It was the coldest January in 25 years, which may have contributed to a precipitous drop in homebuying activity in typically warm areas of the country, NAR says.Contract signings for home purchases were put on ice during an unusually frigid January, with pending home sales—a forward-looking indicator of homebuying activity—falling 4.6% and reaching an all-time low last month, the National Association of REALTORS® reported Thursday. Pending
U.S. single-family house prices increased solidly in December, despite improving supply, which together with elevated mortgage rates will continue to erode affordability.House prices rose 0.4% on a month-on-month basis after an upwardly revised 0.4% increase in November, the Federal Housing Finance Agency said on Tuesday. Prices were initially reported to have climbed 0.3% in November.They increased 4.7% in the 12 months through December, followi
Renters looking for a better deal may need to rethink the kind of properties they’re focused on in their search.As of January, median single-family home rent prices are up about 41% since before the pandemic, according to a recent report by Zillow. Meanwhile, multi-family rents are up 26% in the same timeframe.A construction boom of multi-family buildings helped rein in rent prices for apartment units in the U.S., prompting some economists to d
Falling activity in production, and personal consumption and housing were to blame for the weaker activity at the start of 2025America’s economic activity lost pace at the start of the year, according to a monthly index set out Monday.The Chicago Fed National Activity Index declined to minus 0.03 in January from 0.18 in December, according to new and revised figures. The reading below zero suggests growth lagged the long-term average.Falling ac
Here are five things buyers might not know they can negotiate when buying a home.Homebuyers received concessions from sellers in 24% of U.S. home sales in 2024, according to the National Association of Realtors (NAR). And it’s not just about price cuts. With mortgage rates remaining elevated and homebuyer demand cooling, more sellers are offering incentives to close deals — covering buyers' closing costs, paying for home repairs or even offer
Slowing demand and growing supply are changing the balance of power in the housing marketHome buyers have the most leverage over sellers in years.The bidding wars of the past half decade are fading in many parts of the country. Instead, today’s buyers say they are finding sellers willing to lower prices or throw in extras to sweeten the deal. The average home is now changing hands for 2% less than the price on the listing, according to real-est
U.S. single-family homebuilding fell sharply in January amid disruptions from snowstorms and freezing temperatures, with a rebound likely to be limited by higher costs from tariffs on imports and elevated mortgage rates.The report from the Commerce Department on Wednesday mirrored similar weather distortions that impacted retail sales and job growth last month, and suggested that economic activity slowed early in the first quarter. Part of the de
Existing-home sales fell last month as home prices continued to march upwards. Read more about the state of the market heading into spring in NAR’s latest housing report.Rising home prices and elevated mortgage rates appear to be making prospective home buyers skittish. Existing-home sales—which account for completed transactions for single-family homes, townhomes, condos and co-ops—fell nearly 5% in January compared to the previous month,
Selling a home is all about making a great first impression. With most buyers starting their search online, the presentation of a property can make or break their interest. Enter virtual home staging—an innovative, cost-effective solution that’s revolutionizing the real estate industry. Whether you’re a real estate agent aiming to sell homes faster, a homeowner looking to make your property stand out, or an interior designer exploring new
U.S. consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed as households feared it may be too late to avoid the negative effects on their purchasing power from President Donald Trump's threatened tariffs.The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index dropped to 67.8 from January's final reading of 71.1, which was also the consensus expectation amon
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