Single-family rents have climbed at the fastest rate in nearly 15 years. Further, renters are making their preferences known: Rent growth for detached properties is more than three times the rent growth for attached properties, according to CoreLogic’s Single-Family Rent Index.As inventory remains limited, some Americans are turning to rentals to buy time, but they still desire a single-family home. “While rent growth dipped significantly las
Buying a vacation home is the in thing to do since the pandemic. The National Association of REALTORS® reported last week that vacation home sales have posted double-digit growth over the past year, climbing 57% annually in 2020.But vacation homes can be pricey. Realtor.com®’s research team analyzed 1,300 towns nationwide to pinpoint the best affordable beach towns, offering not only easy ocean access but plenty of activities too. Most o
gage payment has jumped to $1,184. A year ago, it averaged $1,020, marking a 16% increase year over year, NAR notes. Also, the annual mortgage payment as a percentage of income rose to 16% this April from 13.7% a year ago due to higher home prices and a decline in median family incomes.The West has the highest mortgage payments to income, according to NAR’s data. Home prices in the West recently climbed to a record high of $509,400.View the ful
Mortgage rates have remained at or below 3% for nine consecutive weeks. “Many home buyers can benefit from these low rates while home prices are reaching record highs,” Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, says at the association’s Economists’ Outlook blog.Mortgage rates can make a big difference to what home buyers can afford. The following chart from NAR shows how much
Investors are growing concerned that it may be more difficult to make money in flipping homes amid a frenzy of home buying activity lately that has sent home prices climbing.Home flipping profit margins dropped in the first quarter. Only 2.7% of all single-family homes and condos in the first quarter were considered a house flip—transactions that occurred within 12 months of one another. That is down from 4.8% during the fourth quarter of
Lumber prices are falling quickly from record highs, and that may be happening at the right time for the new-home market. Home builder sentiment sank to its lowest level since August 2020, with builders blaming increasing material supply challenges for their outlook, according to a newly released report from the National Association of Home Builders. Builders said that declining availability for softwood lumber and other building materials i
U.S. median rental prices have surpassed pre-pandemic growth and are now at their highest point in two years, according to realtor.com®’s latest Monthly Rental Report.Monthly rents rose 5.5% year over year and averaged $1,527 in May. One-bedroom and two-bedroom rentals climbed to the highest levels since May 2019 at $1,718 and $1,422, respectively. Rents for studio apartments rose for the first time in the last 10 months, reaching a median of
With a low supply of homes for sale, sellers are finding quicker sales and fetching higher offers. Eighty two percent of homeowners who sold in the last six months accepted offers at list price or above, according to a new survey of about 1,600 homeowners conducted by Homes.com.What’s more, homes are selling fast too: A quarter of home sellers said they had five or fewer showings before finding a buyer. Twenty-six percent had between six and 10
Mortgage rates dropped again this week and have now remained below 3% for the last eight weeks, opening further opportunities for home buyers to lock in historically low rates.“The economy is recovering remarkably fast and as pandemic restrictions continue to lift, economic growth will remain strong over the coming months,” says Sam Khater, Freddie Mac’s chief economist.Freddie Mac reports the following national averages with mortgage rates
Existing homeowners may be feeling richer since they've received a notable boost to their home equity over the last year. Homeowners with a mortgage have seen their equity climb nearly 20% year over year, according to a new report from CoreLogic, a real estate research firm.In the first quarter of 2021, the average homeowner gained about $33,400 in equity over the past year, the study shows.Idaho, California, and Washington saw the largest equity
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