Existing-home sales rose in August, marking two consecutive months of gains, even as a limited number of homes for sale remains a pressing issue on the market, the National Association of REALTORS® reported Thursday. Three of the four major regions of the U.S. saw an uptick last month, the West being the only region not to see an increase in sales.“As expected, buyers are finding it hard to resist the current [mortgage] rates,” says Lawrence
The Federal Reserve lowered its benchmark interest rate by another quarter of a percentage point on Wednesday to a range of 1.75% to 2%, citing concerns over a global economic slowdown. Mortgage rates aren’t directly tied to the Fed’s interest rate, but they do tend to be influenced by them.Following its meeting, the Fed signaled that another rate cut is likely before the end of the year. It cited “uncertainties” about the economic o
Fewer homes were flipped by investors in the second quarter compared with the same quarter one year ago as profits grew smaller, according to ATTOM Data Solutions’ 2019 U.S. Home Flipping Report. Homes flipped in the second quarter were down 5.2% from a year ago. Overall, home flips in the second quarter comprised 5.9% of all home sales during the quarter.Investors are seeing fewer profits from their flips. Homes flipped in the second
Housing starts posted “healthy gains” in recent weeks as homebuilders feel more confident about the new-home market, the National Association of Home Builders reports.Led by an increase in multifamily production, total housing starts surged 12.3% in August, reaching a seasonally adjusted annual rate of 1.36 million units, the Commerce Department reported Wednesday. This marks the highest level since May 2007.Single-family starts rose 4.4
Low rental-home inventory is prompting single-family rental prices to rise, driven mostly by an upswing in demand from millennials. However, annual increases are slowing, according to a new report from CoreLogic, a real estate data firm.U.S. single-family rent prices rose 2.9% year over year in July, which is lower than the 3.1% gain in July 2018. The highest annual rent price increase was in Phoenix, at 7.2%.Rent growth continues to be propelled
Credit scores are rising, which bodes well for mortgage seekers desiring the lowest rates. The average FICO credit score, which is a widely used measure of a person’s creditworthiness, stands at 706, a record high, according to newly released FICO data.For comparison, in 2009 at the end of the Great Recession, the average FICO score was 686. Scores averaged 690 in 2006 during the housing bubble.A FICO score in the range of 670 to 739 is conside
Today’s homes are filled with sensitive, sophisticated electrical appliances that may take commands from phone apps and voice-activated devices. But they can’t yet ward off increasingly unpredictable weather.Bad storms bring powerful lightning and hurricane-force winds that cause an increase in power surges that shut off lights, stop refrigerators, and in worst cases, overheat and fry appliances. Replacing equipment can become costly.Plugging
Homeowners are underestimating the cost of expensive remodeling projects, often by thousands of dollars. For example, homeowners’ estimate for the price of a kitchen remodel is off by more than $9,500, a difference of 48%, according to a new study from Discover based on a survey of 969 consumers. The kitchen renovation, one of several common remodeling jobs that researchers evaluated, was the most underestimated home project.“P
Many markets have seen significant price recoveries since hitting their bottom values in the housing crisis, but a quarter of markets still have not fully recovered, according to HSH.com’s latest Home Price Recovery Index. The index examines the home values of the top 100 metro areas from 1991 through the second quarter of 2019.“Despite years of economic expansion and improving real estate markets, a quarter of the nation’s most populated m
Increased demand and slow-moving construction are making national rents higher, according to new data from the RentCafe and Yardi Matrix. The national average rent in August rose 3.3% year over year to $1,472.However, rents are rising at a slower pace. The August data marks the slowest rise since February, the report notes. Ninety-seven percent of the cities analyzed saw a seasonal slowdown in August with rents either dropping or only r
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
