Tag Archives: Bright MLS

Home prices rose strongly in November as higher rates during the month had no effect on market activity throughout the mid-Atlantic.

According to a new Bright MLS Forecast, a slowdown in price growth and reduction in mortgage rates should boost the housing market over the next 12 months.

A new study reveals that homes marketed through a multiple listing service sell for approximately 18% more than the average asking price.  

"The U.S. housing market continued to strengthen in April 2023," says Craig J. Lazzara, Managing Director at S&P DJI. "Home prices peaked in June 2022, declined until January 2023, and then began to recover.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5.00% to 5.25%,” the Fed said in a prepared statement.

With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.

"Home sales … remain above recent cyclical lows," said National Association of Realtors Chief Economist Lawrence Yun, who noted that economic factors were creating “an environment of push-pull housing demand.”

For the tenth time, the Federal Reserve raised the nominal interest rate—this time by 25 basis points. Click through for comments from the Fed and other industry leaders.

As the summer buying season approaches, the National Association of Realtors expects pending home sales numbers to make further incremental increases this year.

"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun.