Home sales hit 16-year high
The average mortgage loan size sits at a record $418,500: MBA
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. | 165.17 | +0.42 | +0.25% |
LEN | LENNAR CORP. | 174.39 | +0.29 | +0.17% |
DHI | D.R. HORTON INC. | 167.87 | -1.03 | -0.61% |
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.
CLICK HERE TO READ MORE ON FOX BUSINESS
"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.