Building materials costs have increased, although lumber prices have stabilized after reaching a record high in 2021. Other materials like wood stains, shingles, siding, and insulation have seen significant price spikes.Despite higher costs, construction industry professionals encourage continued building, renovating, and home purchasing....
The Fed hiked its key interest rate by 25 bps to 5.5%The Fed expresses doubt that inflation will continue to decrease towards its 2% target without implementing another rate hike....
Hawaii, with avg price of $681/sq ft California, with avg price of $425/sq ftMassachusetts, with avg price of $417/sq ft New York, with avg price of $416/sq ft...
The supply of homes for sale in the US is approximately half of what it was in 2019. The housing shortage affects buyers differently based on income and location. Homes affordable for those earning $100K/yr are scarce, with a shortage of about 285K listings....
Despite home prices beginning to pull back this year, would-be homebuyers are still willing to take on higher mortgage payments, as the median monthly payment listed on applications for home purchase loans jumped 14.1% in May from a year earlier to an all-time high of $2,165. This is due to the low housing inventory and high interest rates, but the forecast by Realtor.com calls for the average rate on a...
The US housing market is missing 320K home listings valued up to $256K. That is the affordable price range for middle-income buyers. Middle-income buyers can afford to buy 23% of the listings in the current market. Most affordable homes available for middle-income buyers are in Toledo, OH....
Property taxes are an important factor to consider when buying a home, as they can be more expensive than mortgage payments and can increase over time. Different counties and states have different rates for property taxes, so potential homeowners need to research what the taxes will be in the area they are considering buying in. Continue to full article...
Connie McKrieth, 58, was forced to take up residence in a U-Haul van after medical care for cancer depleted her savings. She now lives in a 578 square foot studio apartment in downtown San Diego, which she feels is much more spacious than the van she lived in for nine months. With San Diego County's population of people 55 and older projected to hit one million by 2030, the need for affordable...
Property analysts predict that home prices will ↓ an avg of 2.8% in 2023. That is less than the 4.5% drop predicted earlier. That is also despite the aggressive tightening cycle by the Fed. The tight supply of homes is the main factor contributing to the resilience of home prices....
The DOM for existing homes have fallen back to 22 days. The low DOM could result from either a housing credit boom followed by a bust or a shortage of homes. There hasn't been a massive credit boom as purchase application data remains low, indicating a lack of credit expansion....
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