Trends
For data-driven stories, to appear under “Trends” menu
The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024.
The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted.
Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29.
Signed contracts declined despite lower interest rates and improved affordability and inventory, the National Association of REALTORS® said.
The pace of home-price appreciation declined to its slowest pace in two years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index.
MIAMI REALTORS® attributed the declines to higher mortgage rates and a lack of inventory in key price points
The upside surprise came despite monthly and yearly declines in the pace of sales.
Nationally, home sales rose 0.6% year over year but slid 0.7% month over month, RE/MAX said.
The association said the housing market is making a definitive swing back in the direction of the buyer thanks to wage growth, slowing home-price gains and rising inventory.
The single-family sector managed to eke out a slight monthly gain, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The NAHB/Wells Fargo Housing Market Index slid a point to 32, reflecting ongoing negative sentiment in the homebuilding industry.
NAR’s report — which surveyed nearly 5,000 Realtor members — also found that the typical agent took on 10 transactions in 2024, the same as a year prior.
Home-purchase activity remained elevated from 2024, but a cloudy economic outlook has deterred some would-be homebuyers.
A new study valued the Naples real estate owned by the 65+ demographic at $70 billion.
Geographically, the only region to post a monthly increase in pending sales was the Northeast, where they rose 2.1%, according to NAR’s Pending Home Sales Index.
Nationally, the pace of home-price appreciation declined to its slowest pace in almost two years, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.