The decrease comes as interest rates continue to climb, according to the Mortgage Bankers Association.
Housing inventory should reach pre-pandemic levels by the end of 2024, according to the results of Zillow’s latest Home Price Expectations Survey. More than 100 market experts and economists weighed in to predict upcoming trends.
“Buyer demand is still intense, but it’s as simple as ‘one cannot buy what is not for sale.” — National Association of REALTORS® chief economist Lawrence Yun
Affordability and supply-chain issues continued to weigh on the sales of new single-family residences.
Houzz, the home remodeling and design platform, has released its annual U.S. State of the Industry report which reveals a four-year high in revenue growth.
The median existing-home price for all housing types in February was $357,300, up 15% from a year before, as median prices rose in each region.
“More groundbreaking is welcome news for a supply-starved housing market.” — First American deputy chief economist Odeta Kushi
The measurement of six-month sales expectations among homebuilders took an especially negative turn in March, according to the National Association of Home Builders.
“Investors are weighing the impacts of rapidly increasing inflation in the U.S. and many other parts of the world against the potential for a slowdown in economic growth due to a renewed bout of supply-chain constraints.” — MBA associate vice president of economic and industry forecasting Joel Kan
The company has named Paul Hurst its chief innovation officer, a new role that reports directly to CEO Ken DeGiorgio.