Weekly Housing Headlines

This week’s data shows home prices hit a record high in June; contract signings fell 5.5% last month; starter home sales surged 10.2% in July, as buyers took advantage of the recent rate drop; delinquencies and mortgage application payments both decreased; and home prices are still slightly down, while inventory is well above last year’s level and new listing activity picked up year over year as well.

Home prices hit record high in June on S&P Case-Shiller Index
CNBC - 8/27/2024
On a three-month running average ending in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday.

Pending Home Sales Gauge Drops To Lowest On Record
Financial Advisor - 8/29/2024
A National Association of Realtors index of contract signings fell 5.5% to 70.2 last month, the lowest in data back to 2001, the group said Thursday.

Weekly Housing Trends View — Data for Week Ending Aug. 24, 2024
Realtor.com - 8/29/2024
Home prices are still down slightly year over year, but by less than last week. Active inventory is still well above last year’s level, and new listing activity picked up year over year as well.

Mortgage Application Payments Decreased 1.3 Percent to $2,140 in July
Mortgage Bankers Association - 8/29/2024
Homebuyer affordability conditions improved for the third consecutive month as rates below 7 percent and rising housing inventory continue to bode well for prospective homebuyers.

Starter home sales surge as buyers take advantage of rate drops – Redfin
Mortgage Professional America - 8/27/2024
Pending sales of these entry-level homes jumped 10.2% year over year in July, reaching their highest level since October 2022.

Delinquencies Jumped And New Credit Growth Stalled In July
National Mortgage Professional - 8/27/2024
Through the end of July, both consumers and lenders shifted to a more cautious credit posture, per VantageScore's July 2024 CreditGauge, a monthly analysis highlighting the overall health of U.S. consumer credit.

Those Just Starting Out Can't Afford A Starter Home
National Mortgage Professional - 8/29/2024
The typical starter home sold for a record $250,000 in July, up 4.2% year over year. This translates into a monthly housing payment of $1,981, up 4.4% from a year earlier, according to a new report by Redfin.

Redfin Reports 6 of Every 7 People With Mortgages Have an Interest Rate Below 6%
Redfin - 8/27/2024
Nationwide, 85.7% of U.S. homeowners with mortgages have an interest rate below 6%, down from 90.6% at the start of last year and a record high of 92.8% in mid-2022.

Loan Amounts Rise, Loan Counts Fall In Second Quarter
National Mortgage Professional - 8/26/2024
Loan volumes fell, median monthly incomes rose and alternative loan products increased market share in Q2, according to new data published by Maxwell, a mortgage advisory and technology solutions provider.

First American: Home Affordability Improved Slightly in July
Mortgage Professional America - 8/26/2024
Home affordability improved slightly in July – but not enough to improve homebuyer sentiment, according to the latest Real House Price Index report from First American.