National Real Estate News

• Instant Reaction: Mortgage Rates, September 21, 2023
  
  Mortgage interest rates remained relatively steady in the last week at an elevated rate of 7.19% for the 30-year fixed.
• Existing-Home Sales Decreased 0.7% in August
  

  In August 2023, existing-home sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines.

• Instant Reaction: Fed Announcement, September 20, 2023
  
  The Fed is on pause and needs to wait and not raise rates. Possible interest rate cuts then need to be considered once inflation is fully under control.
• Housing Affordability Challenges Persist in July 2023
  
  At the national level, housing affordability was flat in July 2023 compared to the previous month.
• Studies: More Buyers of Color Forced to Wait Out Market
  

  Two new NAR reports reveal the difficulties home buyers are facing across racial and ethnic lines and what can help them on their real estate journey.

• Instant Reaction: Mortgage Rates, September 14, 2023
  
  After last week's dip, mortgage interest rates for the 30-year fixed are back up to 7.18% from 7.12%, making the monthly payment on a typical single-family existing home $2,234.
• Elevated Home Prices and Mortgage Rates, Limited Inventory are Home Buying Barriers, According to Realtors® and Prospective Home Buyers Across Races and Ethnicities
  
  The current real estate market's high home prices and mortgage rates, as well as limited inventory, are the top reasons that Realtors® and prospective home buyers across races and ethnicities cite as barriers to purchasing a home.
• Appraisal Process Report
  
  In May 2023, NAR surveyed its members pertaining to data collectors in the appraisal process. This report contains the findings.
• Instant Reaction: Consumer Price Inflation, September 13, 2023
  
  Overdoing the rate hikes, considering that inflation is likely to calm, will unnecessarily damage the economy.
• Experiences and Barriers of Prospective Home Buyers Across Races/Ethnicities
  
  NAR surveyed White, Hispanic, Black, and Asian prospective home buyers about their experiences in the homebuying process, including low inventory, high prices and mortgage rates, and discrimination.

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