Trends
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Pending home sales rose 8.3% month over month, the National Association of REALTORS® said, marking the largest monthly jump since 2020.
Declining interest rates spurred the increase.
Notably, renovators are less likely than they were a year ago to undergo kitchen modifications for the purpose of improving the home’s resale value.
At the same time, the median sales price rose 4.4% to $382,600.
The NAHB/Wells Fargo Housing Market Index (HMI) rose seven points to 44, its second monthly increase in a row.
Nearly all millennials — 93% — say a volatile market is to blame for wrecking homebuying plans, with another 76% saying they expect the market to get worse before they’re able to make a purchase themselves.
CoreLogic expects prices to continue to grow through the year.
How will our homes evolve in the new year?
The only region of the U.S. that didn’t experience an annual decline in existing home sales was the Midwest, where sales were unchanged year over year.
Detached single-family homes remained the most popular type of housing, making up 79% of all home purchases during the past year.
The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
The median existing-home price for all housing types in September was $394,300, up 2.8% from $383,500 in September 2022.
Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures.
Brutalist style and sensory gardens may seem at odds — but they are both hot home design trends that will rule 2024. At least, according to new predictions from Zillow.
A 15% rise in applications for adjustable-rate mortgages drove overall mortgage applications higher in the most recent weekly survey.
Housing affordability has worsened in many parts of the country as wages fail to grow at the same pace as home prices.