Existing-home sales continued to fall last month as home buyers faced higher mortgage rates and fewer housing options. Read more from NAR’s latest housing report.Two main factors are driving current sales activity: inventory availability and mortgage rates. “Unfortunately, both have been unfavorable to buyers,” says Lawrence Yun, chief economist at the National Association of REALTORS®.Existing-home sales—completed transactions for singl
Housing starts increased 3.9% between June and July to a seasonally adjusted annual rate of 1.45M units, according to data released Tuesday by the US Census Bureau New housing starts ticked up slightly between June and July as demand for new construction pushed homebuilders to increase production.Housing starts increased 3.9 percent between June and July to a seasonally adjusted annual rate of 1.45 million units — 5.9 percent higher
The amount of wealth in the world is set to rise substantially even as inequality declines. That's the conclusion of Swiss bank UBS' 14th annual global wealth report.Why it matters: The story of the 19th and 20th centuries was broadly one in which new wealth went mostly to the rich — both in terms of individuals and in terms of countries. That's now changing, fast.By the numbers: Total wealth fell in 2022, as you'd expe
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Higher borrowing costs are hitting first-time buyers especially hard.For the third consecutive week, mortgage rates were on the rise, forcing some hopeful home buyers to the sidelines. Freddie Mac’s latest nationwide survey shows the 30-year fixed-rate mortgage averaging 6.96%.“Rates are just a sliver below 7%, and that will make it difficult not only for home buyers but also sellers considering a move,” says Jessica Lautz, deputy chief eco
Prior to the pandemic, Yue and Chris Parsons were, like many Millennials, reluctant renters moving from one apartment to another, wondering when they would be able to buy a home of their own.But the pandemic turned out to be an opportunity — not just for the Parsonses, who are 34 and 36 years old, respectively, but for lots of other young people.From 2016 to 2022, homeownership rates rose most for those under 44, according to rec
These areas of the country are attracting the most new residents and seeing the fastest economic expansion in the U.S., according to a new analysis.The city of Provo, Utah, is the biggest boomtown in America, gaining the most new residents and experiencing the sharpest economic expansion in the nation, according to a new analysis(link is external) by background check company Checkr. In fact, Utah claims four of the biggest boomtowns in
Investor interest in fix-and-flips is soaring as profits climb once again, new data shows. Here’s where your clients should be searching.Home flipping hit its second-highest level in about a century during the first quarter of this year, according to new data from ATTOM Data Solutions. Flips comprised 9% of all sales, according to ATTOM’s 2023 U.S. Home Flipping Report(link is external). But while profits and returns on investment are on
The shortage of affordable multifamily housing continues nationwide. The good news is that developers and architects are bringing solutions to the multifamily market.It’s no secret that affordable housing is in short supply. Both the single-family and multifamily market struggle to meet the need. According to the National Low Income Housing Coalition, not a single one of the 50 states(link is external) has an adequate supply of rental
Relocation buyers are moving greater distances. Cash buyers are tough competitors. The relief in home prices likely is over. Know the factors impacting your clients’ home search the most.The real estate market is poised for better days ahead as the short-lived “housing recession” comes to an end.Lawrence Yun, chief economist at the National Association of REALTORS®, said Wednesday during NAR’s quarterly Real Estate Forecast Sum
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