- Housing News
- October 29, 2021
House Prices Continue Rising to New Record Levels
It was much the same song when it came to home prices in August; they just keep going up and up and up.
Ben is the Managing Editor for New American Funding. In this role, Ben helps with content creation, news coverage, and serving our audience of borrowers, real estate agents, loan originators, and other housing professionals. Prior to joining New American Funding, Ben worked at HousingWire, a top housing media outlet. Ben joined HousingWire in 2014 as a reporter and was later promoted to Senior Financial Reporter, Editor, and eventually to Managing Editor. During his time at HousingWire, Ben helped elevate HousingWire to national acclaim and record traffic growth. He was also honored with multiple awards for his work, including an Eddie Award from Folio Magazine and a Gold Award for Best Trade Magazine Story from the National Association of Real Estate Editors.
It was much the same song when it came to home prices in August; they just keep going up and up and up.
Traditionally, home sales tend to cool off as the calendar reaches the winter months, with some homebuyers and sellers focusing on the holidays instead of the housing market. New data shows that might be the case this year as well.
Over the last few months, new home sales have stemmed the tide that saw sales decline in April, May, and June. But the modest increase seen in July and August's continued improvement doesn't hold a candle to what happened in September.
For a housing market in need of more new homes going up for sale, relief may be on the way as a new report shows that construction of new single-family homes is still on track to see a sizable increase over last year.
Earlier this year, Fannie Mae and Freddie Mac announced new refinance programs targeted at lower-income borrowers who previously may not have been able to refinance their mortgage to decrease their monthly payment. Aiming to allow more people to take advantage of the current market’s lower interest rates, the companies will soon be expanding these programs.
Existing home sales are on a bit of a rollercoaster right now, having fallen for four straight months, climbed in June and July, then retreating in August. And now, existing home sales are on the way back up.
Those seeking a mortgage found it was a little easier to get in September than it was in August, as newly released data showed that mortgage credit availability increased in September. That marks the third straight month that it's gotten easier to get a mortgage.
For most of the year, the mortgage market has been much more focused on purchase lending than refinances. That changed in August when the refinance share of the mortgage market back climbed above 50% for the first time since February. That shift appears to have been short-lived.
For the last several months, some of the hottest housing markets in the country have been in Idaho. That trend looks set to continue for the next year.
Last month, it appeared that housing market conditions were improving slightly, giving homebuyers some optimism about their prospects for securing their dream home. It looks like that positivity didn't last.
Subscribe to our newsletter for market updates, mortgage tips, and homebuying hacks - straight to your inbox!
You are being redirected to a third party website. New American Funding is not responsible for the content of this website, including its privacy policy. Do you want to continue?