Home prices have risen quickly amid the pandemic. The median sales price of single-family existing homes increased in 99% of the 183 metro areas tracked in the second quarter compared to a year ago. Ninety-four percent of the markets posted double-digit price increases, according to a new report from the National Association of REALTORS®. Inventory shortages and a large influx of buyers, particularly as...
The competition in the housing market is showing some signs of easing. More markets are reporting price cuts and fewer bidding wars. That may open the door to some priced-out home buyers this fall.Sixty percent of offers written by real estate professionals nationwide faced competition in July, the lowest level since January, according to an index that measures competing offers among Redfin real estate...
Prices for building materials have climbed 19.4% over the last 12 months, increasing 13% in 2021 alone, according to Bureau of Labor Statistics data. Buyers are seeing the results in the prices of new homes. The median sales price for a new home was $361,800 in June, up 6% compared to a year earlier. Steel mill product prices increased 10.8% in July following a 6.2% increase in June. Prices have increased...
The price of homeowners’ insurance is on the rise, and many owners may be looking for ways to reduce their high premiums. While discounts can vary greatly based on location, size, and age of the house, some credits may be available that could reduce some homeowners’ premiums by as much as thousands of dollars per year, The Wall Street Journal reports.The average premium for a homeowners insurance...
Even in this ultra-hot competitive market, there’s a limit to what home buyers are willing to pay. Some home sellers are starting to see their listings linger on the market, and those sellers may face the prospect of a price cut.Realtor.com®’s July housing data showed that about 45 cities of the country's 300 largest had an increasing number of homes with price cuts. “For buyers, these trends hold...
Opportunity zones are keeping pace with national home price trends and proved to be a solid investment in the second quarter. Median single-family home prices rose annually in 75% of opportunity zones in the second quarter. In about half of them, home prices increased by at least 15%, according to a new report from ATTOM Data Solutions, a real estate research firm.Opportunity zones offer tax breaks for...
Mortgage rates inched up slightly from their near all-time lows this week. The 30-year fixed-rate mortgage averaged 2.87%, Freddie Mac reported.“Following last Friday’s strong jobs report, which revealed broad based gains in employment and wage growth, mortgage rates are moving higher,” said Sam Khater, Freddie Mac’s chief economist. “After dropping for six consecutive weeks, the 30-year...
Bidding wars are growing more commonplace in the rental market as the demand for apartments and single-family rentals outpaces the supply. “We’ve been leasing property for almost 20 years, and we haven’t seen an applicant pool this competitive since we’ve started,” Vipin Motwani, managing principal at Iron Gate Development in Clinton, Md., told CNBC. Two weeks ago, Motwani listed a home for rent...
Homes are selling faster than ever—in less than a week in the country’s most active housing markets.Realtor.com® released a new report revealing housing’s top 10 ZIP codes for 2021. This year’s list showed some of the most significant drivers behind the hottest markets:Housing affordability with asking prices that offer bigger houses for the moneyA growing number of high-income millennialsClose...
Lot values for single-family, detached homes have never been higher. In 2020, prices jumped 18% to a median lot price nationwide of $53,000, according to an analysis of Census Bureau data by the National Association of Home Builders.The higher prices for lots—along with material costs—have pressed on buyers’ and builders’ budgets in building new homes.Lots are priciest in the New England area. Half...