Housing demand has been on fire amid the pandemic, and home prices have skyrocketed in response. Many markets have seen double-digit percentage price growth since the pandemic began.For example, in Rochester, N.Y., where home prices have been particularly volatile, the median sales price has surged by nearly 170% from September 2020 to September 2021.The National Association of REALTORS® reports that the median existing-home price for all housin
The boom in home prices is helping state and local governments’ pocketbooks. Property tax collections reached their highest level since at least 2009, according to a new analysis from the National Association of Home Builders.Property owners paid $703.5 billion in the four quarters ending in the second quarter, up 13% for the year.Tax revenues for state and local governments can be volatile. However, “property tax collections have proven rela
Homebuilding has ramped up over the last decade and notably accelerated sharply in 2020 during the pandemic, according to the National Association of Home Builders. Builders applied for 134% more single-family permits in 2020 compared to 2011. Permits are used as a gauge to measure future construction. Multifamily construction permits are 139% higher in that period.Construction has increased the most in Texas, which nabs the top spot for activity
Single-family rents posted their fastest increase in more than 16 years Americans continue to desire larger living spaces amid the pandemic. Investors taking notice are flooding the market to capture more rentals.U.S. single-family rents were up 9.3% year over year in August, approaching double-digit gains, according to CoreLogic’s Single-Family Rent Index. The increase in August was more than quadruple the increase from August 2020. While that
Beyond the sentimental attachments that seniors have built for their homes, they also believe homeownership was the smartest financial decision they ever made, a new survey says.Nearly three in four seniors—74%—say that purchasing their home was their best financial decision, according to a new survey of more than 1,500 respondents ages 60 to 75 conducted by the American Advisors Group. Further, 73% of respondents say that their home has beco
Existing-home sales rebounded in September as buyers may have felt a sense of pressure as mortgage rates started to inch up. Existing-home sales rose by 7% in September compared to August. All major regions of the country posted increases last month, the National Association of REALTORS® reported Thursday.“Some improvement in supply during prior months helped nudge up sales in September,” says Lawrence Yun, NAR’s chief economist. “Housin
Foreclosures are rising now that pandemic-led moratoriums have mostly been lifted. Foreclosure filings in September jumped by 24% from August and are up 102% compared to a year ago, according to an Oct. 15 ATTOM Data Solutions report. Because of the pause in foreclosures amid the pandemic, those percentages still reflect very low numbers.More housing inventory will appear due to mortgage forbearance programs winding down, says Lawrence Yun,
Keep your eye on Elkhart-Goshen, Ind.—it may be the best market in the U.S. for homeowners and investors, according to the latest Wall Street Journal/realtor.com® Emerging Housing Markets Index.The index, which covers 300 of the largest metro areas in the U.S., weighs several housing variables, including the state of the housing market, economic vitality, quality of life, and more to predict the areas most likely to see home price growth over
The Federal Housing Finance Agency will accept appraisals conducted remotely—without the physical presence of an appraiser—starting in early 2022 for qualifying Fannie Mae– or Freddie Mac–backed mortgages. The government-sponsored enterprises will use public records, including listings and tax appraisals, to process desktop appraisals for purchase loans.Sandra Thompson, acting director of the FHFA, made the announcement on Monday during t
Rents are rising quickly. Rents have increased, on average, more than 10% between the first quarter of 2020 and the third quarter of 2021, according to data from RealPage Inc. analyzed by The Business Journals. Many metros, however, are outpacing that growth.Many rental rates have surged since the COVID-19 pandemic. Pent-up demand and relocations have fueled increases in apartment rental rates, with some markets even seeing more than a 20% growth
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