Existing Home Inventories Inching Higher

The inventory of existing homes for sale increased from March to April, but the increased availability didn’t bolster sales. The National Association of Realtors® (NAR) said pre-owned single-family homes, townhomes, condominiums, and cooperative apartments sold at a seasonally adjusted annual rate of 4.14 million. This was a decline of 1.9 percent from sales in both March of this year and April 2024. At the end of April, there were 121 million units of housing available for sale, an increase of 9 percent from March and 16.3 percent year-over-year. This equates to a 3.5-month supply at the current rate of sales compared to 3.2 percent and 3.0 percent at the two earlier points in time. NAR says a six-month supply is typically necessary for a balanced real estate market. There was a big increase in higher-priced homes. The inventory of available homes listed at $1 million or more was 34 percent larger than a year earlier and sales in that tier increased 40 percent. Properties typically remained on the market for 26 days in April, down from 33 days in March but up from 22 days in April 2023. NAR’s chief economist Lawrence Yan said overall home sales changed little, but the upper end of the market is benefiting from the increase supply of homes. Single-family home sales fell 2.1 percent to a seasonally adjusted annual rate of 3.74 million, down from 3.82 million in March. Sales were 1.3 percent lower year-over-year. Condo and co-op sales remained at their March level of 400,000 units, 30,000 fewer than the previous April.

May 22, 2024 Download our Mobile App: Download our Mobile App: Housing News Existing Home Inventories Inching Higher The inventory of existing homes for sale increased from March to April, but the increased availability didn’t bolster sales. The National Association of Realtors® (NAR) said pre-owned single-family homes, townhomes, condominiums, and cooperative apar... (read more) Housing News Mini-boom in Refi Apps Continues Interest rates hit a seven-week low last week, boosting the level of refinancing applications for the third straight week, but those for home purchases continued to recede. The Mortgage Bankers Association (MBA) said its Market Composite Index, a mea... (read more) Mortgage Rate Watch Mortgage Rates Feeling Uninspired as The Market Waits For Bigger News It was another slow day for the mortgage market and one that joins a list of several other relatively inconsequential days in the past few weeks. This is a byproduct of the bond market (bonds dictate rate movement) being tuned in to only a few ... (read more) MBS Commentary Mass Panic as 10yr Yields Lose Almost 4bps It's unclear if the industry can recover from what is surely one of the most troubling rate spikes in modern economic history. Invoking one of the most classic Simpsons quotes to qualify today's headline: "by the way, I was being sarcastic." Ge... (read more) Rob Chrisman Servicing, Accounting, TPO Products; What Every Lender and Servicer Should Know About Catastrophes As many from the conference fly home, there was a lot of information flying around the conference this week. (Check out the climate and catastrophe notes below). My son Robbie and I had the pleasure of sitting with the co-founders of nonprofit Capita... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.09% +0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.09% +0.04 0.00 15 Yr. Fixed 6.59% +0.01 0.00 30 Yr. FHA 6.64% +0.02 0.00 30 Yr. Jumbo 7.35% +0.01 0.00 7/6 SOFR ARM 7.25% 0.00 0.00 30 Yr. VA 6.65% +0.01 0.00 Updates Daily - Last Update: 5/22 15 Yr. Fixed Rate 6.59% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 7.02% -0.07 0.00 15 Yr. Fixed 6.28% -0.10 0.00 Updates Weekly - Last Update: 5/16 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.08% -0.10 0.63 15 Yr. Fixed 6.61% +0.01 0.65 30 Yr. Jumbo 7.22% -0.09 0.58 Updates Weekly - Last Update: 5/15 MBS / Treasuries UMBS 30YR 6.0 100.33 -0.20 Price / Yield Change MBS UMBS 6.0 100.33 -0.20 UMBS 6.5 101.72 -0.17 GNMA 6.0 100.73 -0.10 GNMA 6.5 101.43 -0.16 Pricing as of: 5/22 5:31PM EST 10 Year US Treasury 4.4272 +0.0098 Price / Yield Change US Treasury 2 YR Treasury 4.874 +0.046 5 YR Treasury 4.466 +0.038 7 YR Treasury 4.443 +0.022 10 YR Treasury 4.427 +0.010 30 YR Treasury 4.544 -0.003 Pricing as of: 5/22 5:31PM EST Latest Video Redfin CEO: Housing market will do a little bit better through the rest of ... Existing home sales unexpectedly fall Fed minutes indicate worries over the lack of progress on inflation CFPB takes steps to regulate 'buy now, pay later' lenders Around the Web CNBC Home sales slipped unexpectedly in April, despite big gains in supply CNBC Federal Reserve minutes indicate worries over lack of progress on inflation CNBC 1 in 3 millennials, Gen Zers plan to tap into retirement savings to buy a home. They 'really shouldn't,' advisor says CNBC Here's where rents are rising and where they're falling CNBC U.S. Treasury yields rise as investors weigh Fed speaker comments Eye on Housing New Single-Family Home Size Decline Continues Calculated Risk Blog What Happened to "Paying off the National Debt"? Calculated Risk Blog Single Family Built-for-Rent Up 20% Year-over-year in Q1 Federal Reserve Jefferson, U.S. Economic Outlook and Housing PriceDynamics CNBC Fed Governor Waller wants 'several months' of good inflation data before lowering rates CNBC Treasury yields hold steady as investors weigh inflation, interest rate outlook Federal Reserve Barr, On Building a Resilient Regulatory Framework Federal Reserve Powell, Georgetown University Law Center CommencementAddress

© 2024 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: newsletter@newslettercollector.com. Go here to UNSUBSCRIBE from this email.