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
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From ecosystem conservation to “new” darker neutrals in exterior paint, we look at the trends set to take hold in the industry this year.Staying abreast of what’s new and innovative in design and real estate is important, not to be trendy but to learn about innovative materials, systems and products to live more sustainably and benefit the planet. Also, new uses for rooms can maximize square footage and our surroundings to add joy to our li
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
Stabilization in borrowing costs is easing home shoppers’ affordability concerns.Mortgage rates, which have settled in the 6% range, barely budged this week, giving potential home buyers more confidence to shop for real estate. The 30-year fixed-rate mortgage averaged 6.69%, marking the sixth consecutive week of holding steady, Freddie Mac reports.“Given this stabilization in rates, potential home buyers with affordability concerns have jumpe
The number of ‘cost-burdened’ renters hit a record 22.4 million in 2022 — up 2 million households from just three years before, according to a new studyRent has never been less affordable — for tenants with high and low incomes alike — even while costs for new leases are finallycooling off.Half of American renters spend more than 30 percent of their income on housing costs — a key benchmark for affordability — with the financial str
Amid a tight supply of homes for sale and fluctuating interest rates, a welcome bright spot is emerging in the Twin Cities housing market. Single women are showing up at Open Houses and then at the closing table as a larger percentage of home buyers. And they are doing it at a faster pace and larger percentage than their male counterparts. According to Census data, in Minnesota 12.2 percent of homes are now owned by single women, contrasted
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