Monthly Archives: August 2022

Home buyers are finally getting some relief from the housing market’s inventory issues. For years now, there have been too few homes available for sale. That can make it difficult for buyers to find a house that fulfills their wishlist and fits their budget. Put simply, it’s frustrating. But recent data has shown the number of homes for sale is beginning to improve. And, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, that’s particularly true in the new home market. Their most recent new home sales report shows there were 457,000 new homes available for sale at the end of June. That represents a 9.3-month supply at the current sales rate. For comparison, there was only about a 4-month supply at the beginning of 2021. So what’s fueling the spike in available new homes? Well, partly, more new homes have been built. The other part, though, is fewer buyers. The report shows new home sales fell 8.1 percent in June and were 17.4 percent lower than last year at the same time. (source)

The past couple of years have been good to home sellers. A historically low number of homes for sale combined with elevated demand from buyers made conditions perfect to sell a home quickly and for a great price. But this year, things have been changing. The housing market has begun to cool. The number of homes for sale has started to rise while buyer demand has slowed. So is it still a good time to sell a home? Well, according to new numbers from ATTOM Data Solutions it is. Their quarterly 2022 U.S. Home Sales Report found profit margins on median-priced single-family homes hit another record high during the second quarter. In fact, the typical home sold during the second quarter generated a profit of $123,869, that’s up from $103,750 during the first quarter and $90,000 last year at the same time. Rick Sharga, ATTOM’s executive vice president of market intelligence, says it’s still a good time to sell. “Home sellers in the second quarter continued to benefit from the rapid growth in home price appreciation the country has experienced over the past few years,” Sharga said. “While price growth may slow down as higher mortgage rates dampen demand from prospective home buyers, home sellers should continue to profit from the record $27 trillion in homeowner equity in today’s market.” (source)

It’s easy to ignore your credit score. After all, it’s not something that comes up that often in day-to-day life. But, if you’re thinking about buying a house, it’s important to check yours sooner than later. Why? Well, according to one new analysis, it could save you money. Your credit score is among the factors that determines your mortgage rate, which then determines how much your monthly mortgage payment will be. A better credit score will get you a lower rate and a smaller mortgage bill, which will save you thousands of dollars over the life of your loan. In fact, the data showed a borrower with a credit score between 760 and 850 would pay nearly $300 a month less than a borrower with a score below 640 would for the same house. Over the life of a 30-year fixed-rate loan, that adds up to just over $100,000. In other words, a lot of money. That’s why it’s important for buyers to check their credit score early on in the home buying process. Knowing your score, and fixing any errors on your credit report, can potentially save you a lot of money on your mortgage. (source)