Today's Headlines - Realty Times
Posted On Monday, 17 June 2024 08:38 Written by

Father’s Day, LendingTree is revisiting single-parent homeowners, focusing on single fathers. We analyzed housing data to show homeownership rates among men who live without a spouse in a household with children younger than 18.

Metros with the highest homeownership rates among single dads

  1. Minneapolis
  2. Pittsburgh
  3. Cleveland
  4. Cincinnati 
  5. St. Louis

Metros with the lowest homeownership rates among single dads

  1. Los Angeles
  2. San Jose
  3. Orlando
  4. San Diego
  5. New York 

You can check out our full report here: https://www.lendingtree.com/home/mortgage/single-dads-study/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say. 


"Homeownership can bring with it more stability than renting and therefore can be seen as an especially appealing goal for single fathers. That said, single fathers should recognize that buying a house isn’t always the best idea, especially if doing so will leave you seriously cash-strapped or otherwise make it hard for you to make ends meet. Remember renting a house you can afford is better than owning a house you can’t."

Posted On Sunday, 16 June 2024 06:30 Written by

The median asking rent climbed 0.8% year over year to $1,653 just $47 below the record high. Washington, D.C., Cincinnati and Chicago all saw double-digit increases.

The median U.S. asking rent rose 0.8% year over year in May to $1,653 — the highest level since October 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the second consecutive increase (rents climbed 0.9% year over year in April) following 11 months of decreases. Rents rose 0.5% on a month-over-month basis.

Apartment prices are closely tied to apartment supply. Multifamily construction surged during the pandemic moving frenzy, which pushed rent prices down because building owners were competing for tenants. While multifamily building starts have fallen below their 10-year historical average, there’s still a backlog of new units that are hitting the market every month, which is putting a lid on how much prices can grow.

“Demand from young renters remains high, as many of them are opting to stay put rather than contend with an increasingly unaffordable homebuying market,” said Redfin Senior Economist Sheharyar Bokhari. “But so far, rent price growth has been limited because there are enough new apartments to meet demand, even in the busiest time of year for the rental market.”

For the past three quarters, the rental vacancy rate has hovered at 6.6%. That’s the highest level since 2021, though it’s worth noting that the vacancy rate is no longer growing like it was during the pandemic.

While asking rents ticked up in May, they’re stable compared to recent years; they rose as much as 17.5% year over year during the pandemic, and then fell as much as 4.1% this past summer. Still, the median asking rent in May was just $47 below (-2.8%) August 2022’s record high of $1,700, posing affordability challenges for some renters.

Rents Are Posting Double-Digit Gains in Washington, D.C., But Falling in the Sun Belt

In Washington, D.C., the median asking rent rose 11.1% year over year in May — the biggest jump among the 33 major U.S. metropolitan areas Redfin analyzed. Four other metros saw double-digit gains: Cincinnati (10.9%), Chicago (10.8%), Virginia Beach, VA (10.3%) and Minneapolis (10.3%).

The biggest asking rent declines were in Jacksonville, FL (-10.1%), San Diego (-8.7%), Austin, TX (-7.2%), Seattle (-5.9%) and Phoenix (-5.5%).

Rents are falling in the Sun Belt in part because the region has been building more apartments than other parts of the country (like the Midwest and Northeast) to meet demand brought on by the influx of people who moved in during the pandemic. But the pandemic housing boom is now in the rearview mirror, and property owners are facing vacancies, which is causing rents to cool.

Meanwhile, rents are rising in many Midwest metros because the region hasn’t been building as many apartments. The Midwest is also the most affordable region to live in, which helps bolster demand at a time when housing affordability is strained across most of the U.S.

To view the full report, including charts, metro-level data and methodology, please visit:
https://www.redfin.com/news/asking-rents-highest-since-2022

Posted On Sunday, 16 June 2024 06:17 Written by

The median U.S. home sale price hit a record high in May as demand continued to outpace supply, with the number of homes for sale roughly 25% below pre-pandemic levels

Home sales fell 1.7% month over month in May on a seasonally adjusted basis and dropped 2.9% from a year earlier, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. There have been just two months in the past decade with fewer home sales: October 2023, when mortgage rates jumped to a 23-year high, and May 2020, when the onset of the pandemic brought the housing market to a halt and home sales to a record low.

