The economy shows signs of sluggishness, but not the housing market, according to a new report released this week from the Federal Reserve Bank of New York. Consumer spending is softening and wage growth is “moderate,” but the housing market has rebounded, the Fed says.“Housing activity indicators displayed further gradual improvement in August,” according to the report. Over the last three months, single-family housing starts and permits
Low mortgage rates are drawing out more home buyers who want to take advantage of the decrease in borrowing costs, but they’re increasingly growing frustrated as the selection of properties narrows. An unseasonable surge in buyer demand has coincided with housing inventories moving even lower in recent months. Inventories dropped 2.5% annually in September, realtor.com®’s data shows.The lower tier of the market—homes priced under $200,000
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More millennials and younger Gen Xers are leaving the big cities behind and opting for smaller towns to call home. Since 2014, an average of about 30,000 residents between the ages of 25 and 39 have departed big cities annually, according to U.S. Census Bureau figures. Smaller cities have been seeing some of the largest influxes of the millennial generation.Young adults who freelance or have telecommuting jobs are more likely to move out of urban
Nothing ruins a bathroom like a bad hue, and the gray trend may be one of the worst offenders, designers say.“Bathrooms tend to be enclosed spaces, so greige-y muddy colors can make the space feel smaller and dingy,” Ariel Okin, an interior designer in New York City, told Apartment Therapy. “Lighter colors like bright crisp whites, powder blues, and spring greens always play really well in a bathroom, as do moodier shades such as inky navy
Investors looking for homes to flip are being squeezed by high prices, inventory shortages of affordable options, and stiff competition from buyers, realtor.com® notes in a new analysis. But deals can still be found.Realtor.com® identified the hottest housing markets for investors by pinpointing those where the highest percentage of homes were either flipped or rented out after the sale. The most profitable flip markets tend to be in the Midwes
Neighborhoods located within a half-mile of public transit services outperformed those farther from public transit based on a number of factors, according to a report released Monday by the National Association of REALTORS® and the American Public Transportation Association.The report shows commercial and residential real estate market sales thrive when residents have mobility options. Residential properties within these areas had 4% to 24% high
The 30-year fixed-mortgage fell 8 basis points this week, averaging 3.57%, Freddie Mac reports. The lower rates are drawing out more home buyers in the fall market.“Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground,” says Sam Khater, Freddie Mac’s chief economist. “The 50-year low in the unemployment rate combined with low mortgage rates has
Consumers are spending more time getting to work. On average, Americans’ one-way commute times rose to just over 27 minutes in 2018—a record high according to U.S. Census Bureau data.The average American has added about two minutes to their one-way commute since 2009. That has added 20 more minutes a week in commuting, and over a year that is 17 additional hours on the road from home to work and vice versa.Compared with 1980, American workers
Warm weather and low taxes continue to have a big pull on where retirees choose to settle down in their golden years. Those pulls are prompting many older Americans to continue to relocate to popular retiree havens in the Carolinas and Florida.U.S. News & World Report recently identified the best places to retire using criteria including housing affordability, taxes, health care, and happiness surveys. They analyzed data from 125 of the
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