‘A bottom is forming for single-family home building,’ economist says The shortage of previously-owned sales is helping to buoy builders’ confidence. With mortgage rates above 6%, many homeowners find little incentive to sell—nearly 92% have an outstanding mortgage with a rate below 6%, according to a recent survey conducted by Redfin RDFN, -3.04%, a brokerage and real estate listings company. And 23.5% of
Average homeowner equity per borrower dropped by 1.9% in the first quarter of 2023 For the first time in more than a decade, the average U.S. homeowner with a mortgage has less home equity than they did a year earlier.Among the roughly 63% of U.S. homes with a mortgage, average homeowner equity per borrower was $274,070 in the first quarter, down 1.9% from the same quarter last year, according to real estate data tracker CoreLogic.The last t
As inflation decelerates, the potential for lower mortgage rates is becoming a greater possibility.Mortgage rates decreased for the second consecutive week but still remain above 6.5%, a far cry from a year ago, muting any celebration from borrowers. Freddie Mac reports the 30-year fixed-rate mortgage averaged 6.69% this week.The weekly drop comes on the heels of better economic news: The Federal Reserve on Wednesday voted to pause hikes to its b
Several economic indicators are showing improvement, but the Fed warns that two more rate increases are likely this year. That has some economists concerned.Ending a cycle of 10 consecutive rate hikes, the Federal Reserve voted this week to hold off on another increase to its key short-term interest rate. The news fueled hopes that borrowing costs for home buyers could cool in the coming weeks, but only if the Fed continues to pause rate hikes. M
According to Splitero CEO Michael Gifford, we’re still in an affordability crisis and unlikely to see a complete housing market tumble in 2023 It’s been a housing market roller coaster the past few years with no shortage of news about record-high prices, outrageous negotiations (like all-cash deals and cars), and questions about if there’s a bubble and if it’ll burst. The pendulum swung from a buyer’s market to a sellerâ€
US-home values grew 1.4% between April and May of 2023 — slower than the past 2 springs but faster than both the 2018 and 2019 spring markets Ultra-low inventory was a primary driver of price growth during the Spring market, according to a report released Monday by Zillow.Typical U.S.-home values grew 1.4 percent between April and May of 2023 — slower than the past two springs but faster than both the 2018 and 2019 spring
Regions include Austin, San Francisco and San Jose Since the beginning of the pandemic, the real estate market has followed an unpredictable course. Some cities and regions have seen significant booms, while the value of property in others has declined. As revealed by a new report on home prices from Zillow, some of those changes might surprise you — including year over year price drops in the tech hubs of San Francisco and Austin.Acc
Borrowing costs are not the most pressing issue for home shoppers.After recent increases, the mortgage rate for the 30-year fixed loan pulled back this week, giving home shoppers a slight reprieve on borrowing costs. Still, rates remain above 6.5% for the third consecutive week: The 30-year fixed-rate mortgage averaged 6.71% this week, Freddie Mac reports. “While elevated rates and other affordability challenges remain, inventory continues to b
The housing market is short more than 300,000 homes in price points middle-income buyers can afford, shows research from NAR and realtor.com®.The national housing shortage is most acute in price points that middle-income buyers can afford, according to new National Association of REALTORS® data. The market is short about 320,000 listings worth up to $256,000—which is considered the affordability range for households earning up to $75,000 annu
Dive Brief: Over 14,500 new single-family rental homes were constructed across the country in 2022. This marks an all-time high, up 47% from 2021 and more than double the peak yearly construction rate before the COVID-19 pandemic, according to a new study from RentCafe.The trend shows no sign of slowing. Nearly 44,700 new build-to-rent homes — defined in the study as horizontal apartment-style units in neighborhoods of 50 or more — are u
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