The 30-year fixed-rate mortgage averaged 5.11% this week, continuing its rapid rise, Freddie Mac reports. The higher borrowing costs are forcing home buyers to expand their budgets.With higher rates and home prices, house hunters need to earn about $25,000 extra if they want to buy the typical home now compared to a year earlier, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, writes for th
Smart buys are crucial in an elevated housing market. Fifty-three percent of real estate investors say they’ve lost money on projects, according to the Q1 2022 Real Estate Investor Survey released by Kiavi, a provider of financing to real estate investors. They cite hidden issues with properties that they weren’t aware of when they made their purchase as the main reason for losing money.Another factor that contributed to losses was the locati
As mortgage rates rise, some home buyers are starting to back away from the higher costs of ownership. Existing-home sales fell in March, the second consecutive month for declines, the National Association of REALTORS® reported Wednesday. Still, with limited housing stock for sale, homes continue to sell fast and for higher prices.NAR’s existing-home sales index—which reflects completed transactions for single-family homes, townhomes, condos
Though the current housing crisis was decades in the making, all levels of government and the private sector can work together now to ease the burden on consumers and increase housing availability, affordability, and accessibility. This was the message Tuesday from experts during a webinar hosted by national think tank Third Way called “A Look Ahead: Fixing the Housing Crisis.”Chronic underbuilding has contributed to housing supply
Single-family rentals remain a hot commodity. Rent prices continued their double-digit climb in February, rising 13.1% overall compared to a year earlier. It marked another record for single-family rents, according to CoreLogic’s Single-Family Rental Index.A shortage of available rentals is leading to a run-up in prices. Also, double-digit gains in home prices are pricing out some would-be home buyers and prompting them to rent instead.“Singl
The 30-year fixed-rate mortgage jumped to a 5% average this week, the first time it’s been that high since 2011. Since the beginning of the year, mortgage rates have jumped by 1.8 percentage points and added about $400 to the average monthly mortgage payment for a median-priced home, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, writes for the association’s blog.Also, with inflation a
The average property tax on a single-family home in 2021 rose at the smallest pace in five years. Taxes rose by 1.8% last year, from $3,719 in 2020 to $3,785 in 2021 nationwide, according to a new report from ATTOM Data Solutions, a real estate data firm.“It’s hardly a surprise that property taxes increased in 2021, a year when home prices across the country rose by 16%,” says Rick Sharga, executive vice president of market intelligence at
Rental prices are rising fast and, as leases come up for renewal, tenants may be shocked by just how much. A new report from realtor.com® shows that rental prices rose by nearly 20% from March 2020 to 2022.Sun Belt metros topped the list of fastest-growing rental markets over the past two years, led by Miami, Riverside, Calif., and Tampa, Fla. On the other hand, major tech hubs that have in the past served as rental leaders lately have seen many
New-home costs likely will continue to increase as rising building material costs squeeze construction budgets. The prices of goods used in residential construction rose again in March and are up 8% since the start of 2022, the National Association of Home Builders reports citing Bureau of Labor Statistics data.Year over year, building material prices have increased 20.4% and have risen 33% since the beginning of the pandemic, the NAHB reports.Th
Just as home prices reach new heights, renters are now paying more for their leases too. Rents for studios to two-bedroom units increased by 17.1% in February, and rents nationwide reached a new high of $1,792 per month, according to realtor.com®.Rental prices are soaring in many of the nation’s largest coastal cities. For example, in Miami, rental prices rose by more than 50% in the past year, realtor.com® reports.But affordable rental haven
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
