New-home costs likely will continue to increase as rising building material costs squeeze construction budgets. The prices of goods used in residential construction rose again in March and are up 8% since the start of 2022, the National Association of Home Builders reports citing Bureau of Labor Statistics data.Year over year, building material prices have increased 20.4% and have risen 33% since the beginning of the pandemic, the NAHB reports.Th
Just as home prices reach new heights, renters are now paying more for their leases too. Rents for studios to two-bedroom units increased by 17.1% in February, and rents nationwide reached a new high of $1,792 per month, according to realtor.com®.Rental prices are soaring in many of the nation’s largest coastal cities. For example, in Miami, rental prices rose by more than 50% in the past year, realtor.com® reports.But affordable rental haven
The rate of inflation reached 8.5% in March, continuing at a 40-year high and showing few signs of relief for consumers. Higher gas prices, food, and housing costs fueled the consumer price index’s jump.“Aggressive inflation will force the Federal Reserve to raise interest rates multiple rounds this year and actively pursue quantitative tightening,” says Lawrence Yun, chief economist of the National Association of REALTORS®. “T
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The lack of affordable homes for sale is the top challenge home buyers face in the current market, but it’s not the only one, according to the 2022 Obstacles to Home Buying, a new study released by the National Association of REALTORS® and Morning Consult.Finding homes that fit buyers’ criteria, competing with multiple offers, and saving for a down payment also were commonly cited challenges. Homebuying obstacles, however, can vary by r
The Austin, Texas, metro area in March became the latest market to join the half-million-dollar club, according to a new analysis by Movoto by OJO Labs, a real estate search site. In Austin, the median home sold price was at least $500,000, joining 10 other large metros at that level.Other markets with a median sale price of $500,000 or more include Boston ($560,000), Denver ($565,000), Los Angeles ($720,000), New York ($520,000), Portland,
With mortgage rates now nearing 5%, many aspiring home buyers may have reached the top of what they can afford, especially as 40-year-high inflation affects the threshold for them.As a result, the number of sellers dropping their asking price is growing at a faster clip than in the recent past. About 12% of homes for sale had a price drop during the four weeks ending April 3, according to Redfin. That marks a jump from 9% a year ago.“Price drop
Home buyers this spring are facing a double whammy of rising home prices and mortgage rates. The 30-year fixed-rate mortgage rose to 4.72% this week, from 3.13% when compared to a year ago, Freddie Mac reports.Over the last three months, mortgage rates have risen by 1.5 percentage points, the fastest three-month rise since May 1994. Also, during the first two months of 2022, home prices have climbed by more than 15% compared to a year ago, Nadia
The income required required to meet a common standard for home affordability are growing at the fastest pace in more than 15 years, according to ATTOM Data Solution’s first quarter 2022 U.S. Home Affordability Report. Housing affordability has fallen in nearly 80% of the markets tracked as median home prices continue to increase—and now mortgage rates are too.Home prices continue to rise faster than wages in most of the country. Researchers
Refinishing hardwood floors is the remodeling project that pays back the most, recovering the highest percentage of its cost—147%—at resale, according to the 2022 Remodeling Impact Report, a joint study from the National Association of REALTORS® and the National Association of the Remodeling Industry.Home remodeling projects aren’t only offering a potential boost at resale; they’re also making homeowners happier. Painting a hom
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