Real Estate News Today

A mild inflation reading in July’s CPI report will leave mortgage rates largely unchanged as the Fed is already on its way to cutting rates at its September 18th meeting. Shelter inflation drove all of the increase in inflation from last month, but it’s outdated, meaning underlying inflation is actu

Rental affordability has improved thanks to flattening rents and a modest increase in teacher pay.  In Portland, OR, the typical teacher can afford 91% of apartments near their school—the highest share among the metros Redfin analyzed. The share is lowest in Miami, at 0.2%. Cleveland ranks most affo

Majority of Metro Areas Saw Home Price Gains in Q2 2024 Thirteen percent of the 223 tracked metro areas experienced double-digit price gains in Q2 2024, up from 15% in Q1 2024. Media Contact:  Troy Green 202-383-1042

The nationwide median asking rent was $1,647 in July, down $53 from the all-time high in 2022. Rents for 3+ bedroom apartments fell the fastest, dropping 2.4% year over year. Rents fell in Sun Belt metros, especially in Florida and Texas, where new construction levels have been strong since the pand

AuthorAmanda Dodge.  Date: August 12, 2024 5:59 am More than half of Americans (56%) believe the United States is in a recession, despite evidence to the contrary. Even though the economy is growing, many people feel pinched by high costs of living and inflation. The 2024 Presidential Election is al

There are now eight trillion-dollar metros, up from four a year ago, with Anaheim, CA, Washington, DC, Chicago and Phoenix joining the list of places where the total value of homes tops $1 trillion. Two New Jersey metros within commuting distance of New York saw the fastest growth in aggregate home

A soft jobs report and recession jitters sent mortgage rates down last week. Despite the small improvement in affordability, pending sales still posted their biggest year-over-year decline in 9 months–but the rate drop prompted some prospective buyers to start the house-hunting process. Mortgage rat

AuthorMike Jeppson.  Date: August 7, 2024 4:41 pm STOP! Read Realtor advice on what hurts the resale value of a home before you make your move. These items could sabotage your sale. The post What Hurts the Resale Value of a Home?  appeared first on FastExpert.

House hunters should consider jumping into the market now, with last week’s soft jobs report sending mortgage rates to their lowest level since April 2023. Daily average mortgage rates have dropped to their lowest level since April 2023, welcome news for homebuyers who have been waiting for affordab

AuthorBill Gassett.  Date: August 5, 2024 5:48 pm Your desire to sell your home could be sabotaged by the language that you use. Learn what not to say when selling a house from an expert. The post What Not to Say When Selling a House appeared first on FastExpert.

17.3% of house hunters, overall, would trade off their safety to find an affordable home. Concern for safety is also a common reason why people are looking to move in the first place. Access to healthcare services, restaurants, bars and coffee shops top the list of trade-offs house hunters are willi

America’s high-fire-risk counties saw a net inflow of 63,000 people last year, driven by migration to Texas.  High-flood-risk counties saw a net inflow of 16,000, driven by migration to Florida.  Texas and Florida have attracted a lot of people in recent years because they offer low taxes, relativel

AuthorKelsey Heath.  Date: August 4, 2024 9:48 pm Selling your home while trying to buy a new house is a careful balancing act. There’s the fear of being “temporarily homeless.” Do you buy first and then list your home? Or do you sell your home and move into temporary housing while you search for yo

AuthorKelsey Heath.  Date: August 3, 2024 3:18 am A second property (even if lived in by the owner for several months of the year and not a rental property) is considered an investment property in the eyes of the IRS. Therefore, the capital gains tax exclusion does not apply to second or vacation ho

Buyer’s agent commissions have declined since the NAR settlement announcement; the average stands at 2.55%, down from 2.62% at the beginning of the year. Changes mandated by the NAR settlement must be complete by August 17; we could see further declines after that.   In dollar terms, the typical buy

A much weaker than expected job market report pushed mortgage rates down to 6.4%, the lowest level since April 2023. The report showed that the Fed may need to accelerate plans for cutting rates as the odds of a recession grow meaningfully higher. The Fed probably should have cut in their meeting ea

The number of renter households grew 1.9% in the second quarter—one of the biggest gains in recent years. The number of homeowner households rose 0.6%—the smallest uptick since 2022. America’s renter population is growing as the cost of homeownership climbs; mortgage payments are up 90% from before

Monthly housing payments have dropped to their lowest level in four months, but homebuyers and sellers aren’t yet reacting. In addition to pending home sales falling, new listings posted their smallest increase in three months.  The median U.S. monthly housing payment was $2,667 during the four week

AuthorChristy Crouch.  Date: July 31, 2024 10:14 pm Get expert advice from a Virginia real estate agent on how to stay sane when selling your home. Forget the stress and embrace a smooth sale. The post Expert Advice: How To Stay Sane When Selling Your Home appeared first on FastExpert.

Fed Chairman Jerome Powell told reporters a rate cut may be coming in September, which is in line with market expectations. The unsurprising news isn’t likely to impact mortgage rates in the short term, but the start of the rate-cutting cycle should help push them down gradually throughout the year.