Following three consecutive months of declines, pending home sales rebounded strongly in October. But contract signings are still sliding behind levels from a year ago as potential home buyers continue to get frustrated at the lack of inventory.The National Association of REALTORS® reported that its Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 3.5 percent to a reading of 109.3 in October. The index
Home shoppers may have it easier in 2018. Inventory constraints of for-sale homes and rising home prices may finally start to ease next year, according to realtor.com®’s 2018 National Housing Forecast.“Next year will set the stage for a significant inflection point in the housing shortage,” says Javier Vivas, director of economic research for realtor.com®. “Inventory increases will be felt in higher priced segments after spring home buy
You're on the road a lot, helping your clients who, at the very least, want a commute they won't hate. All natives of a city feel like they know the worst traffic to be caught in—and now a traffic analytics company has nailed down the proof.Inrix, a research company focusing on transportation, ranked 100,000 traffic hotspots based on the cost of wasted time, lost fuel, and carbon emissions in the 25 most congested American cities.The big winner
The Thanksgiving holiday may have taken a bite out of mortgage applications last week. Mortgage applications dropped 3.1 percent for the week on a seasonally adjusted report, which included the Thanksgiving holiday, the Mortgage Bankers Association reported Wednesday. The MBA’s mortgage index reflects demand for refinancing and home purchase applications.Refinancing applications plunged 8 percent last week, the lowest level since January, the M
The Federal Housing Finance Agency announced it will raise its conforming loan limit on Jan. 1, 2018. Mortgage financing giants Fannie Mae and Freddie Mac will allow maximum conforming loan limits for mortgages in most parts of the U.S. to be $453,100.For 10 years, the FHFA had set the conforming loan limit in most places at $417,000. But as home prices started rising, the FHFA bumped up the conforming loan limit in 2017 to $424,100. As prices co
Sales of new single-family homes jumped 6.2 percent in October to a seasonally adjusted annual rate of 685,000 units, the Commerce Department reported Monday. This marks the highest pace for new-home sales since October 2007. “The October report shows strong sales growth at entry-level price points,” says Granger MacDonald, chairman of the National Association of Home Builders. “In markets where builders are able to provide homes for famil
Development of office space is shifting toward suburban areas, though San Francisco is expected to remain a top spot for such development throughout 2018, Commercial Café reports. Economists project that the overall office market will see growth in the new year. On a national level, 347 buildings and close to 75 million square feet of new office space will be delivered in 2018. Forty-seven percent of that total will be located in suburban areas.
Homes today spend a median time of three weeks on the market—far shorter than the median of 11 weeks five years ago, according to new data from the National Association of REALTORS®. “The inventory shortage and the growing economy and job creation has increased the interest in home buying,” says NAR Chief Economist Lawrence Yun. “There is just not enough inventory; people need to fight over the few homes available on the market.”Histor
Baby boomers are the fastest-growing group of renters in the nation, increasingly drawn to the convenience of apartment life. Between 2009 and 2015, the number of renters ages 55 and older jumped 28 percent, while renters ages 34 and younger only increased 3 percent, according to Census data. Further, more than 5 million baby boomers nationwide are expected to rent their next home by 2020, according to a 2016 study by Freddie Mac.“You would thi
Among the home improvement projects buyers are most likely to value are those that increase storage space and preserve vintage features. Southern Living magazine recently rounded up some of the renovations that get sellers the most attention for their properties, including:Temperature-controlled square footage: “From the appraiser’s point of view—and really from everyone’s—heated and cooled square footage is the biggest winner” in
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