The majority of metro areas saw home prices rise in the final quarter of 2019 as housing inventories remained constrained and buyer demand stayed high, according to the National Association of REALTORS®’ latest quarterly report.Median single-family home prices rose annually in 94% of the markets NAR tracked in the fourth quarter, or 170 of 180 metro areas. The national median existing single-family home price was $274,900, a 6.6% increase
A lot of factors go into setting the price for a new home. Buyers may be wondering why costs are so high. The median new home price was $331,400 in December, which is much higher than the median price of $274,500 for an existing home.Builders are up against labor and lot shortages and the rising costs of materials. Indeed, 87% of builders recently surveyed by the National Association of Home Builders say that cost and availability of labor is a
As more states move to legalize recreational and medical marijuana, the real estate industry is increasingly being impacted. For one, commercial practitioners are finding increased demand for land, warehouses, and storefronts used for growing and selling marijuana. Real estate pros are also reporting an uptick in cannabis being consumed in rental properties as well as homeowner associations that are grappling with creating rules around
Consumers are willing to move—even more than 500 miles--in order to be with a significant other. And the move tends to be worth it, according to a survey by Bellhops, a professional moving company. Bellhops analyzed nearly 2 million online conversations in the U.S. from June 2018 to March 2019 to find themes in moving. “Moving for love” was among those themes they found.Sixty percent of the people whose conversations involved moving for lov
After a real estate groups’ lawsuit, a New York judge has granted a temporary restraining order to prevent new rules taking effect that banned brokers from receiving fees on rentals in the state. The short-term reprieve was in response to the Real Estate Board of New York, the New York Association of REALTORS®, and other brokerages suing the Department of State over its broker ban fee ruling that they called “unlawful”and having
As interest rates move lower, borrowers can unlock some serious savings by gathering more than one quote from a mortgage lender. It may be worth the extra time to gather up to three quotes from mortgage lenders. The average borrower could save $44,500 over the life of their loan by comparison shopping for a mortgage, a new study by LendingTree finds.In some metro areas, particularly among the nation’s priciest areas, the savings could be even g
Low mortgage rates continue to push borrowing costs lower this year, but not every consumer is able to qualify. About a quarter of mortgage refinance applications are getting denied, according to a study from LendingTree of more than 10 million mortgage applications.The top four reasons why applications were denied were debt-to-income ratio, credit history, incomplete application, and insufficient collateral.Debt-to-income ratios c
One in four homes with a mortgage in the U.S. were considered equity rich in the fourth quarter of 2019, according to newly released data from ATTOM Data Solutions, a real estate data firm. That means the loans on those properties are 50% or less of the home’s estimated market value.The Northeast and West saw the highest amounts of equity among homeowners. California led, with 42.8% of its homeowners considered equity rich, followed by Ver
Housing shortages abound in markets across the country and that could set home shoppers up for a challenging spring. The nation’s housing supply saw the steepest year-over-year decrease in January in more than four years, dropping 13.6% annually, realtor.com® reports. The supply for homes for sale is now at its lowest level since realtor.com® began tracking such data in 2012.The housing shortage shows no signs of easing in the coming months e
The U.S. housing market is feeling the impact of the new coronavirus outbreak from China. Mortgage interest rates have dropped because of it, and the luxury sector has seen Chinese buyers, who had been propelling that market, quickly vanish from it.“China has been the most important source of foreign demand for real estate,” Lawrence Yun, chief economist at the National Association of REALTORS®, told realtor.com®. “The upper-end market ca
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