Former factories, breweries, air force bases, and even old churches are being turned into multifamily buildings as developers target them as a viable solution to overcoming housing shortages. Apartment conversions reached an all-time high over the past decade, according to a new analysis from RENTCafe.Adaptive reuse projects have brought more than 240,000 apartments onto the market over the past 70 years. Sixty-five percent of these conversi
The frenzy in the housing market continued in August as buyer competition remained elevated. Properties that closed in August received an average of three offers, according to the August REALTORS® Confidence Index Survey. The report is based on a survey of about 4,000 REALTORS® about their latest real estate transactions.Further evidence that the housing market is going strong: Buyer foot traffic to listings remains high. The REALTORS® Bu
With mortgage rates hitting all-time lows in recent months, 75% of homeowners—or 19.3 million—could refinance and lower their monthly mortgage payments, according to data from Black Knight, a software and analytics firm for the mortgage and lending industry. That is the largest number of potential refinance candidates on record, Black Knight says.What’s more, the average homeowner could potentially reduce their mortgage payme
Sales of newly built single-family homes in August reached their fastest pace since September 2006, the Commerce Department reported Thursday. They also attained another landmark: topping 1 million sales, to a seasonally adjusted annual rate of 1.01 million units. That marks a 43% jump when compared to last year.“Already, more new homes have sold in 2020 than did in all of 2019,” says Danielle Hale, realtor.com®’s chief economist. “With
Mortgage rates ticked up this week but still remain under a 3% average and near historical lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 2.90% this week. The all-time low for rates was set in mid-September, averaging 2.86%.Home buyers are seeing how record-low rates can significantly decrease their borrowing costs. Compared to a year earlier, mortgage rates have dropped more than 70 basis points. That has brought monthly pay
The pandemic has inspired a wave of home renovations as owners are spending more time in their homes. And renovators say it’s been good for their mental health, according to a new study conducted by CouponFollow of more than 1,000 homeowners and renters about do-it-yourself home projects they've tackled during the pandemic.Thirty-four percent of respondents said DIY home improvement projects have aided their mental health during quarantine. Als
Los Alamos County, N.M.—where the atomic bomb was developed during World War II—is now the healthiest county in the country, according to a new analysis by U.S. News & World Report. The area boasts abundant outdoor recreational activities and scores high on other determinants of residents’ health, according to the analysis.U.S. News & World Report evaluated economic, educational, and environmental factors in compiling
Mortgage demand continues to climb as a buying frenzy extends beyond traditional seasonal patterns in real estate. Mortgage applications to purchase a home are now 25% higher than a year ago, the Mortgage Bankers Association reports.Home sales are strongest on the high end of the market, where inventory is loosest, the National Association of REALTORS® reports. In August, the supply of homes worth more than $1 million was 44% higher than the yea
Dishwashers, refrigerators, washers and dryers, and other household appliances are low in stock nationwide, and some consumers are waiting months for their orders to be fulfilled. The backup is yet another problem you can blame on the COVID-19 pandemic.First, as consumers started hoarding food, there was a rush on freezers. “We sold more freezers in two days than we did all last year,” Steve Sheinkopf of Boston-area Yale Appliance told NPR.
Since the start of the COVID-19 pandemic in March, there have been nearly 400,000 fewer homes listed than the same time period in 2019. That has created a large deficit in the housing supply at a time when consumers are rushing to buy. Home prices are increasing at double the pace of last year, and homes are selling 12 days faster than in 2019, according to realtor.com®’s Weekly Housing Report.“Sellers are more reluctant to list their home,
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