Douglas Elliman chairman discusses how the Fed could impact real estate investment on ‘The Claman Countdown.’
The housing market hasn’t been this hot since 2006.
Sales of existing homes rose 8.5% in 2021, totaling 6.12 million, the National Association of Realtors reported. This as inventory levels fell to an all-time low of 910,000.
JOBLESS CLAIMS SURPRISINGLY JUMP
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TOL | TOLL BROTHERS INC. | 61.08 | +0.74 | +1.23% |
| LEN | LENNAR CORP. | 98.62 | +1.75 | +1.81% |
| DHI | D.R. HORTON INC. | 91.18 | +0.82 | +0.91% |
House hunters have enjoyed near-record low mortgage rates as they look to trade up or become first-time homebuyers. The fixed rate for a 30-year mortgage has ticked up to 3.56% from 2.77% a year ago but remains attractive. The average loan size of a mortgage hit a new record last week of $418,500, according to the Mortgage Bankers Association.
HOUSING EXEC WARNS OF ‘SUPER STORM’
Although sales in December cooled, falling 4.6% to 6.18 million, the market remains tight with 30% of sales driven by first-time homebuyers.
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“December saw sales retreat, but the pullback was more a sign of supply constraints than an indication of a weakened demand for housing,” said Lawrence Yun, NAR’s chief economist.
The average sales price for all homes was $358,000 in December, up nearly 16% from the same period a year ago, the 118th straight month of year-over-year increases, the longest-running streak on record, NAR stated.
