The cost difference between owning a home and renting an apartment has reached its widest gap in more than 15 years as home prices rise and interest rates on home loans soar, according to a recent industry analysis.On average, owning a home costs $1,176 more per month than renting from a professionally managed apartment complex, according to an analysis published this month from the National Multifamily Housing Council (NMHC). That's th
Nineteen cities out of 20 tracked by the S&P CoreLogic Case-Schiller Index posted monthly declines in January, with the biggest decreases seen in San Francisco, Seattle and San DiegoU.S. home prices cooled in January, marking the seventh-consecutive month of declines, according to new data released Tuesday.The U.S. National Home Price NSA Index, tabulated by S&P CoreLogic Case-Shiller, reveals a 0.5 percent month-over-
NAR Chief Economist Lawrence Yun draws the distinctions between today’s real estate market and that of more than a decade ago.Many homeowners are still haunted by the 2008 housing crash when property values collapsed and foreclosures spiked. The memory of a sudden catastrophe at a time when the real estate market had been riding high may help explain why 41% of Americans say they now fear a housing crash in the next year, according to a new sur
Rates below 6.5% are lifting home purchase demand at the start of the spring homebuying season.Mortgage rates continued to slide this week, even after recent bank failures failed to stop the Federal Reserve from hiking its benchmark interest rate for the ninth consecutive time. Mortgage rates are following the downward trend of 10-year Treasury yields, which is helping to lift homebuying demand. While the 30-year fixed-rate mortgage averaged 6.42
Sales of newly built single-family homes rose 1.1% in February while the average sale price climbed to just under $500K, according to data released Thursday by the US Census Bureau Sales of newly constructed single-family homes remained mostly flat during February, marking only a modest increase ahead of the spring buying season, according to data released Thursday by the U.S. Census Bureau.Sales of newly built single-family homes rose 1.1 pe
Prices fell in February for the first time in 131 months, which could bring more buyers to the market just in time for spring, according to NAR’s latest housing report.Existing-home sales ended a yearlong decline in February, posting gains for the first time in 12 months, the National Association of REALTORS® reported Tuesday. Existing-home sales increased 14.5% month over month—which marked the largest monthly gain since July 2020—reachin
Recent bank failures are creating economic panic, but there may be a silver lining for home buyers.Mortgage rates, which have risen more than half a percent over the last five weeks, fell this week amid fears about the sturdiness of the nation’s banking industry. Silicon Valley Bank and two others that primarily support the technology industry shuttered operations, sending shock waves through the U.S. economy.The 30-year fixed-rate mortgage dec
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iPro was founded on the idea of building a better living with champion real estate services. We focus on incorporating and mastering the latest technologies and perform all types of real estate transactions. Our team of professionals set a stronger standard of business and give superior results.Click here for information on becoming a salesperson.
The real estate industry got 2 kernels of good news in the latest jobs numbers from the US Bureau of Labor Statistics The latest jobs data contains a couple kernels of good news for the real estate industry, pointing to less pressure on mortgage rates and an eventual boost in home demand.For one thing, payrolls in real estate continue to come in stronger than in the U.S. at large, with 16,300 new jobs added on a seasonally adj
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