Existing-home sales decreased 1.7% annually in January, according to the National Association of Realtors. However, sales did improve 3.1% from DecemberExisting-home sales struggled to break out of a winter slump, according to a National Association of Realtors report published on Thursday.The sale of existing single-family homes, townhomes, condominiums and co-ops declined 1.7 percent year-over-year from 4.03 million in January 2023 to a se
Research from Colliers found that lease rates reached $9.72 per square foot last year despite supply far outpacing occupancy.Despite a considerable increase in available U.S. industrial real estate capacity during 2023, rent rates for warehouse and distribution space jumped far faster.According to year-end data from real estate firm Colliers, lease rates for U.S. warehouse and distribution space spiked 20.6% year-over-year last year and reach an
With a strong economy, the first rate cut may not come soonAs the Rockettes high-kicked their way to a record box office for the annual “Christmas Spectacular” at New York’s Radio City Music Hall, they were doing more than just entertaining.They were also showing the limits of the Federal Reserve’s power over the economy.If the Fed’s interest rate increases had worked after the pandemic the way they had in the past, Americans would ha
Loans for office buildings specifically dropped 68% year over year and 32% quarter over quarter as investors remained wary about the risk-heavy sectors and interest rates remained highBorrowing for commercial and multifamily buildings fell off sharply on an annual basis during the fourth quarter of 2023 as investors remained wary about the risk-heavy sectors and interest rates remained high.Commercial and multifamily loan orig
Fewer fluctuations in borrowing costs may give potential home buyers more confidence to jump back into the housing market this spring.For eight consecutive weeks, mortgage rates have held mostly steady in the mid-6% range. This week was no different, with the 30-year fixed-rate mortgage rate clocking in at 6.64%, according to Freddie Mac. After facing a surge in mortgage rates late last fall, aspiring home buyers are now better able to budget for
Homeowners are growing their equity while buyers are getting sticker shock. Read more from NAR’s latest quarterly report.Good news for homeowners, bad news for buyers: Home prices continued to surge in the fourth quarter of 2023 in the majority of major U.S. metros, and some markets even posted double-digit gains.The national median price for an existing single-family home jumped 3.5% from a year prior, reaching $391,700, according to
Firming up of mortgage rates finally catches up with homebuyer demand, with applications for purchase loans falling by a seasonally adjusted 11% last week, MBA survey showsA firming up of mortgage rates in the new year finally caught up with homebuyer demand last week with applications for purchase loans falling for the first time in 2024, according to a weekly survey of lenders by the Mortgage Bankers Association (MBA).The MBA’s Weekly Mo
As owners remain reluctant to put their properties on the market, developers are rushing to build new homes to meet demand.When Joel Adler decided it was time to downsize from his six-bedroom house in Parkland, Fla., where he had lived for more than 20 years, he was disappointed with the lack of options.“There weren’t a lot of homes to look at,” said Mr. Adler, a 76-year-old retired teacher, who had been searching for a year and a half.Even
Most millennials are prepared to take drastic measures to buy a home, with 65% saying they would pay up to a 10% mortgage rate and 23% admitting they would buy at 15% or more, according to a new study from Clever Real Estate.A combination of high-interest rates, inflation, and stagnant wages are financially squeezing millennials, but it has not diminished their enthusiasm for homeownership.Clever's survey of millennial homebuyers found that
“The housing market is off to a good start this year,” says NAR’s chief economist.Real estate pros likely will see more sales this year, as the end of 2023 may have set the stage for kicking off brighter days ahead for the housing market for 2024. Pending home sales posted an 8.3% increase in December. Pending sales are picking up a stronger pace than a year earlier, too, up 1.3% annually, shows the National Association of REALTORS®’ Pen
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