Today's Headlines - Realty Times
Posted On Tuesday, 12 March 2024 10:42
Posted On Tuesday, 12 March 2024 10:32
Posted On Tuesday, 12 March 2024 10:13
Posted On Tuesday, 12 March 2024 10:02 Written by
Posted On Tuesday, 12 March 2024 09:53 Written by

The National Association of Hispanic Real Estate Professionals (NAHREP®) released the 2023 State of Hispanic Homeownership Report (SHHR) today, which examines the progress made in the last year toward the organization's mission of increasing sustainable Hispanic homeownership.

the Hispanic homeownership rate grew to 49.5 percent, representing a significant milestone. Despite confronting what has been recognized as the most challenging housing market in terms of affordability on record, Latinos achieved a notable net gain of 377,000 owner-households, marking the largest single-year increase since 2005, spanning nearly two decades. Despite formidable obstacles such as soaring interest rates and dwindling housing inventory, resilience prevailed. Hispanic homebuyers demonstrated adaptability by relocating to more financially viable regions, leveraging co-borrowers in their financing arrangements, and capitalizing on specialized local programs, all contributing to realizing their homeownership aspirations.

"The resilience and determination demonstrated by Latino homebuyers in 2023 are truly remarkable. Despite facing unprecedented market conditions, Latinos have shown an unwavering commitment to homeownership and financial empowerment.," said Nuria Rivera, President of NAHREP.

Key highlights from the 2023 SHHR report include:

The Hispanic homeownership rate nears 50 percent, a key milestone. In 2023, the Hispanic homeownership rate reached 49.5 percent, the largest increase in homeownership rate across racial or ethnic demographic groups compared to the year prior. The Hispanic homeownership rate in 2023 marks a key milestone, as it nearly fully rebounds to its pre-housing crisis peak.

The largest single-year gain in Hispanic owner-households in almost 20 years. Despite facing what has been reported as the least affordable housing market on record, Latinos added a net gain of 377,000 owner-households in 2023, the largest single-year gain since 2005.

Hispanic homebuyers are young. With a median age of 30.7, Latinos are the youngest racial or ethnic demographic in the U.S., more than ten years younger than non-Hispanics. A larger share of Hispanic homebuyers are under the age of 25 compared to non-Hispanics, and agents in NARHEP's Practitioner Study indicate that most of their buyers in 2023 were between the ages of 25 and 35.

Interest rates are the most significant barriers to advancing homeownership. In October of 2023, the average 30-year fixed interest rate reached a high of 7.79 percent, the highest weekly average 30-year fixed rate since the year 2000. Higher interest rates made qualifying for a mortgage more difficult, fostering uncertainty among buyers.

Home price appreciation has slowed, but pricing remains unaffordable. Interest rates had a much-needed cooling effect on home price appreciation in 2023, dropping from a record-breaking year-over-year growth rate of 19.5 percent in April 2022 to 2.3 percent in April 2023. Despite this slowdown, prices remain unaffordable. In 2023, only 13.8 percent of homes on the market were priced under $200,000, compared to 39.1 percent in 2016.

Despite barriers, Hispanic homebuyers remain resilient. While rising interest rates and home prices created affordability barriers, resiliency and ingenuity within the Latino community have led to sustained homeownership growth. Hispanic homebuyers have employed several strategies to overcome affordability challenges.

Hispanic homebuyers are willing to move to lower-cost areas to achieve homeownership. Hispanic buyers are willing to relocate from higher to lower-cost markets, both long-distance moves across state lines and finding more affordable neighborhoods within their current region. Between 2022 and 2023, Texas, Pennsylvania, and Georgia saw the highest Hispanic net migration.

A larger share of Hispanic buyers are taking on co-borrowers when qualifying for a mortgage. In 2023, agents in NARHEP's Practitioner Study noted a noticeable increase in co-borrowers for Hispanic homebuyers. In some cases, co-borrowers choose to buy and live together, while others offer support with the intention of coming off the loan at some point in the future.

