New Listings mid-week March 29
Just the usual handful of New Listings this week – a few more in Salem:
Click on these links for details: (more…)
Open Houses Sunday March 26
Here are today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
Federal Reserve increase rates; Mortgage Rates drop
Too often I see a headline like this one: “Mortgage Rates Continue to Slide Despite Fed Hike.” The 30-year Fixed Rate Mortgage (FRM) does NOT follow the Federal Reserve’s rate increases!
Look at this chart for the last few months:
Note the correlation between the 10T (red line) and FRM (green) – and the lack of correlation between FFR (blue) and FRM.
Let’s look at this another way, the spread (difference) between the FRM and 10T, and between FRM and FFR:
Over the last 6 months, the spread between FRM and 10T has been in a tight band between 2.69% and 3.04%, while that between FRM and FFR has dropped from 3.04% to 1.42%.
For a more detailed explanation of what drives mortgage rates – and why the FRM will fall at some point – read Why Mortgage Rates Will Fall
And these recent articles: (more…)
New Listings week ending March 24
Just a handful of New Listings this week:
Click on these links for details: (more…)
Open Houses weekend March 25/26
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
Sales Up, Prices Down After 131-Month Streak
Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of Realtors® (NAR). Month-over-month sales rose in all four major U.S. regions – but they also all saw year-over-year declines.
February median existing home prices fell for the first time in 131 months– almost eleven years – according to NAR. The median existing-home price for all housing types was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices climbed in the Midwest and South yet waned in the Northeast and West.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – climbed 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Year-over-year, sales fell 22.6% (down from 5.92 million in February 2022).
Total housing inventory at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.
Properties typically remained on the market for 34 days in February, up from 33 days in January and 18 days in February 2022. Still, most homes (57%) sold in February were on the market for less than a month.
Buyer types (more…)
New Listings mid-week March 22
Just a handful of New Listings this week:
Click on these links for details: (more…)
Open Houses Sunday March 19
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
Why aren’t boomers selling?
Baby boomers are booming, but they’re just not going to hit the residential real estate market the way some experts thought they would, according to Selma Hepp, chief economist for CoreLogic, a property data analytics firm.
“A few years back, we certainly heard about this cohort of people turning 65, and some said that there would be all this inventory of homes for sale,” Hepp said. “But we haven’t seen any of that happening yet. If anything, inventories are at historic lows and continue to decline year over year.”
She said one reason seniors are staying put is that home prices in some areas are about 40 percent higher than they were before the pandemic, and interest rates are soaring. Also, seniors are healthier than ever and staying in their homes longer, she said.
Instead of a wave of properties flooding the market, it will be more like a trickle. (more…)
New Listings week ending on St. Patrick’s Day
A few New Listings this week:
Click on these links for details: (more…)
Open Houses weekend March 18/19
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
New Listings mid-week March 15
A few New Listings this week:
Click on these links for details: (more…)
Open Houses Sunday March 12
Here are today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
New Listings week ending March 10
A few more New Listings this week:
Click on these links for details: (more…)
Open Houses weekend March 11/12
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
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