{"id":15916,"date":"2019-08-23T12:12:00","date_gmt":"2019-08-23T12:12:00","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=15916"},"modified":"2019-08-23T12:12:02","modified_gmt":"2019-08-23T12:12:02","slug":"lower-mortgage-rates","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/lower-mortgage-rates\/","title":{"rendered":"Lower Mortgage Rates"},"content":{"rendered":"

Lower Mortgage Rates<\/h1>\n
\"Lower<\/a>

Lower Mortgage Rates<\/p><\/div>\n

Existing-home sales showed improvement in July, a welcome sign for what has been a mostly sluggish summer real estate market. Reversing course last month, sales climbed 2.5% over June, the National Association of REALTORS\u00ae reported Wednesday. The Northeast was the only major region of the U.S. to see sales decline in July. The bulk of sales growth was attributed to the West.<\/p>\n

\u201cFalling mortgage rates are improving housing affordability and nudging buyers into the market,\u201d says Lawrence Yun, NAR\u2019s chief economist. But a shortage of supply in the lower price brackets continues to limit sales growth, he adds. \u201cThe shortage of lower-priced homes have markedly pushed up home prices.\u201d<\/p>\n

Home price appreciation has been stronger in the lower price brackets compared with the upper price ranges. Comparing the same homes that were sold in 2018 and in 2012 in 13 large metro areas, the lower half of the market jumped by more than 100% in 2018 in metro areas such as Atlanta-Sandy-Springs-Roswell, Ga. (165%); Denver-Aurora-Lakewood, Colo. (103%); Miami-Fort-Lauderdale, Fla. (119%); and Tampa-St. Petersburg-Clearwater, Fla. (125%). On the other hand, the median home price for homes purchased in the upper half of the market in these same metro areas in 2012 increased at a much slower pace, according to an analysis of proprietary deed records data from Black Knight Inc. and Realtors Property Resource\u00ae.<\/p>\n

\u201cClearly, the inventory of moderately priced homes is inadequate and more home building is needed,\u201d Yun says. \u201cSome new apartments could be converted into condominiums thereby helping with the supply, especially in light of new federal rules permitting a wider use of Federal Housing Administration mortgages to buy condo properties.\u201d<\/p>\n

A closer look at key indicators from NAR\u2019s July housing report:<\/p>\n