Home prices are rapidly rising, but rental prices are as well, and at a faster pace. In more than half of the nation’s largest U.S. metros, Americans likely will find buying a starter home more affordable than renting, according to a newly released report from realtor.com®.Median rental prices rose 19.8% year over year in January. That has outpaced monthly starter homeownership costs, despite a very competitive housing market, researchers say.
Homebuyers appeared in a rush to lock in mortgage rates ahead of further increases and to take advantage of any housing inventory they could find last month. Existing-home sales climbed 6.7% in January compared to the prior month, led by the strongest gains in the Southern region of the U.S., according to the National Association of REALTORS®’ latest existing-home sales report.Sales rose even as housing inventories fell to an all-time low and
Borrowing costs are climbing: The 30-year fixed-rate mortgage rose to a 3.92% average this week, Freddie Mac reports.“Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” says Sam Khater, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hu
The Walt Disney Company is bringing “Storyliving by Disney” to those who want to live out the Disney magic beyond the silver screen. It announced it will be building a housing development in Southern California—the first of what they plan to be many across the U.S.The development, to be built in collaboration with DMB Development, will be located in Rancho Mirage, Calif., and will be constructed on a 24-acre “grand oasis featuring cl
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Rising home prices are prompting more borrowers to take out supersized home loans. Borrowers are taking out the largest mortgages ever on record.The average purchase loan size reached an all-time high of $453,000, the Mortgage Bankers Association reports. Loan sizes have continuously been hitting new record highs over recent weeks. Home prices are up by double-digit percentages compared to a year ago.“Prospective buyers still face elevated sale
Investors are capitalizing on sky-high single-family and condo investments in winter resort housing markets. Rising home prices and strong demand are keeping investments in these resort towns profitable.The real estate data firm ATTOM Data Solutions and ZRankings.com identified the top ski resorts based on single-family and condo sales data in 2021. Researchers found that in nearly half of the counties analyzed, home sellers more than d
The commercial real estate market is roaring back. U.S. commercial real estate investment volume in 2021 totaled a record high of $746 billion, a newly released CBRE report shows. That marks an 86% increase over the previous year.In context, however, that is a comparison to when the COVID-19 pandemic struck the U.S. in 2020 and sparked significant declines across the commercial sector.But 2021 marked the commercial industry’s comeback. Multifam
Lumber prices are climbing once again, adding thousands of dollars to the cost of a new home. Builders and consumers thought relief had arrived when the price of lumber started to fall late last year, after soaring to record highs earlier in the year. But starting in December 2021, lumber prices again started to increase.Lumber prices are about triple their average pre-pandemic levels, reports Random Lengths, a lumber industry news site.That
Mortgage rates continue to rise and are nearly a full percentage point higher than a year ago. House hunters should brace themselves for rates near 4% before the end of the year, economists say. “The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic,” says Sam Khater, Freddie Mac’s chief economist. “Rate increases are expected to continue due to a strong labor market a
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