Existing-home sales posted their third consecutive month of declines despite soaring home buyer demand nationwide. Despite record-high home prices, buyers remain active in the market, but the lack of homes for sale is constraining activity.However, a turnaround to ongoing inventory woes could be on the horizon, said Lawrence Yun, chief economist of the National Association of REALTORS®.Existing-home sales—completed transactions that include si
As the economy continues to strengthen, mortgage rates are heading upwards. The 30-year fixed-rate mortgage increased from its 2.94% average last week to 3% this week, Freddie Mac reports.“Mortgage rates are more likely to continue to rise than fall throughout the rest of 2021,” Nadia Evangelou, National Association of REALTORS® senior economist and director of forecasting, writes on the association’s Economists’ Outlook blog. “The eco
Opportunity zones—federally designated areas that are ripe for investment and revitalization—are benefiting from the housing boom, too, as they see prices increase to the likes of more affluent places. In the first quarter of 2021, 75% of opportunity zones with sufficient data saw median home prices rise annually. Two-thirds of them saw prices rise by at least 10%, according to a new report from ATTOM Data Solutions.Opportunity zones were est
Real estate pros are report homes fetching multiple offers to the likes of 20 or even 97 bids on listings as the homebuying frenzy continues. To win in a bidding war, buyers may be willing to waive contingencies and stretch their budgets to the absolute max.Some buyers are offering $100,000 above asking price, Debbie Barrera, a broker at Realty Austin in Austin, Texas, told The Wall Street Journal. She even had a buyer offer $500,0
The median rent in the 50 largest metros nationwide increased 2.7% year over year, the largest growth since the beginning of the COVID-19 outbreak, according to a new report from realtor.com®. The nation’s largest tech hubs are seeing some of the biggest rebounds in rental prices as more technology firms announce return-to-the-office plans.The U.S. median rent in April averaged $1,483, the fastest growth since March 2020. Prior to the pan
More Americans are now reliant on fast internet as remote work and school and tech-enabled personal connections grew during the COVID-19 pandemic. House hunters even say fast internet and cell service are crucial as they shop for homes, new surveys show.Where you live may have a stake in just how fast your internet speed is. A new study from HighSpeedInternet.com analyzed and ranked the average internet speeds of the top 100 largest met
Home sellers have big expectations of multiple offers, bidding wars, and high prices when they list their home for sale, according to a new survey from realtor.com® of 657 homeowners planning to sell in the next 12 months. Twenty-four percent of homeowners expect to get more than their asking price, and 29% of sellers plan to ask for more than what they think their home is worth, the survey shows.Home sellers are looking to cash out on the red-h
Housing starts dropped in April as builders saw rising building costs hamper inventory and affordability. Housing production fell 9.5% last month to a seasonally adjusted annual rate of 1.57 million units, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported Tuesday.While homebuilding is down, the demand for new homes continues. The latest homebuilding data is “discouraging at first glance,” said Lawrence Y
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Property taxes can vary considerably based on where you live. Homeowners in some metro areas pay thousands of dollars more per year than owners elsewhere. Home shoppers will want to factor in these added costs when they buy to avoid unexpected tax surprises.For example, the median real estate tax in Las Vegas—the lowest of the 50 largest metros analyzed—is about $7,700 cheaper than in New York, where property taxes are highest, according to a
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