The American home is getting larger. The pandemic has prompted more homeowners to want more space to spread out in, and also may have encouraged bigger households as more people live under one roof. That has led to an increase in the size of new single-family homes.The median single-family square floor area has increased to 2,338 square feet. The average square footage for new single-family homes rose to 2,561 in the fourth quarter of 2021, accor
With housing inventory at an all-time low, contract signings decreased 5.7% month over month in January—the third consecutive month for a drop, the National Association of REALTORS® reported Friday. NAR’s Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, is down 9.5% compared to a year earlier. All four major regions of the U.S. posted annual declines in activity. “Buyers are still having a dif
The 30-year fixed-rate mortgage reversed course this week and decreased to an average of 3.89%, Freddie Mac reports. However, with expectations of even higher inflation on the horizon, mortgage rates likely will resume their upward trek over the coming weeks, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, notes on the association’s blog.Despite this week’s decline, mortgage rates have
The Dallas metro area has posted the most development over the last decade, as it attracts the most new residents and businesses, according to a new analysis from StorageCafe, a nationwide storage firm owned by Yardi.“Mainly supported by a strong job sector and a healthy economy, the residential sector in Dallas has seen amazing growth,” researchers say. “Not only did the pandemic not slow the market, but 2020 and 2021 saw the highest numbe
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
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