Real estate agents help identify local financial incentives and programs for first-time homebuyers. Homebuilders, state and local governments, and financial institutions often offer programs to lessen the financial burdens of a home purchase, particularly for first-time buyers. Rate buy-down and local down payment assistance programs have been particularly impactful.

Buyer-side representation for Hispanic homebuyers is at risk. Real estate agents play an outsized role in supporting their clients in what is often the most complex financial transaction of their lifetime, a role that spans beyond the real estate transaction itself. Recent class action lawsuits have the potential to leave Hispanic homebuyers without representation, putting them at tremendous risk.

Commenting on the findings, Nuria Rivera, President of NAHREP, stated, "The resilience and determination demonstrated by Latino homebuyers in 2023 are truly remarkable. Despite facing unprecedented market conditions, Latinos have shown an unwavering commitment to homeownership and financial empowerment."

"Freddie Mac and NAHREP have a shared mission and commitment to advancing sustainable homeownership and making home possible for more Hispanic homebuyers.," said Danny Gardner, Senior Vice President, Client and Community Engagement Single-Family Division. "NAHREP's annual State of Hispanic Homeownership Report serves as a valuable resource for real estate professionals, providing insights, trends, and data to help realtors better serve their clients. Through our collaborative efforts, we are creating more pathways to homeownership for Hispanic families across America."

The release of the State of Hispanic Homeownership report coincides with the start of NAHREP's Homeownership and Wealth Building Conference which resumes today and runs until tomorrow, Wednesday, February 13, in Washington D.C. The conference brings together housing industry professionals who want to learn how best to service the Latino mega-market. The conference includes panel discussions with key government and industry leaders, the release of the State of Hispanic Homeownership Report, and the NAHREP SOMOS Magazine and Annual Report.

Posted On Tuesday, 12 March 2024 06:10 Written by

The Freddie Mac (OTCQB: FMCC) Multifamily Apartment Investment Market Index® (AIMI®) decreased in the fourth quarter of 2023, but increased over the full year, with the annual gain indicating that investment conditions were better in the fourth quarter compared with one year prior.

With mortgage rates persistently high, AIMI fell nationally and in all 25 regional markets measured for the fourth quarter of 2023, as did net operating income (NOI) over the same period. Despite the fourth quarter dip, AIMI finished 2023 up for the year nationally and in the majority of regional markets.

“The end of 2023 was a tale of two directions for AIMI,” said Sara Hoffmann, senior director of Multifamily Research at Freddie Mac. “The index finished 2023 up overall for the year, but fourth quarter was down across the board. The market continues to adjust to the new reality of higher interest rates, which were offset by a steep contraction in property prices, while NOI was virtually flat when we look at 2023 as a whole. All in all, AIMI suggests that investors are paying less per dollar of property income compared with one year ago.”

Mortgage rates increased by 72 basis points in 2023, high by historical standards but the smallest annual increase since the first quarter of 2022. NOI results were mixed for 2023, with 10 markets experiencing growth and 14 markets experiencing declining NOI, while the nation and one market (Seattle) remained essentially flat. Property prices declined across the board, with the nation and all markets seeing contraction and nearly half of regional markets contracting by more than -12% for the year.

The trend downward was pronounced in the fourth quarter of 2023, with a decrease in NOI in the nation and in all markets. NOI contracted between -0.2% (Chicago) to -3.5% (Charlotte) in the fourth quarter of 2023. Property prices dropped in the nation and in all markets except for New York, which experienced a small gain of 0.2% over the quarter.

In addition to national and local values, a sensitivity table is available that captures how the index value adjusts based on changes in certain underlying variables. Additional information about AIMI is on the Freddie Mac Multifamily website, including FAQs and a video.

