Elevated inflation and the Federal Reserve’s monetary tightening policy drove the latest leap in mortgage rates this week. Since the beginning of this year, mortgage rates have jumped by 1.2%. The typical home buyer would need to spend $250 more every month to be able to purchase a home, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s blog.The 30-year fixed-
Material and labor shortages continue to constrain both new-home supply and sales, economists said as February saw another dip in new-home sales. Buyer demand remains high, but builders struggle to add greater inventory.Sales of new single-family homes reached a seasonally adjusted annual rate of 772,000 in February, down 2% from January and down 6.2% compared to a year ago, the U.S. Census Bureau and the Department of Housing and Urban
Americans spent 30% of their monthly budgets on rents in February, a percentage that most financial experts consider debt-burdened for households. In 14 of the 50 metros tracked, rents accounted for an even higher portion of household incomes, led by Sun Belt metro areas like Miami, Tampa, Fla., and San Diego, according to realtor.com®’s Monthly Rental Report.The U.S. median rental price nationwide jumped to a new high of $1,792 in February. T
Millennials comprise 43% of home buyers—the highest of any generation in the current market. Their numbers in real estate are growing, as last year, they comprised 37% of buyers.Millennials—consumers between the ages of 23 to 41 years old—are the most likely generation to use the internet to find a home they ultimately purchase as well as the most likely to use a real estate agent, according to a new study released by the National Associati
The spring market is already blooming, and so is the competition. Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks.On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers, on average, in Massa
More than 575,000 people in the U.S. are considered homeless—that’s larger than the total populations of major cities like Atlanta and Miami, according to a LendingTree study, citing U.S. Department of Housing and Urban Development data.California, New York, and Florida have the largest homeless populations in the nation. Those states alone comprise nearly half of the total U.S. homeless population. On the other hand, North Dakota, Wyomi
As mortgage rates rise, levels below 4% for the most popular 30-year fixed-rate mortgage are likely to remain in the rearview mirror. The 30-year fixed-rate mortgage averaged 4.16% this week, Freddie Mac reports.“The 30-year fixed-rate mortgage exceeded 4% for the first time since May of 2019,” says Sam Khater, Freddie Mac’s chief economist. “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates
Hispanic Americans have historically been underrepresented as homeowners, but that could soon change. If predictions hold true, longstanding homeownership gaps may be closing.Fifty-eight percent of Hispanic home shoppers are first-time buyers, significantly higher than the rest of the U.S. population (34%). A new survey conducted by realtor.com® and the National Association for Hispanic Real Estate Professionals found an increasing presence of H
A second home on a waterfront can not only be for a household to enjoy but also serve as a potential revenue stream as a rental. Beach homes have long been desirable properties in real estate.Vacasa, a vacation rental management platform, ranked the top waterfront vacation rental destinations in which purchasing a second home offers some of the best prospects. Researchers factored in the cap rate and yearly rate of return on investments
Home sellers will likely continue to hold the upper hand this spring, says a housing report from realtor.com® that also uncovered upcoming trends this spring.Buyers are likely to become more sensitive to price increases. Mortgage rates are on the rise and are expected to continue to increase this year. As home shoppers face higher borrowing costs, they may need to tighten their budgets or even step back from the market as home prices increa
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
