Mortgage rates dropped this week to 2.96% from 2.98% the previous week, following the trend of the 10-year Treasury yield. NAR forecasts mortgage rates to average 3.2% in 2021.
On a national level, office vacancy rates continue to rise in the first quarter of 2021 to 16.4%, from 13% one year ago.
The report is a survey of members pertaining to sustainability issues facing the industry. NAR is a leader in the dialogue on real estate sustainability among real estate agents, brokers, trade associations, and consumers.
In March, single-family building permits rose in 42% of the metro areas across the country.
The economy is now back to its pre-pandemic level as the economy undergoes a strong expansion by an annualized rate of 6.4% in the first quarter.
The average rate on the 30-year fixed-rate home loan inched up to 2.98% from 2.97% the previous week. Expect rates to move above 3% in the following weeks as the economy continues to recover.
In this report, we examined the similarities and differences of effects from marijuana legality on various aspects of real estate, as well as any shifts from the last time the study was conducted in 2020.
NAR estimates that it would take 2 months to sell all current housing inventory, while 5 months is what we likely need for a balanced market.
Land sales rose at a healthy pace in 2020 compared to the collapse in transactions of commercial real estate structures.
Data indicates that buyers are turning to the power of cash, putting 20% or more in down payment, or simply not making an offer if there are already multiple offers on a property.
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