Jeff Andrews

New York

Real Estate Reporter at HousingWire

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Articles

April jobs data reduces the likelihood of an interest rate cut

1 week ago | housingwire.com | Jeff Andrews

The housing industry has watched employment numbers closely, as many expect that the Federal Reserve is waiting to see the jobs market crack before cutting interest rates that have stymied the housing market since the summer of 2022. The strong numbers will likely keep mortgage rates high for now. The wild card is President Donald Trump’s trade war, which has raised fears of rising unemployment and even a recession.
RE/MAX posts another loss. CEO insists it can 'get back to growth'

1 week ago | housingwire.com | Jeff Andrews

CEO Erik Carlson acknowledged the issues facing brokerages, including tariffs, high mortgage rates, a possible recession and the evolving environment around things like the Clear Cooperation Policy (CCP). But he remains optimistic that RE/MAX can weather the storm. “Overall, real estate has some pressure on us,” Carlson said. “We’re better positioned than others because of the professionalism, the productivity of our agents and the trust factor that they bring.
4 charts that show why Florida's housing markets are struggling

1 week ago | housingwire.com | Jeff Andrews

Housing markets have suffered from low inventory dating back to the financial crisis of the late 2000s, but that’s been changing since mortgage rates began to rise in the summer of 2022. Florida hasn’t been any different. While the current year-over-year inventory gains in Florida’s major metropolitan areas aren’t too much higher than the current national rate of 31%, that only recently became the case.
Pending home sales grow in March but lag behind 2024 pace

2 weeks ago | housingwire.com | Jeff Andrews

It’s the largest monthly increase since December 2023 and was largely buoyed by relatively lower mortgage rates in March, which averaged 6.65%, according to NAR. But it’s a decline of 0.6% year over year, suggesting that market conditions remain subdued. “Although pending home sales are slightly down compared with last year, the month-over-month bounce is a step in the right direction,” First American deputy chief economist Odeta Kushi said in a statement.
5 takeaways from the March home-sales reports

2 weeks ago | housingwire.com | Jeff Andrews

What should we make of the dueling reports? Here are five takeaways. Low inventory is becoming less of a problemFor years, the housing market has been starved for inventory, and that problem increased when the post-pandemic market came to a halt. Homeowners who secured mortgages with historically interest rates aren’t inclined to give up that rate by selling their homes and buying a new one.
Home-price appreciation slowed in February

2 weeks ago | housingwire.com | Jeff Andrews

“Waning consumer confidence, heightened economic uncertainties and the future of household budgets are impacting the consumer housing market,” Zillow chief economist Skylar Olsen said in a statement. “Unlike its normal countercyclical behavior, these early signs of an economic downturn have not brought lower mortgage rates along with it.”The rise in the Case-Shiller Index is largely driven by the 10 largest cities in the country.
Consumer confidence sees largest three-month decline since 1990

2 weeks ago | housingwire.com | Jeff Andrews

The 52.2 reading for April represents an 8.4% decline from March and a 32.4% drop compared to one year ago. Perceptions of current economic conditions suffered a 6.3% monthly drop, and consumer expectations fell by 10.1% month over month. The decline in consumer sentiment is most prevalent among the middle class, but it’s happening across all demographics and political affiliations. Inflation expectations for the next year jumped from 5% in March to 6.5% in April.
DC's housing market is shifting rapidly. Are federal layoffs driving it?

2 weeks ago | housingwire.com | Jeff Andrews

s this changing the housing market in the nation’s capital? Altos data suggests the dynamic in Washington has shifted since the beginning of Trump’s second term. As things stand, housing supply in Washington is rising rapidly. After years of stagnant inventory, the weekly average of homes for sale is up 34.8% year over year, while new listings have spiked by 9.3% on a 90-day rolling basis.
Existing-home sales drop sharply in March

3 weeks ago | housingwire.com | Jeff Andrews

Sales in a single month tend to be initiated in the preceding months, so some percentage of March sales may not have been affected by the market turmoil that occurred in April. But existing-home sales figures may be an early sign that homebuyers are reluctant to make big purchases with a cloudy macroeconomic outlook. “Uncertainty and anxiety are going to cloud the spring housing market this year,” Bright MLS chief economist Lisa Sturtevant said in a statement.
New Jersey AG hits RealPage and 10 landlords with antitrust suit

3 weeks ago | housingwire.com | Jeff Andrews

“The defendants in this case unlawfully lined their pockets at the expense of New Jersey renters who struggled to pay the increasingly unlivable price levels imposed by this cartel,” Platkin said in a statement. “Today we’re holding them accountable for unlawful conduct that fueled the state’s affordable housing crisis and deprived New Jerseyans of their fundamental right to shelter.”RealPage did not respond to a request for comment.