Sales of newly built single-family homes continued to decline in June as some builders slowed sales contracts to manage supply-chain challenges and more potential buyers became priced out. Homebuilding timelines are stretching longer and higher construction costs are frustrating buyers.Sales of new single-family homes fell to the lowest level since the first month of the outbreak of the COVID-19 pandemic in the U.S. in early June. Sales dropped 6
Since the pandemic began, vacation home sales have soared as Americans have looked for an alternate work-from-home space and a place to relax and spread out. That has prompted a vacation-town boom.Vacation home sales have jumped 57% this year compared to 2020, according to the National Association of REALTORS®.Lawrence Yun, NAR’s chief economist, told Marketplace that he expects the vacation-home market to stay elevated through the rest of the
The inventory shortage, which has been a nuisance for years now, is causing even greater disruption since the pandemic began. Fueling intense buyer competition and sky-high home prices, the historic supply crunch requires a “once in a generation” federal response to address decades of underinvestment and underbuilding, argues the National Association of REALTORS®.There are areas of the country that exemplify the problem and support
Mortgage rates plunged this week as home prices reached new record highs. The 30-year fixed-rate mortgage averaged 2.78%, Freddie Mac reports. “Concerns about the delta variant and the overall trajectory of the pandemic are undoubtedly affecting economic growth,” said Sam Khater, Freddie Mac’s chief economist. “While the economy continues to mend, Treasury yields have decreased—and mortgage rates have followed suit.”But the low r
Gen Xers—the highest-earning generation, with a median income of $113,300—make up a quarter of home buyers, according to National Association of REALTORS® data. And they’re choosing specific areas to call home.SmartAsset, a financial resource, identified the top states where Gen Xers who earn at least $100,000 annually are moving. Southern and Western states dominate the list. Some have no state income tax, which could be a factor driving
Homebuyers are seeking affordability, in turn driving new cities to the top ranks of the hottest housing markets in the second quarter of this year. The result: Smaller, more affordable markets dominated the rankings in The Wall Street Journal/realtor.com® Emerging Housing Markets Index, which identified the top markets for both buyers and investors in the second quarter of this year.The index evaluates the nation’s 300 largest metro areas, lo
The multimillion-dollar trophy home has been in hot demand since the pandemic. The number of homes that were sold for more than $1 million has increased by a whopping 81% over the past year, according to a new analysis from Point2 Homes.In the Midwest alone, the volume of homes sold for more than $1 million has doubled. In the Northeast, the number of luxury home sales climbed by 98%, and in the South sales were up by 94%.Point2 Homes tracked the
Just how wild is the real estate market right now? You don’t hear National Association of REALTORS® Chief Economist Lawrence Yun say this every day: “We’ve never seen price appreciation of this magnitude.” It’s a sobering message in NAR's latest home sales video, which covers the month of May, when the median home price rose nearly 24% year over year from $283,500 in May 2020 to $350,300 in May 2021.Higher prices have sidelined so
Home sales and affordability are falling due to severely constrained inventory. As such, more government leaders are putting greater focus on the inventory crisis.President Joe Biden recently reiterated his administration’s focus on housing as part of its broader infrastructure push. He’s called for a “historic investment” in housing that could generate 2 million additional homes in the U.S. through new construction and rehabilitating exi
A shortage of homes for sale has forced more prospective buyers to rent. That is driving up prices in the rental market.The U.S. median rental price in June jumped 8.1% compared to a year ago, reaching $1,575, realtor.com® reports. Also, two-bedroom units saw the largest increase in rents at 10.2%, as the demand for more space continued to remain high.Rental prices in 44 of the largest 55 metros broke records last month. The largest gains were r
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