Seller Optimism Has Never Been So High Seventy-seven percent of consumers say it’s a good time to sell a home—a record high, according to Fannie Mae’s Home Purchase Sentiment Index, a survey of 1,000 adults on their views of the housing market. They have plenty of reason to feel so upbeat: Existing-home sales prices were …
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Jul 12
Plummeting Lumber Prices Little Help to Builders
Plummeting Lumber Prices Little Help to Builders The price of framing lumber has plunged about 50% over the last seven weeks, offering up a hopeful sign that skyrocketing building costs would ease. However, builders say that the prices they pay have only declined by a fraction of that percentage. The disconnect in pricing has always existed …
Jul 08
Prices for Construction Materials Jump 26% in a Year
Prices for Construction Materials Jump 26% in a Year Widespread shortages on building materials continue to prompt home builders to raise their prices. Material prices have increased by 26% over the past year for building the same house, according to National Association of Home Builders data. That’s put pressure on new-home prices: In May, …
Jul 08
Short-Term Rentals
Short-Term Rentals According to a Trip Advisor survey from this spring, more than two-thirds of Americans said they plan to travel during this summer. Investors are discovering greater interest in their short-term vacation rentals, and business is booming. Occupancy rates surged 21% in May compared to pre-pandemic levels from May 2019, according to AirDNA, …
Jul 07
30-Year Mortgage Rate Drops Below 3% Again
30-Year Mortgage Rate Drops Below 3% Again Home buyers had another chance to snag lower rates this week. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports. “Economic growth remains steady and is bolstering more segments of the economy,” says Sam Khater, Freddie Mac’s chief economist. “Although low and stable mortgage rates have kept the …
Jul 07
Lift in Listings as Home Prices Shatter Records
Lift in Listings as Home Prices Shatter Records As home listing prices break another new record, more homeowners are looking to take advantage and list their homes for sale. New listings in June rose 5.5% year-over-year and are up 10.9% over the prior month, according to a new report from realtor.com®. The uptick in …
Jul 06
Homeownership Is Slipping
Homeownership Is Slipping Job losses during the COVID-19 pandemic hit the Asian American community particularly hard. Hate crimes also surged against the community, the fastest-growing population in the U.S. About 60.6% of Asian Americans and Pacific Islanders are homeowners. While that’s a higher percentage than other minority groups, the numbers are lower than the …
Jul 06
Where Buyers Are Destined to Find Vacation Properties
Where Buyers Are Destined to Find Vacation Properties Vacation-home sales have surged during the pandemic as remote work and low mortgage rates have made them more desirable. In 2020, vacation-home sales climbed 16.4%, outpacing the 5.6% growth in existing-home sales, according to the National Association of REALTORS®’ 2021 Vacation Home Counties Report. NAR identified the …
Jun 30
Fannie Chair Cautions Owners Not to Take Out Too Much Equity
Fannie Chair Cautions Owners Not to Take Out Too Much Equity Home prices have posted double-digit annual gains and homeowners are feeling richer. Those higher prices are also driving an uptick in cash-out refinancing, in which owners are taking out some of the home equity by refinancing. In 2020, about $185 billion of equity was …
Jun 30
Remodeling Costs Rose
Remodeling Costs Rose The pandemic fueled a remodeling boom as more homeowners sheltered in and looked to redo their home as a new hobby. But the costs of remodeling projects have soared over the past year. Some house projects have seen prices jump by more than 50% in 2020 compared to 2019. Also, the average …
Jun 29
Mortgage Rates Rise
Mortgage Rates Rise For the first time in 10 weeks, mortgage rates inched above 3%—and the era of 2% rates may be over. “As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” said Sam Khater, Freddie Mac’s chief economist. “For …
Jun 29
Buyers Waive Contingencies
Buyers Waive Contingencies To win a bidding war, more buyers are waiving appraisal and inspection contingencies, according to the latest REALTORS® Confidence Index survey. Home buyers most commonly are waiving the appraisal contingency (28%) and the inspection contingency (25%), shows the survey of more than 3,300 REALTORS®. The buyers waiving contract contingencies are …
