"

Realtor.com writes, "today’s housing market has everyone wondering: Is it still a seller’s market, or has the power dynamic finally shifted in favor of buyers?

Try neither.

Uncertainty about the future of inflation, the economy, mortgage rates, and more have seized up the market—and wrenched power away from buyers and sellers alike.

“Today, real estate is ‘nobody’s market,'” notes Realtor.com® Chief Economist Danielle Hale in her analysis of housing data for the week ending Feb. 4. “The number of homeowners deciding to sell continues to lag, but inventory and time on market continue to climb, reflecting still-hesitant buyers.”

We’ll break down what the latest real estate statistics mean for homebuyers and sellers in this latest installment…

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"6 Different Types of Home Loans: Which One Is Right for You?"

Realtor.com shares, "if you’re a first-time home buyer shopping for a home, odds are you should be shopping for mortgage loans as well—and these days, it’s by no means a one-mortgage-fits-all model. You’ll want to get and understanding of all the basics, with mortgage 101.

Where you live, how long you plan to stay put, and other variables can make certain mortgage loans better suited to a home buyer’s circumstances and loan amount. Choosing wisely between them could save you a bundle on your down payment, fees, and interest.

Many types of house loans exist: conventional loans, FHA loans, VA loans, fixed-rate loans, adjustable-rate mortgages, jumbo loans, and more. Each mortgage loan may require certain down payments or specify standards for loan…

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"Here’s what’s happening with home prices as mortgage rates fall"

CNBC reports, "the U.S. housing market cooled off pretty dramatically last year, after mortgage rates more than doubled from historic lows. Home prices, however, have been stickier.

Prices began falling last June, but are still higher than they were a year ago. Now, as demand appears to be coming back into the market, due to a slight drop in mortgage rates, prices are pushing back.

In December, the latest read, U.S. home prices were 6.9% higher year over year, according to CoreLogic. That was the lowest annual appreciation rate since the late summer of 2020. Last April, annual price appreciation hit a high of 20%.

Falling home prices were reflecting weaker housing demand, as inflation, job cuts and uncertainty in the economy piled onto the…

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"Austin housing market more stable after cooling 2022 demand, report finds"

CultureMap Austin writes, "In a slightly contradictory year, the 2022 Central Texas housing market saw both higher barriers to affordability and a shift toward buyers.

According to the Austin Board of Realtors' last monthly report of 2022 and year-end overview, inventory rose, but so did interest rates and construction costs. Prices rose, too, reaching a new annual record for the Austin-Round Rock MSA at $503,000 (up 11.4 percent). Travis County mirrored the pattern, as median prices increased 10.6 percent to $575,000.

Demand in the MSA lagged while supply stayed the same: New listings stayed steady but 33,547 homes were sold, down 18.3 percent from the previous year, and they generally stayed on the market for 31 days, 11 days longer. This was…

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"A Tale of 2 Housing Markets: Why Some Homes Still Cause Heated Bidding Wars While Others Sit Unsold"

Realtor.com shares, "homebuyers who are closely watching the correction in the real estate market might believe now is a good time to pounce. After all, homes are sitting on the market for longer, those maddening bidding wars have dried up, and wild offers over the asking price are things of the past, right?

Well, not exactly. It all depends on what they’re hoping to purchase.

Those searching for a home are seeing plenty of fixer-uppers, homes lacking curb appeal, and those in less desirable areas sitting on the market for longer and undergoing price reductions. But well-appointed, well-situated turnkey homes are still selling fast, often receiving multiple offers, and even selling over the asking price. It’s as if the housing slowdown hasn’t…

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