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Challenges Await as House Hunting Becomes Increasingly Difficult
The current housing market presents a challenge for homebuyers exploring the resale market, with limited options available. This scarcity is set to worsen, as the number of homes for sale dropped below year-ago levels for the first time in 59 weeks, despite initially showing a 7% increase compared to last year, according to Realtor.com. In […]
Rise in Mortgage Rate to 7.22% Following Robust Economic Data
The popular 30-year fixed mortgage rate reached 7.22% last Thursday, as reported by Mortgage News Daily. This represents the highest level since early November. Mortgage rates tend to follow the yield on the 10-year Treasury, which rose significantly after a stronger-than-expected employment report from ADP. The increase in rates began last week after Federal Reserve […]
Decrease in Inventory: New York Real Estate Market in Q2 2023
During the second quarter of 2023, the real estate market in New York City has experienced volatility similar to that of the stock market. While the demand for ultra-luxury apartments, both condos and co-ops, has remained sluggish, smaller units, which had shown promise in April and May, have now also lost momentum. In the market […]
Addressing the Housing Crisis: The Necessity of Increased Housing Supply
In May 2023, rent prices witnessed a significant drop, marking the first decline since the onset of the Covid pandemic, as stated in the June 2023 Rent report released by Rent.com. However, despite this recent development, the U.S. housing market continues to face a shortage of 6.5 million homes, as reported by CNN. The data […]
Rising Home Prices Surge Amid Supply Constraints and High Rates
In May, home prices reached a new all-time high, registering a 0.7% national increase compared to April, according to the Black Knight Home Price Index. Since January, prices have continued to rise, with a 0.1% increase in May compared to the previous year. Although a surge in mortgage interest rates dampened the heated housing market […]
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