After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve's June interest rate hike.
According to Eliza Theiss of CommercialEdge, remote and hybrid work models were considered niche setups just a little over two years ago, but today, these trends seem here to stay.
Based on a new report from Redfin, nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level since February 2021.
Today's announcement by the Federal Reserve set a big increase in interest rates and means several more rounds of rate hikes are on the way in upcoming months.
According to the latest National Association of Home Builders Wells Fargo Housing Market Index, rising inflation and higher mortgage rates are slowing traffic of prospective homebuyers and putting a damper on builder sentiment.
Posted on May 19, 2022
Posted on May 05, 2022