Despite mortgage rates dipping below 4%, more jobs filled than ever before, and record-high consumer net worth, existing-home sales turned south in June, running at a pace similar to 2015 levels, the National Association of REALTORS® reported Tuesday. While economic indicators portend a strong housing market, low supply on the lower end—which leaves first-time home buyers with few options—is helping to hold sales back, NAR Chief Economist La
Real estate in the nation’s 100 largest markets is expected to continue to appreciate into next year, although some leveling is expected. Veros Real Estate Solutions, a risk management and predictive analytics firm, projects appreciation will be at 3.7% over the 12 months ending June 1, 2020.“This flattening indicates that although there is definite softness overall in the housing market, the fundamentals are healthy,” says Eric Fox, Veros
The longest economic expansion in the nation’s history—now approaching 10 years—may be nearing an end, writes Lawrence Yun, chief economist of the National Association of REALTORS®, in his latest column at Forbes.com. But the housing market could help turn around some sluggish economic numbers, such as business and consumer spending.Consumer spending is slowing, despite a record number of jobs, rising wages, and plentiful wealth accum
Seventy percent of homeowners say they’re not currently living in their dream neighborhood, according to a new survey of more than 2,000 respondents from Improvement, a website focused on home improvement. The other 30% says that their dream neighborhood is located in a different town; 20% of that group say it’s three to 10 miles away, and 27% say it’s in a different part of the state or a neighboring state. So what qualifies as a “dream
After three weeks of mostly staying steady, average mortgage rates rose this week. However, rates still remain at multiyear lows, keeping borrowing costs low for those shopping for homes this summer.“The rise in rates was driven by continued improvement in consumer spending and partly due to optimism around a forthcoming cut in short-term interest rates, which should provide support for business and investor sentiment,” says Sam Khater, Fredd
The 2019 hurricane season has begun, with tropical storm Barry last week threatening the Gulf Coast. The U.S. Census Bureau released new data that shows 60.2 million residents live in areas that are vulnerable to hurricanes, living near the Atlantic and Gulf of Mexico regions.Populations are rising in the areas most vulnerable to hurricanes. About 8.3 million people moved to the Atlantic and Gulf of Mexico regions between 2000 and 2017, a 16% inc
Homeowners are spending more to improve their homes, not necessarily on home maintenance.Homes may be aging in the U.S., but don’t assume the age of a home is prompting more spending. A new report from HomeAdvisor, a home remodeling resource, finds that homeowners spent $3.70 less for every year since a home was built. That means the owner of a 100-year-old home could spend an average of $370 less on emergency home projects per year than t
Investors are increasingly eyeing senior housing and plan to increase their buying within the sector over the next 12 months, according to the CBRE U.S. Seniors Housing & Care Investor Survey. Sixty-two percent of investors surveyed say they intend to increase the size of their portfolios with elderly living segments over the next year.“Senior housing demand should remain at relatively healthy levels through 2019, given expected steady
Lower mortgage rates are bringing out more potential home buyers. In certain parts of the country, this has translated into a lot more competition. In markets that have seen prices become more moderate, supply is lower than it was a year ago and bidding wars are becoming more prevalent. For example, a recent Redfin housing index notes that cities like Oklahoma City; Richmond, Va.; Memphis, Tenn.; Buffalo, N.Y.; and Atlanta are seeing buyer d
Tropical Storm Barry, which crashed into Louisiana as a Category 1 hurricane over the weekend, may still bring heavy rain and flooding to the Gulf Coast for days. Barry largely spared New Orleans, which was expected to feel the brunt of the storm, but Louisiana and the Gulf Coast still could get up to 20 inches of rain in some areas.Life-threatening flash floods and possible tornadoes are still possible in Louisiana, Arkansas, Mississippi, southe
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