U.S. home prices continue to rise, and homeowners in some pockets of the country—notably in the mountain region—are seeing some of the highest appreciation. Ninety-four percent of 183 metro areas tracked posted double-digit price increases, according to a new report released last month by the National Association of REALTORS®. Forty-six markets have posted price gains of more than $100,000 over...
What is an AVM? ( Automated Valuation Model) AVMs are software-based pricing models used in the real estate market to value properties. AVMs are more efficient and consistent than a human appraiser, but they are also only as accurate as the data behind them. AVMs use advanced analytics, such as machine-learning models, to analyze many different data points for a given property to predict a property's...
Mortgage rates continue to hover at all-time lows, marking the ninth consecutive week that rates have averaged below 3%. “The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks,” said Sam Khater, Freddie Mac’s chief economist. “Overall, rates continue to be low, with a window of opportunity for those who did not...
Sales of newly built single-family homes increased slightly in July as material costs to build continue to surge. Single-family new-home sales rose by 1% in July to a seasonally adjusted annual rate of 708,000, the Commerce Department reported Tuesday. “New-home sales have leveled off this summer after a period of rising costs and strong demand,” said Chuck Fowke, chairman of the National Association...
Tiny homes—those typically under 600 square feet—are facing increased demand as housing affordability remains a growing issue. While many home buyers have looked to supersize their homes during the pandemic, other buyers are finding homeownership may be more attainable by downsizing into a tiny home. Eighty-six percent of aspiring first-time home buyers during the pandemic say they would consider...
More than half—52%—of prospective home buyers feel “sad” and “anxious” over rising prices and low housing inventories, according to a new nationwide housing survey from Mphasis Digital Risk, an origination, risk compliance, and technology services firm covering residential real estate. Researchers surveyed more than 2,100 prospective home buyers. Fifty-three percent of would-be home buyers...
Vacation rental ownership among young adults is climbing. Even despite limited credit histories or down payments, young adults are finding a way to purchase a vacation rental, eyeing it as a lucrative investment. The proportion of homeowners under age 30 who purchased a vacation property doubled between June 2019 and June 2021, according to Evolve, a vacation-rental management and hospitality firm, which...
As the housing market booms, lenders have faced a significant uptick in mortgage demand. Low interest rates are fueling a frenzy. Mortgage applications for home purchases jumped 22% in the second quarter compared to the first quarter and are up 52% compared to a year ago, according to ATTOM Data Solutions’ Q2 2021 U.S. Residential Property Mortgage Origination Report.The largest quarterly increases in...
Home buyers should expect to bid way over the asking price in Austin, Texas. The city has homes fetching the highest amounts over asking price in the country—$100,000 or more. Nearly 2,700 homes in Austin have sold this year for $100,000 or more above the initial listing price, according to an analysis from Redfin, which examined sales records through Aug. 11. Researchers note that some U.S. cities have...
The 30-year fixed-rate mortgage held near last week’s average and continues to average near historical lows and under 3%.“Mortgage rates stayed relatively flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict...