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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 52 November 2024 J O U R N A L as markets have already factored in a rate reduction at a very rapid pace. Metro-Level Highlights: August 2024 Prices: • Median sale prices rose most from a year earlier in Nassau County, New York (10%); Philadelphia (9.1%); and Milwaukee (8%). • They fell in seven metros, with the biggest declines in San Antonio, Texas (-4.4%); Austin, Texas (-4.4%); and San Francisco (-2.2%). Pending Sales: • Pending sales rose most in San Francisco (12.3%); San Jose, California (6.7%); and San Diego (4.4%). • They fell most in West Palm Beach, Florida (-17.6%), Fort Lauderdale, Florida (-17.2%); and Miami (-15.1%). Closed Home Sales: • Home sales rose most in San Francisco (5.3%); San Jose, Californai (4%); and Newark, New Jersey (3.3%). • They fell most in West Palm Beach, Florida (-17.1%); Miami (-13.6%); and Fort Worth, Texas (-12.9%). New Listings: • New listings rose most in Las Vegas (12.8%); San Diego (11.7%); and Sacramento, California (9.5%). • They fell most in Atlanta (-19.4%); Portland, Oregon (-14.6%); and Newark, New Jersey (-10.6%). Active Listings: • Active listings rose most in Tampa, Florida (50.1%); Fort Lauderdale (46.4%); and San Diego (41.9%). • They fell most in New York (-5.4%); Newark, New Jersey (-4.4%); and Chicago (-3.8%). Sold Above List Price: • In Newark, 68.5% of homes sold were above their final list price, the highest share among the metros Redfin analyzed. Next came San Jose (60.5%) and Nassau County, New York (56.5%). • The shares were lowest in West Palm Beach, Florida (7%); Austin, Texas (10.8%); and Fort Lauderdale (11.6%). Positive Indications for Buyers: An Increase in New Listings and a Decline in Homes Sold Above Asking Price Aside from decreasing mortgage rates, there are a few more positive news items for prospective homeowners. The number of housing possibilities is increasing, resulting in increased choice. In August, new listings increased 2.1% from the previous year and 1.6% month over month to reach the greatest season- ally adjusted level in over two years. Furthermore, it is rare for residenc- es to sell for more than their list price. August saw the lowest percentage of any August since 2019 when less than one- third of the properties that sold (30.2%) sold for more than their asking price. This is down from 36.2% a year earlier. This August had the lowest amount of house sales since 2019, with the aver- age home that was taken off the market selling for 99.3% of its list price—a decrease from 99.9% the previous year. THE AFFORDABILITY CHALLENGES OF MIDDLE-INCOME RENTERS W ith more and more pro- grams addressing the needs of middle-income renters— those earning between 60% to 120% of the area median income (AMI)— Harvard University's Joint Center for Housing Studies decided to dive deep to discover who these renters are, the challenges they face, and the services they need, recently publishing the