“Buyers today are facing many of the realities of a hot market even though few homes are changing hands,” said Redfin Senior Economist Elijah de la Campa. “Sales are sluggish because high homebuying costs are making both house hunters and prospective sellers skittish. And with so few homes for sale, buyers in some markets are getting into bidding wars, which is helping push home prices to record highs.”

Sales may pick up later this year if mortgage rates slowly tick down as expected.

May 2024 Highlights: United States

 

May 2024

Month-over-month change

Year-over-year change

Median sale price

$439,716

1.6%

5.1%

Homes sold, seasonally adjusted

407,959

-1.7%

-2.9%

New listings, seasonally adjusted

527,785

0.3%

8.8%

All homes for sale, seasonally adjusted (active listings)

1,634,420

0.4%

11.1%

Months of supply

2.3

-0.1

0.4

Median days on market

32

-3

0

Share of for-sale homes with a price drop

19.2%

2.4 ppts

6 ppts

Share of homes sold above final list price

35.0%

1.4 ppts

-2.4 ppts

Average sale-to-final-list-price ratio

99.9%

0.2 ppts

-0.1 ppts

Average 30-year fixed mortgage rate

7.06%

0.07 ppts

0.63 ppts

Note: Data is subject to revision

     

Home Prices Hit Another Record High in May, and Mortgage Rates Kept Climbing

The median home sale price rose 5.1% year over year in May to a record $439,716. The average 30-year-fixed mortgage rate hit 7.06%. That’s up from 6.99% one month earlier and 6.43% one year earlier, and is more than double the all-time low of 2.68% during the pandemic. Daily average mortgage rates did drop to their lowest level in about three months this week after the latest CPI report showed that inflation is continuing to cool.

Even though homes are selling for more than ever before, many sellers are still having to lower their list prices after putting their homes on the market—one silver lining for buyers.

Nearly One of Every Five Homes for Sale Faced a Price Cut

Nearly one in five (19.2%) homes for sale in May had a price cut, up from 13.2% a year earlier and just shy of the 21.7% record high set in October 2022.

Some sellers are reducing their prices because they listed their home for too much initially and it ended up sitting on the market. The typical home for sale in May spent 32 days on the market. While that’s comparable with a year earlier, it’s the highest level for any May since the start of the pandemic.

Price drops are particularly common in areas where housing supply has been rising quickly, like Florida and Texas. In these areas, individual home sellers have been facing strong competition from homebuilders.

The Housing Shortage Is Improving, But Remains Severe

New listings rose 0.3% month over month in May on a seasonally adjusted basis and climbed 8.8% from a year earlier. Still, they were roughly 20% below pre-pandemic (May 2019) levels. That’s largely because many homeowners don’t want to sell, as they feel “locked in” by the low mortgage rate they scored during the pandemic.

Active listings, or the total number of homes for sale, rose 0.4% month over month on a seasonally adjusted basis and jumped 11.1% from a year earlier—the largest annual gain since the start of 2023. Still, active listings were about 25% below pre-pandemic levels.

While new listings represent the number of homes that were listed for sale during a given month, active listings represent the total number of homes that were for sale during a given month. That means that the latter metric includes homes that aren’t selling. One reason active listings have risen so much is that in some areas, homes are lingering on the market and getting stale.

Active listings are also soaring along Florida’s southwest Gulf Coast. In North Port, they surged 51.1% year over year on an unadjusted basis—the largest increase in the nation. Next came Tampa (46%) and Cape Coral (45.1%). Those housing markets are cooling faster than anywhere else in the country amid a new-construction boom, intensifying natural disasters and soaring insurance costs, a separate Redfin report found.

Meanwhile, many of the markets that are holding up best and seeing price increases—like Rochester, NY—are relatively affordable and have near-record-low supply.

