The biggest economic story of the post-pandemic period has been inflation.It's a narrative that, at first, had two clear phases. First came the breakneck acceleration in price growth amid reopenings and job changes, when the 12-month inflation rate surged from less than 1% in June 2020 to more than 9% in June 2022.Then the fever appeared to break, with price growth slowing over the next 12 months to just 3.1% in June 2023.Yet it is now clear that
More buyers are leveraging equity from a previous home sale and dodging higher mortgage rates.Home buyers who paid cash accounted for 32% of home sales in January, marking the highest rate since 2014, the National Association of REALTORS® reports. Many leveraged the equity from a prior home sale.Vacation-home buyers and real estate investors made up the bulk of all-cash buyers over the last six months, according to NAR. However, in the last two
Here are key takeaways from the February US jobs report released Friday:Nonfarm payrolls effectively undershot expectations. While they climbed 275,000, more than the 200,000 median estimate in Bloomberg’s survey, that was only after the previous two months of payroll gains were revised lower by 167,000.The unemployment rate unexpectedly climbed to 3.9%, the highest in two years, with the household survey of employment showing the fou
Spring hasn’t officially sprung yet, but the spring housing market already appears to be on the move despite stubbornly higher mortgage rates.Mortgage applications to purchase a home increased 11% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand was still 8% lower than the same week one year ago.The average contract interest rate for 30-year fixed-rate mortgages with
Borrowing costs, which are rising toward 7% again, are putting a damper on the housing market.Recent swings in mortgage rates are helping to drag down contract signings, which fell 5% in January, the National Association of REALTORS® reported this week. Pending home sales, a forward-looking indicator of housing activity based on contract signings, were down 8.8% compared to a year earlier.“The job market is solid, and the country’s total wea
Weatherization, also known as weatherproofing, protects a home’s interior from outdoor elements, moisture and extreme temperature fluctuations.Those who live in cold climates are well versed in adding an extra layer or two to stay warm as temperatures drop. Though homeowners might not think of it as such, the same concept applies to homes in cold climates. Weatherization, also known as weatherproofing, protects a home’s interior from outdoor
Escalating borrowing costs may interrupt a rebound in home sales—if only briefly.Mortgage rates have started climbing again, reaching the highest level since mid-December. The 30-year fixed-rate mortgage jumped to an average of 6.9% this week, Freddie Mac reports. Home prices also are weighing on buyers’ budgets, with the median price nationwide surging last month to a record $379,100, the National Association of REALTORS® reported.What’s
Navigating the challenges and opportunities of property managementBecoming a landlord can be a promising avenue for generating passive income and building wealth — but it’s not without challenges. From understanding legal requirements to managing tenant relationships, there’s a lot to consider before taking the plunge. These eight essential factors can help you prepare for the responsibilities and opportunities of being a landlord.Foll
Existing-home sales decreased 1.7% annually in January, according to the National Association of Realtors. However, sales did improve 3.1% from DecemberExisting-home sales struggled to break out of a winter slump, according to a National Association of Realtors report published on Thursday.The sale of existing single-family homes, townhomes, condominiums and co-ops declined 1.7 percent year-over-year from 4.03 million in January 2023 to a se
Homeownership rates are up across racial and ethnic groups, according to NAR data, but disparities persist.Homeownership among Asians and Hispanics in the U.S. has hit an all-time high, reaching 63.3% and 51.1%, respectively, according to the National Association of REALTORS®’ 2024 Snapshot of Race and Home Buying in America. The report, which reflects 2022 data, the most recent available, shows an uptick in homeownership rates across min
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