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Residential real estate activity picks up despite low inventory

Housing Wire

Residential real estate activity picked up in most Districts despite continued low inventories of homes for sale,” the report states. New York – The residential sales market has been strong across the District. New home builders have benefited from the unseasonably modest sales of existing homes as the resale market has slowed.

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Inventory needs to increase to balance housing market: Fed Beige Book

Housing Wire

“Housing markets continued to weaken, with sales and construction declining across [all 12 Federal Reserve] districts,” according to the Federal Reserve Beige Book released on Wednesday. The report noted that “most bankers reported that residential mortgage demand remained weak.” However, housing affordability worsened.

Marketing 394
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Fed’s Beige Book shows recent moderation in mortgage rates propped up demand for homes

Housing Wire

Moderation in mortgage rates led to a pickup in demand for residential real estate, but limited inventories across the country hindered actual home sales , the Federal Reserve reported in its Beige Book survey of regional business contacts that was published Wednesday. Days on market increased slightly but remained below historic averages.

Mortgages 364
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The nation’s housing market is on a correction course

Housing Wire

The worst price declines [are projected to] be close to double digits — [near] 10% peak to trough — [in places like a] Phoenix, or Tampa. Boston — First District [Boston] contacts reported that higher mortgage rates had led to somewhat cooler demand for residential real estate, resulting in increased inventories in recent months.

Marketing 418
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5 Reasons Today’s Housing Market Is Anything but Normal

Keeping Current Matters

Today, the average mortgage rate stands at 2.87%, which is very close to the historic low. According to Black Knight , a housing data and analytics company, the average annual appreciation on residential real estate prices since 1995 has been 4.14%. Days It Takes To Sell a Home. Home Price Appreciation.

Marketing 341
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Fed’s Beige Book offers grim news for housing industry

Housing Wire

Boston — Higher interest rates cooled home-buying demand, leading to fewer closed sales in the First District’s residential real estate markets. Closed sales fell sharply over the year in all reporting markets in a notable weakening from the previous report. Residential real estate activity decreased moderately.

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Fed’s Beige Book predicts further uncertainty for the housing market  

Housing Wire

Interest rates and inflation continued to dampen activity in the housing market across all 12 Federal Reserve districts, according to the Fed’s latest Beige Book. Following dampened activity from buyers, sellers provided increased concessions, such as temporary rate buydowns or paying closing costs to complete sales, the report noted.

Marketing 297