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Monday Morning Coffee 6.5.23

April saw sales of New Homes surge to a 13-month high, up 4.1% from March and 11.8% ahead of last year. Inventories have recently made substantial gains, and the median price is down 8.2% from a year ago. The Mortgage Bankers Association reports new-home purchase applications rose year-over-year for the third straight month. They note: “the broader housing market […]
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Monday Morning Coffee 5.22.23

The spring housing market is heating up. The Mortgage Bankers Association reported purchase mortgage applications rose 5% compared to the week before. Even refinancing applications spiked 10% from the prior week. This is happening even as the National Association of Realtors reports that almost seven out of ten metros saw home prices rise the first three months of […]
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Monday Coffee 5.15.23

The CoreLogic Home Price Index (HPI) reported year-over-year home price growth fell to 3.1% in March, hitting its lowest appreciation rate in 11 years. Monthly price growth fell to 1.6%. Although construction spending was up overall in March, residential spending came in a tick below February. Given the low existing home inventories, builders are optimistic but cautious. Realtor.com’s latest weekly […]
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Monday Morning Coffee 5.8.23

New Home Sales increased nearly 10% in March, posting the strongest monthly gain since March last year. It was the fourth straight monthly increase, as builders continue to benefit from the lack of existing home listings. Evidence of that? The index Pending Home Sales, or signed contracts on existing homes fell 5.2% in March. Yet buyer demand is strong, with about […]

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