- Housing News
- January 29, 2021
Home Sales Closed 2020 at Extraordinarily Strong Pace
Remember that whole 'home sales are slowing down' thing from last month? Yeah, never mind.
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.
Remember that whole 'home sales are slowing down' thing from last month? Yeah, never mind.
Home prices rose dramatically in 2020. This much is known. But what was the impact of those rising prices on people who sold their homes in 2020? It turns out it was a pretty profitable endeavor.
With home prices continuing to rise at a record-breaking pace, there are quite a few housing markets where homebuyers' money is not going as far as it used to. Luckily, there appears to be a solution: moving to a new city where you can get more for your money.
Considering that the number of homes on the market hit an all-time low in December, an influx of homes for sale is sorely needed. Luckily, it appears that help is on the way.
The Federal Housing Administration is now officially backing mortgages for Deferred Action for Childhood Arrivals recipients, also called Dreamers. This ends years of confusion about whether DACA recipients could get an FHA loan.
Although home sales appeared to be slowing down a bit at the end of 2021, new data shows that buyers were still hungry for a new home in December.
Despite the pandemic’s impact on the country and the economy, one could argue that housing was never hotter than it was last year.
One of the most consistent things in housing last year was just how low mortgage rates were. And it looks like interest rates at or below 3% could be here to stay for all of 2021, at least according to one prominent housing observer.
Last year changed a lot of things in this country, including what people needed from their homes. But that wasn’t the only thing that changed. Last year also changed how people bought their homes. Namely, a large portion of homebuyers made an offer on a home without seeing it in person.
Despite the fact that home prices are rising faster than they have in 15 years, buying a home is more affordable than renting in a large portion of the country.
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