WASHINGTON, July 26 (Reuters) - Sales of new U.S. single-family homes dropped to their lowest level in just over two years in June, the latest sign that rising mortgage rates, combined with higher prices, were dampening demand for housing.New home sales tumbled 8.1% to a seasonally adjusted annual rate of 590,000 units last month, the lowest level since April 2020, the Commerce Department said on Tuesday. May's sales pace was revised down to 642,
As the seller’s market wanes, negotiations can include mortgage-rate buydowns, seller financing and repair credits. Scott Weber and his real estate agent had a focused and disciplined strategy for finding his family a good deal in the city of La Verne.All hands-on deck. Scour the market for homes matching his family’s wants and needs. Only make offers on properties sitting on the market for at least 30 days. Make low offers.Just four sho
The Federal Reserve is expected to raise its key benchmark rate this coming week. What impact could it have on mortgage rates? Mortgage rates rose slightly this week ahead of the Federal Reserve’s highly anticipated meeting next Tuesday, when it is expected to increase its benchmark rate by up to a full percentage point. What impact could that have on mortgage rates ahead?“Even though the upcoming rate hike will be more aggressive, it’s exp
Bring nature and nostalgia into your home with these arts and crafts decor ideas Arts and crafts decor is perfect for those seeking to inject nature and heritage in into the home.Dating back to the late 19th century, the Arts & Crafts Movement sought to celebrate craftsmanship, honest materials and the beauty of nature in an increasingly industrialised society of factory produced goods. Influenced by the Medieval aesthetic and a deep app
Rising costs are dampening buyers’ appetite for new homes, data shows. Builders are growing concerned that demand for new homes is leveling off, and they’re slowing production out of fear that too many buyers have been priced out of the market. Single-family construction in June dropped to its lowest level since April 2020, when the COVID-19 pandemic was just beginning, the Census Bureau reported Tuesday. Further, housing permits—a gauge of
Nearly every region of the country saw a major decline in real estate transactions last month as more buyers are priced out of the market, new NAR data shows. Prices for existing homes climbed to a record high in June, continuing at a breakneck pace with double-digit-percentage annual increases. The median price for an existing home rose to $416,000 last month, up 13.4% compared to a year earlier, the National Association of REALTORS® reported W
Danielle Hale on home prices, inventory and more. If you feel a bit of whiplash hearing the varying takes on the housing market right now, you’re not alone. Home prices are still rising — but not as much! Mortgage rates are generally up — but recently they’ve held below 6%! (See the lowest mortgage rates you can get now here.) There are bidding wars galore — but not everywhere! That’s why MarketWatch Picks created a series w
U.S. home purchases by international buyers are at their lowest on record, new NAR data shows. But there’s reason to believe in a comeback. Worsening housing affordability and stubborn inventory shortages are not only pushing more Americans out of the real estate market but also blocking many foreign investors from purchasing homes in the U.S., according to the National Association of REALTORS®’ newly released 2022 Profile of Internatio
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Borrowing costs tick up again as the Federal Reserve’s inflation policy has economists bracing for even higher rates in the future. Mortgage rates are showing volatility as the economy slows and recession fears take center stage. The 30-year fixed-rate mortgage rose to an average of 5.51% this week, up from 5.3% last week, according to Freddie Mac.Home buyers are facing rising costs across the spectrum. Inflation shot to a new 40-year high in J
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