By the Numbers

Supply chain woes hamper housing starts in October

Housing observers noted that demand for housing remains robust despite the lack of new supply.

Foreclosures rise in October as moratorium expiration ripples through housing market

According to real estate data provider ATTOM, foreclosure filings, which include default notices, scheduled auctions or bank repossessions, rose 5% in October on a monthly basis and 76% from October 2020, to 20,587 filings.

The pace of home prices continued to rise in the third quarter, but at a slower clip
The pace of home prices continued to rise in the third quarter, but at a slower clip

Seventy-eight percent of the 183 U.S. markets monitored by the National Association of Realtors had double-digit increases in their median home prices, a decline from the second quarter, when 94% of markets saw double-digit increases.

Mortgage applications decline despite drop in interest rates

“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth and rising inflation pushed Treasury yields lower.” — MBA associate vice president of economic and industry forecasting Joel Kan

NAR: Pending-home sales slide 2.3% in September

“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun

Mortgage applications rise despite increase in interest rates

At the same time, the increase in interest rates drove fewer borrowers to refinance their loans, according to the Mortgage Bankers Association.

New-home sales rebound in September as prices hit new record

“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi

NAR: Existing-home sales rebound in September
NAR: Existing-home sales rebound in September

The median existing-home price for all housing types in September was $352,800, up 13.3% on an annual basis, as every region in the country registered price increases.

New-home construction cools in September

The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.

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