Home prices

High Mortgage Rates Cause Home Sales Drop For 2nd Month In A Row

Mortgage rates were supposed to come down. Instead, they're rising. Here's why

6:00am October 18, 2024

Mortgage rates are ticking up, even after the Federal Reserve has started cutting interest rates. Here's why, and where rates — and home sales — could go from here.

Would-be home buyers are battling high prices and high interest rates, but some are finding a way to make it work.

Economy

Tough housing market is luring buyers without kids and higher incomes

7:27am November 14, 2023

by Scott Horsley

A report from the National Association of Realtors shows the average home buyer this past year had a six-figure income. Others face challenges in a period of high prices and costly home loans.

A maintenance worker sweeps the street in front of a row of new homes in Fairfax, Va., on Aug. 22. Sales of new homes are taking off as current homeowners are reluctant to sell their houses, because they would face a higher mortgage for their next one.

Economy

These are 5 ways surging mortgage rates are reshaping the housing market

5:00am August 25, 2023

by Scott Horsley

The housing market is showing a split: Sales of existing homes were down last month, but sales of newly built houses were up.

The median home price has risen to $413,800, the second highest price ever, according to data released Thursday by the National Association of Realtors.

Economy

Inflation may be cooling, but the housing market is still too hot for many buyers

11:49am July 20, 2023

by Erin Kenney

The median home price has risen to $413,800 – the second-highest price ever — thanks to a shortage of homes on the market and high mortgage rates. Experts say renting may be a better option.

Even though higher mortgage rates are starting to curb housing prices, the share of first-time homebuyers has fallen to a historic low, according to the National Association of Realtors.

Voters approved more money for affordable housing around the country

1:12pm November 09, 2022

by Jennifer Ludden

Skyrocketing rents and home prices have been a major part of voters' economic pain. New spending will go toward building and subsidizing more housing, and helping people avoid homelessness.

Mike Johansen stands by the door of the camping trailer where the couple is living while they wait for construction on their new home to be finished.

With mortgage rates near 7%, the housing party is over. Now it's hangover time

1:13pm October 12, 2022

by Chris Arnold

Higher rates are dashing the dreams of some would-be homebuyers while others stretch to buy but spend close to $1,000 a month more in monthly payments for a typical house.

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Both home prices and the pace of home sales are falling nationally as higher mortgage rates cool off the market.

Economy

Home prices see biggest drop in 9 years, thanks to higher mortgage rates

3:02pm September 21, 2022

by Chris Arnold

The super-heated housing market is cooling off. Home prices have fallen about 6% since their peak in June. The pace of sales also fell for the 7th straight month.

Katrina Wooten signed a contract to buy this home that's under construction near Gainesville, Fla. Then mortgage rates jumped sharply higher.

Adjustable rate mortgages can be cheaper but risky. Here's what you need to know

5:00am September 10, 2022

by Chris Arnold

With mortgage rates up sharply, many more homebuyers are turning to adjustable rate loans. These can be more affordable, at least at first. But they come with a big risk. Is it worth it?

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Contractors work on the roof of a house under construction in Louisville, Ky. A new study shows the U.S. is 3.8 million homes short of meeting housing needs.

There's a massive housing shortage across the U.S. Here's how bad it is where you live

2:48pm July 14, 2022

Hundreds of cities and towns are seriously short of housing, both homes to buy and rentals, according to a new study. It's the main reason that home prices and rents are so high.

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College students Sanaa Sodhi, right, and Cheryl Tugade look for apartments in Berkeley, Calif. in March of this year.

Economy

Rents across U.S. rise above $2,000 a month for the first time ever

4:32pm June 09, 2022

by Chris Arnold

A new report shows the cost of renting a home or apartment is up 15% nationally to a new record high.