Sales of existing homes in November fell 7.7% to a seasonally adjusted annual rate of 4.09M, according to data released Wednesday by the National Association of Realtors Existing-home sales dropped for the tenth-consecutive month in November, according to data released Wednesday by the National Association of Realtors.Sales of existing homes in November fell to a seasonally adjusted annual rate of 4.09 million, a 7.7 percent drop f
Year-over-year rent growth dropped to the lowest level June 2021, but remained 3 times higher than the historical average before the onset of COVID-19, according to data Tuesday by CoreLogic Single-family rent slowed for the sixth-consecutive month in October but remained 8.8 percent higher than where it was the year before, according to a new report from a leading data firm tracking rent prices.The year-over-year growth was the lowest
NAR Chief Economist Lawrence Yun draws the distinctions between today’s real estate market and that of more than a decade ago. Many homeowners are still haunted by the 2008 housing crash when property values collapsed and foreclosures spiked. The memory of sudden catastrophe at a time when the real estate market had been riding high may help explain why 41% of Americans say they now fear a housing crash in the next year, according to a new surv
Economic news this week spelled better news for home buyers who are shopping for a mortgage, even after the Federal Reserve’s latest rate hike. Mortgage rates continued to dial back this week as new economic data showed inflation is further cooling off. Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.31% this week. Rates have been decreasing ever since hitting a high of 7.08% last month.The decreasing rates are mak
As the housing market cools quickly, house flippers are finding it harder to make fast profits.In the third quarter, gross flipping profit, which is the difference between the median purchase price paid by investors and the median resale price, dropped to $62,000, according to ATTOM, a real estate data provider. That’s down 18.4% from the second quarter and down 11.4% year-over-year. It represents the smallest profit since the end of 2019 and t
It has been a decade! A full 10 years of striving to provide better real estate services and lifestyles for everyone in our grasp. We thank every one of our loyal members and look forward to continuing our relationship on even more prosperous grounds. And we also thank each and every individual that has put their faith into our members and worked with us to get your own dreams fulfilled. With over $300 million in sales in over 1K transactions, sa
Media headlines focusing on a pending US housing market crash are based on limited data that's skewed by the outsized 2021 numbers New markets require new approaches and tactics. Experts and industry leaders take the stage at Inman Connect New York in January to help navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.This post has been republished with permission from Mike De
Over the last four weeks, borrowing costs have posted their largest decline since 2008. If all your buyers want for Christmas is a lower mortgage rate—they may just get it.The 30-year fixed-rate mortgage averaged 6.33% this week, according to Freddie Mac, dropping for the fourth consecutive week after hitting a high of 7.08%. Mortgage rates are falling due to increasing concerns about lackluster economic growth, says Freddie Mac Chief Economist
Over the past year, rising inflation and the Fed boosting interest rates in response have caused turmoil in the housing market. Little more than a year ago, mortgage rates were near record lows. Now, they are around 7%, two to three times higher.While some markets have seen housing prices fall in response, in most cases, the drop hasn’t been sufficient to keep mortgage payments for new purchases similar. All of this has resulted in higher housi
Los Angeles voters approved a tax on the sale of mansions and other multimillion-dollar real estate transactions to raise money for affordable housing in the second-largest US city.The measure, known as Proposition ULA, boosts the one-time transfer tax to 4% for property deals between $5 million and $10 million, and 5.5% for transactions of $10 million and above. The current rate on all sales is 0.45%. The increase takes effect on April 1, and wi
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