The share of new homes that are 5,000 square feet or more is dropping. It’s now at its lowest point since 2012, during the Great Recession.The percentage has dropped from 3.9 percent in 2015 to 3.1 percent in 2016. In absolute terms, that’s 28,000 units reduced to 24,000, respectively, according to the U.S. Census Bureau’s Survey of Construction.In 2015, the share of 5,000-plus–square-foot homes skyrocketed to its highest number since 20
Charles McMillan, CIPS, the 2009 president of the National Association of REALTORS®, whose consensus-building spirit and get-it-done style helped steer NAR through the depths of the worst economic downturn since the Great Depression, died Wednesday in Ft. Worth, Texas, after complications from congestive heart failure. He was 66.“He had a gentle, yet strong demeanor about him,” said 2018 NAR President Elizabeth Mendenhall. “He was extraor
More households are feeling richer across the country. But in a handful of cities, residents are seeing incomes skyrocket.SmartAsset, a personal finance site, evaluated the cities where incomes are growing the fastest by analyzing median household income data from 2015 and 2016.Tech hubs have seen the biggest jumps in incomes. Five of SmartAsset’s top 10 cities with the fastest-growing incomes are in tech hub areas: Oakland, Calif.; Raleigh, N
Interest rates on the 30-year fixed-rate mortgage dropped last week, but it wasn’t enough to entice more refinancers and potential buyers to take out loans.The Mortgage Bankers Association reported on Wednesday that total loan volume—which includes refinancings and home purchases—was unchanged last week compared to the previous week.Typically refinance applications perk up when interest rates drop, but the MBA reported the refi market actu
Trust Stamp, an identification authenticity tool that leverages artificial intelligence and blockchain technologies to verify prospective clients’ identities, is now available to REALTORS® free of charge as part of the National Association of REALTORS®’ investment in the startup through its Second Century Ventures technology fund.The tool is intended to improve the safety of real estate professionals, using software that scours public recor
The U.S. Census Bureau recently reported the homeownership rate rose to 63.9 percent in the third quarter, which is the highest level since 2014. The rate is only up from 63.7 percent in the second quarter, but the fact that this rise is coinciding with sluggish reports from the rental sector may indicate that young adults are fleeing rentals for the housing market.Investors have devoted tens of billions of dollars to the multifamily sector, bel
Twitter's approximately 330 million users can now send tweets on that are up to 280 characters in length, Twitter announced Tuesday. That is double its previous limit of 140 characters.In September, Twitter tested longer tweets on a small group of users. The company says they found those with an expanded character limit spent less time editing their tweets, spent more time on Twitter, and interacted with more users on the social network."We saw
Prices continue to accelerate at record paces in a few select markets, and investors and homeowners are seeing their equity stake surge.Realtor.com®’s research team analyzed 300 of the nation’s largest metros between September 2014 and September 2017 to find which markets have seen the largest increases in median list prices over that period. Researchers looked at the percentage change—not total dollar uptick—over one-, three-, and five-
Nearly 38 percent of real estate agents have admitted to fearing for their personal safety on the job at some point. For female agents, the number is closer to half, according to the National Association of REALTORS®’ 2017 Member Safety Report.And now agents say they’re seeing a new danger emerge from drug addicts.CNBC reports: “The nation’s opioid crisis has put some real estate agents, especially those who represent higher-end propert
A rising homeownership rate could threaten the multifamily sector.The apartment market is showing signs of slowing—very subtly—as the homeownership rate ticks up. The homeownership rate in the third quarter rose to 63.9 percent. Even a one-percentage point increase in the homeownership rate could subtract about 800,000 rental units from net absorption, says Michael Cohen, CoStar direct of advisory services, in presenting the Multifamily Marke
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