As more Americans look outside cities for a place to call home, prices for undeveloped land in many areas of the country are surging to new highs. “Land prices are going up everywhere,” Ali Wolf, chief economist at Meyers Research, told realtor.com®. “It’s one of the hottest commodities that exist today.”The areas seeing raw land prices rise the most over the past year also are experiencing economic growth. And as more people leave big
Mortgage rates continued to inch lower this week as home buyers get another chance at securing ultra-low borrowing rates. Freddie Mac reports the average 30-year fixed-rate mortgage averaged 2.90%.Home buyers can continue to benefit from low mortgage rates, particularly as home prices surge to a new record high of $350,300, Nadia Evangelou, senior economist at the National Association of REALTORS®, writes for the association’s Economists’ Ou
As baby boomers look to retirement, where are they likely to move to? Georgia may offer the best prospects, according to a new study by Bankrate. The state’s overall affordability is a big draw to retirees, offering a low cost of living and light tax burden. Those same reasons helped Florida and Tennessee nab the number two and number three spot, respectively, on Bankrate’s retirement locales rankings.Besides affordability, retirees are often
Americans have been on the move since the pandemic, but many were relocating before that, too. So, where have they gone? Many Americans have moved to warmer weather climates: Las Vegas, Phoenix, and Jacksonville, Fla., are the metros that have had the largest share of homeowners move in recently, according to a new study from LendingTree.On the other hand, metros like Los Angeles, San Jose, Calif., and Pittsburgh have seen the fewest number of ho
Seventy-seven percent of consumers say it’s a good time to sell a home—a record high, according to Fannie Mae’s Home Purchase Sentiment Index, a survey of 1,000 adults on their views of the housing market.They have plenty of reason to feel so upbeat: Existing-home sales prices were at a record high in May and up nearly 24% compared to a year earlier ($350,300), according to the National Association of REALTORS®. The higher home p
San Francisco is the best place to be single, according to a new report from Cinch Home Services. The high-priced coastal city got a boost in the rankings for its high number of single residents and abundant options for activities, the study notes.Cinch Home Services recently analyzed 100 of the largest cities and ranked them based on the percentage of the population that is single; average wages after taxes; median rent for a one-bedroom apartme
Home flipping is declining across the country, but some investors are banking on fast flips. They hope to turn properties around quickly to take advantage of the hot housing market.The gross profit on a typical U.S. home flip fell in the first quarter to $63,500, or about a 38% return on investment compared to the original acquisition price, according to ATTOM Data Solutions’ Q1 2021 U.S. Home Flipping Report. The gross flipping ROI reached its
Widespread shortages on building materials continue to prompt home builders to raise their prices. Material prices have increased by 26% over the past year for building the same house, according to National Association of Home Builders data. That’s put pressure on new-home prices: In May, the median price of a newly built home was 18% higher than a year ago, at $374,400.Material shortages have increased for appliances, paint, lumber,
As home listing prices break another new record, more homeowners are looking to take advantage and list their homes for sale. New listings in June rose 5.5% year-over-year and are up 10.9% over the prior month, according to a new report from realtor.com®.The uptick in new listings may give buyers more homes to choose from and could offer a hopeful sign for the real estate market.Still, the inventory challenges in the housing market are far from
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