With inventory levels at record lows, strong buyer demand prompted home prices to rise at a faster pace in the first quarter of this year, according to the latest report by the National Association of REALTORS®.The national median existing single-family home price in the first three months of this year was $245,500. That is up 5.7 percent compared to a year ago.Further, single-family home prices rose in 91 percent of the measured markets in the
Single women are purchasing homes and condos at more than double the rate of single males. The trend is expected to keep growing, too.Last year, single women comprised 18 percent of all home purchases, while single men accounted for 7 percent, according to the National Association of REALTORS®. Single women are the second largest segment of home purchasers, behind married couples. Single women purchasers include never-married individuals, widows
The general housing market is not the only one facing a housing shortage and rising home prices. Several luxury markets are now seeing prices skyrocket too from the limited number of homes for sale. Reno, Nev., is seeing some of the fastest price growth in the U.S. in its luxury market, according to newly released realtor.com® data.In the Reno metro area, the average sales price of a luxury home has surged 53.3 percent in February compared to a
Mortgage rates have mostly taken a pause after a series of rises in April. The 30-year fixed-rate mortgage averaged 4.55 percent last week, unchanged from a week ago.“The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth, and restrained inflation,” says Sam Khater, Freddie Mac’s chief economist. “As we head into late spring, the demand for purc
Rising incomes are helping to offset recent increases in mortgage rates and gave a boost to housing affordability in the first quarter of this year, the National Association of Home Builders/Wells Fargo Housing Opportunity Index shows.The index showed that 61.6 percent of new and existing homes sold between the beginning of January and the end of March were affordable to families earning the U.S. median income of $71,900. That does mark an increa
High demand for homes for sale mixed with low inventories is prompting bidding wars. Thirty-seven percent of properties that closed in March sold at or above the list price, according to the March 2018 REALTORS® Confidence Index Survey. That's higher than a year ago, when 35 percent of properties sold at or above the list price.“Buyer demand continues to outpace the supply of homes being listed for sale in the market, sustaining the upward p
Homeowners are less likely to get a rude awakening when going through the mortgage process, according to the latest Quicken Loans Home Price Perception Index. Owners’ perception of home values are now the closest to being in line with appraisers’ than in more than three years.In April, appraised values were just 0.33 percent lower than what homeowners expected. Further, only five of the 27 metro areas analyzed in the index had appraisals lowe
Mortgage rates dropped last week, but that didn’t seem to push homeowners or home buyers to take advantage. Total mortgage applications—for home purchases and refinances—dropped 0.4 percent for the week. Volume is now 6 percent lower than a year ago, the Mortgage Bankers Association reported Wednesday.Refinance applications, which tend to be the most rate-sensitive, dropped 1 percent last week and are now 18 percent lower than a year ago. M
Optimism for selling a home has helped propel a housing confidence index by Fannie Mae to an all-time high last month. Fannie Mae’s Home Purchase Sentiment Index rose 3.4 points in April to a record 91.7. Last month’s survey posted increases in five of six components that set out to measure Americans’ perceptions of the housing market. Consumers were also upbeat about home prices, job security, and their own personal finances.“The lates
Just when the signs were pointing to a slowing rental market, landlords are finding that demand is warranting higher prices. Rents are posting the highest annual growth rates since the end of 2016, according to a new analysis of 250 of the largest U.S. cities by RentCafe, a nationwide listing service for the apartment sector. Rents are up 3.2 percent year over year, and the national average rent was $1,377 in April.Rental costs rose in 84 percent
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