Metro-Level Highlights: May 2024

  • Prices: Median sale prices rose most from a year earlier in Anaheim, CA (17.6%) Cleveland (15.1%) and Nassau County, NY (14.2%). They fell most in Cape Coral, FL (-2.7%), Honolulu (-2.1%) and Austin, TX (-1.1%).
  • Price cuts: In Indianapolis, 48.1% of listings had a price drop—a higher share than any other metro Redfin analyzed. Next came Tampa, FL (45.2%) and Denver (44.8%). The lowest shares were in Newark, NJ (13.4%), Lake County, IL (15%) and Milwaukee (15.2%).
    Note: Three of the 10 metros with the highest shares of price drops are in Florida and three are in Texas.
  • New listings: New listings rose most in San Jose, CA (32.7%), Seattle (31.2%) and Denver (31.1%). They fell most in Atlanta (-7.7%), New Orleans (-4.4%) and Greensboro, NC (-4.3%).
  • Active listings: Active listings rose most in North Port, FL (51.1%), Tampa (46%) and Cape Coral (45.1%). They fell most in New Brunswick, NJ (-8.1%), Chicago (-7.3%) and Raleigh, NC (-5.5%).
  • Closed home sales: Home sales rose most in San Jose (16.6%), Minneapolis (11.7%) and San Francisco (10.5%). They fell most in Stockton, CA (-15.4%), Buffalo, NY (-15.3%) and San Antonio (-14.3%).
  • Sold above list price: In Rochester, NY, 77.1% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came San Jose (76.1%) and Oakland, CA (68.4%). The shares were lowest in North Port (5.9%), West Palm Beach, FL (8.1%) and Cape Coral (8.6%).

To view the full report, including charts, please visit: https://www.redfin.com/news/home-sales-fall-to-near-record-low

Posted On Friday, 14 June 2024 05:48 Written by

 

The power of looking forward is often lost on those who just move from one day to the next, one week at a time, or just looking at results on a month-to-month basis. These people lose the perspective of the kind of long-range view that can maximize results. Many things must be done in the moment, but it really helps your mindset and your business if you spend a little bit of time each week being engaged in the process of looking forward.

As you have noticed, my emphasis on annual business planning in October so we can implement and be scheduled to hit the ground running in the new year with a full head of steam. Maybe you have read my article about the three distinct and critical 90-day windows of opportunity to focus and generate business while leaving time to vacation and unwind in the gaps in between? I spend a great deal of time trying to prepare my clients with not only the structure and processes to succeed; but also, the schedule of activities that get them motivated and focused on doing more business at a much higher level.

For some of you it may just feel like the middle of June, but it’s the time to organize for the 4th of July holiday week! Why “week” you may ask? Because the holiday falls on a Thursday, which means that people will check out on Tuesday or Wednesday, and most will skip work on Friday, while others may be shut down the entire week! Sounds simple, but what about those who need to close? Who is working? Can I get a closing agent? What if we need a VOE and the company is closed that week? Are you already on top of these issues? Could you win business now because you are? You could, if you were sharing that information with your people and your market!

Our business demands that we focus on immediate details. Our long-term success depends on looking forward and scheduling the outcome we desire!

Market moved well on the CPI numbers and some of the FED comments pulled us back a little. Keep an eye on initial and continuing claims this morning, along with the PPI numbers. Could help move the markets. If you have questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 17 June 2024 00:00 Written by

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.95 percent.

“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” said Sam Khater, Freddie Mac’s Chief Economist. “Top-line inflation numbers were flat but shelter inflation, which measures rent and homeownership costs, increased showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.”

News Facts

  • The 30-year FRM averaged 6.95 percent as of June 13, 2024, down from last week when it averaged 6.99 percent. A year ago at this time, the 30-year FRM averaged 6.69 percent.
  • The 15-year FRM averaged 6.17 percent, down from last week when it averaged 6.29 percent. A year ago at this time, the 15-year FRM averaged 6.10 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website |

Posted On Thursday, 13 June 2024 12:41 Written by
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