The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in spite of higher interest rates, ongoing inflation pressures, and a variety of other domestic and global headwinds.Gross domestic product, a measure of all goods and services produced in the U.S., rose at a seasonally adjusted 4.9% annualized pace in the July-through-September period, up from an unrevised 2.1% pace in the second quarter, the Comme
Where are sales headed for the housing market? NAR releases its latest economic forecast.Contract signings eked out an uptick in September, despite multiple headwinds rumbling throughout the real estate market. The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—increased by 1.1% last month compared to August.“Despite the slight gain, pending contracts remai
Sales of new U.S. single-family homes surged to a 19-month high in September as the annual median house price dropped by the most since 2009 amid discounts offered by builders to woo buyers, but mortgage rates flirting with 8% could curb demand.A chronic shortage of previously owned houses is driving buyers to new construction, a situation that builders are taking advantage of by giving a range of incentives to improve affordability. The bulk of
Home buyers don’t appear to be catching a break with borrowing costs this fall. Rates are nearing a historical average high that hasn’t been reached in more than 52 years.Many aspiring home buyers are getting shut out of the market due to rising mortgage rates, says Jessica Lautz, deputy chief economist at the National Association of REALTORS®. With the 30-year fixed-rate mortgage rising to a 7.63% average this week, potential buyers—parti
U.S. single-family homebuilding rebounded in September, boosted by demand for new construction amid an acute housing shortage, but the highest mortgage rates in nearly 23 years could slow momentum and delay the overall housing market recovery.That was flagged by other data on Wednesday showing applications for loans to purchase a home plunged last week to levels last seen in 1995. In addition, the jump in housing starts partially recouped the d
Home prices continue to escalate, as home buyers find themselves up against increasing affordability constraints. Read more from NAR’s latest housing report.Higher mortgage rates and home prices are spooking buyers. Existing-home sales fell 2% in September compared to August, and are now down about 15% compared to a year ago, according to the National Association of REALTORS®’ newly released housing report. NAR’s existing-home sales report
After coming within $2 of a historical high record during August, the national median rent price dropped 2.02% last monthRent prices fell for the first time in six months during September, according to a new report.After coming within two dollars of a historical high record during August, the national median rental rate dropped 2.02 percent in September, knocking $40 off the national median price, according to a report from Rent.com.The
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The housing market is heating up again, pushing prices to record highs even after mortgage rates have spiked. Would-be buyers are in shock.In the housing market today, it feels like what goes up doesn't have to come down.It looked like home prices were finally cooling off late last year after price spikes that began during the pandemic. Nationwide, prices dipped gradually in the second half of 2022 as mortgage rates climbed in response to ri
Employers added 336,000 jobs in September, the biggest jump since January, raising the odds that the Fed will pursue 'higher for longer' rate strategy to get inflation under control Another surprisingly strong jobs report sent long-term interest rates soaring Friday on fears that Federal Reserve policymakers will view the 336,000 jobs that employers added in September as justification for another rate hike.A selloff in long-term bonds briefly sen
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