WRE News April 28, 2024
Buyer
Pending home sales in March were up by 3.4% from February and up by 0.1% from one year earlier, according to new data from the National Association of Realtors (NAR).
The trade group’s Pending Home Sales Index (PHSI) increased to 78.2 in March; an index of 100 is equal to the level of contract activity in 2001. NAR Chief Economist Lawrence Yun stated March’s PHSI “marks the best performance in a year, but it still remains in a fairly narrow range over the last 12 months without a measurable breakout. Meaningful gains will only occur with declining mortgage rates and rising inventory.”
On a regional measurement, the PHSIs for the Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Year-over-year, the Northeast and South saw declines while activity was up in the Midwest and West.
“Home prices rising faster than income growth is not healthy and adds challenges for first-time buyers,” added Yun. “Inventory will gradually rise from recent growth in home building. Additionally, many sellers who delayed listing in the past two years will start putting their homes on the market to move to a different home that better fits their new life circumstances – such as changes in family composition, jobs, commuting patterns and retirees wanting to be closer to their grandkids.”
Stay up to date on the latest real estate trends.
Buyer
April 19, 2025
There’s an ongoing conversation in the health and wellness space surrounding sleep hygiene, or the practices and rituals that promote quality sleep.
Buyer
April 19, 2025
Just 33% of 30-year-olds in the U.S. own a home today, down from 47% in 1984, as the typical age of first-time homebuyers continues to rise.
Buyer
April 19, 2025
With rent payments soaking up to as much as one-third of median income in some areas, WalletHub is now offering its study “Cities with the Most Affordable Rent” to det… Read more
Lifestyle
April 18, 2025
Exercising and staying fit while traveling, especially during long flights, can be challenging.
Lifestyle
April 18, 2025
A thriving houseplant is one of the easiest (and most cost-effective) ways to infuse your space with a bit more life.
Buyer
April 18, 2025
Mortgage application activity slowed for the week ending April 11, according to data from the Mortgage Bankers Association.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today