You’d expect bidding wars in major cities such as San Francisco, Boston, and New York—but Akron, Ohio? The Midwestern town has seen the biggest spike in multiple-offer situations on listings in the nation, according to realtor.com®. And as housing demand picks up in the spring, ushering in the typically busy selling season across the nation, other unassuming metros are becoming hotbeds for buyer competition. “Multiple-offer scenarios are n
Inventory shortages and pressing affordability issues didn’t suppress home sales activity in March. Total sales of existing homes, including single-family homes, townhomes, condos, and co-ops, increased 1.1 percent last month to a seasonally adjusted annual rate of 5.6 million, according to the National Association of REALTORS®. However, home sales are still 1.2 percent below a year ago.“Robust gains last month in the Northeast and Midwes
In many markets, home prices have never been this high. About half of 105 metro areas studied were above their prerecession home price peaks in the first quarter of this year, according to a newly released study by ATTOM Data Solutions, a real estate data provider.The metros with median home prices highest above their prerecession peaks were Houston (69 percent higher); Dallas-Fort Worth, Texas (67 percent higher); Denver (62 percent higher); San
The amount of retail space turning vacant in 2018 is on pace to break a record, reports the CoStar Group, a commercial real estate services firm that has been tracking the amount of retail square footage slated to close nationwide since 2008. Factoring up to April so far of this year, more than 90 million square feet of retail space is expected to go empty. That’s on track to surpass a record of 105 million square feet that closed last year, S
Student loan debt is creating a barrier to homeownership. About 45 million people in the U.S. have student debt, with the average borrower owing more than $30,000, according to Student Loan Hero, a resource for managing education debt. Nearly one-fifth of borrowers owe $100,000 or more, according to data from the National Association of REALTORS®.Paying for student loan debt is taking up a sizable portion of people’s incomes. It also threatens
After mostly stagnant activity levels in recent weeks, mortgage rates are back on the move. The 30-year fixed-rate mortgage rose to its highest level since January 2014 this week, also seeing its largest weekly increase since February of this year, Freddie Mac reports.Average mortgage rates were higher across the board too, posting weekly increases to not only the 30-year fixed-rate mortgage but also to 15-year and 5-year hybrid adjustable-rate m
Eco-friendly homes are growing in demand, but buyers don’t always have to expect to pay a premium. Realtor.com® researched the 200 biggest metros in the U.S. to find the market availability of green homes with eco-friendly features, such as solar panels, smart thermostats, bamboo floors, and more. Researchers also sought to determine how much more or less these homes cost prospective buyers.“Although Southern and Western states still lead t
Single-family rental prices are growing, with the biggest jumps in lower-end brackets. Low-end rental prices—properties with rent prices less than 75 percent of the regional median—were up 3.8 percent compared to high-end price gains of 2.4 percent, according to January year-over-year data released by CoreLogic on Tuesday.Low-end rental home inventory is fueling the bulk of single-family rent price growth lately, according to the analysis. Ye
Homebuying dreams can become real for shoppers in unmarried but committed relationships. According to Jessica Lautz, the National Association of REALTORS®’s director of survey research and communication, a report from NAR found that the highest share of first-time buyers who are unmarried couples was in 2017—the highest on record since 1981. Of course, there are significant risks when buying a home with an unmarried partner. But there are
The spring homebuying season has gotten off to a slow start, at least based on the number of borrowers taking out home mortgages. However, that may be changing: Mortgage applications rose 4.9 percent last week compared to the previous week, the Mortgage Bankers Association reported Wednesday. Both refinance and purchase applications posted increases, even as mortgage rates remained largely in a holding pattern.Applications to refinance rose 4 per
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