AIMI is an analytical tool that combines multifamily rental income growth, property price growth and mortgage rates to provide a single Index that measures multifamily market investment conditions. A rise in AIMI from one quarter to the next implies an increasingly favorable environment for multifamily investment opportunities, while a decline suggests that attractive investment opportunities are becoming more difficult to find compared with the prior period.

Freddie Mac Multifamily is the nation's multifamily housing finance leader. Historically, more than 90% of the eligible rental units we fund are affordable to families with low-to-moderate incomes earning up to 120% of area median income. Freddie Mac securitizes about 90% of the multifamily loans it purchases, thus transferring the majority of the expected credit risk from taxpayers to private investors.

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:

Posted On Tuesday, 12 March 2024 06:01 Written by
Posted On Tuesday, 19 March 2024 08:04 Written by
Posted On Monday, 11 March 2024 11:21 Written by
Posted On Monday, 11 March 2024 11:12
Posted On Monday, 11 March 2024 09:04 Written by

There are more homes for sale as spring approaches, and house hunters are hitting the pavement. Home touring activity is rising, and mortgage-purchase applications are up 11% this week.

New listings rose 13% from a year earlier nationwide during the four weeks ending March 3, the biggest increase in nearly three years, according to a new report from Redfin (, the technology-powered real estate brokerage.

The boost in new listings helped bring the total number of homes for sale up 1.7%. Following eight months of declines, February is the first month the number of homes for sale has increased on an annual basis.

This week’s pricing data also brings a few glimmers of hope for house hunters. Asking prices of new listings posted their smallest increase in roughly two months; additionally, 5.5% of home sellers dropped their asking price, on average, the highest share of any February since at least 2015. High mortgage rates pushed the median monthly housing payment to $2,694 this week, just $23 shy of the all-time high. But final sale prices, which rose 5.3% year over year, one of the biggest increases in a year and a half, should start declining soon as price growth for new listings loses some momentum.

House hunters are looking at homes and applying for mortgages as we approach spring. Touring activity is up 23% from the start of the year, compared to a 14% increase during the same period last year, and mortgage-purchase applications are up 11% week over week. That early-stage buying activity hasn’t yet translated to a boost in sales, with pending sales down 6% year over year.

“There have been two major obstacles for homebuyers over the last year: Low inventory and high housing costs,” said Redfin Economic Research Lead Chen Zhao. “Now, the first barrier is starting to come down as more supply comes on the market. Housing costs are still high, but they’re likely to come down a bit as mortgage rates gradually decline through the year and price growth loses some steam. Buyers who can afford today’s mortgage rates may have better luck finding a home now than they have in the past several months, and they also may be less likely to face competition because inventory is improving.”

For more of Redfin economists’ takes on the housing market, including how current financial events are impacting mortgage rates, please visit our “From Our Economists” page.

Leading indicators

Indicators of homebuying demand and activity


Value (if applicable)

Recent change

Year-over-year change


Daily average 30-year fixed mortgage rate

6.97% (March 6)

Down from 7.15% a week earlier

Essentially flat

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.94% (week ending Feb. 29)

Up from 6.9% a week earlier; 4th straight week of increases

Up from 6.65%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)


Up 11% from a week earlier (as of week ending March 1)

Down 8%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)


Up 4% from a month earlier (as of week ending March 3)

Down 7%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Google searches for “home for sale”


Up 4% from a month earlier (as of March 2)

Down 11%

Google Trends

Touring activity


Up 23% from the start of the year (as of March 1)

At this time last year, it was up 14% from the start of 2023

ShowingTime, a home touring technology company

Key housing-market data

U.S. highlights: Four weeks ending March 3, 2024

Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.


Four weeks ending March 3, 2024

Year-over-year change


Median sale price




Median asking price



Smallest increase since 4 weeks ending Jan. 14

Median monthly mortgage payment

$2,694 at a 6.94% mortgage rate


Down just $23 from all-time high set in October 2023

Pending sales




New listings



Biggest increase since June 2021 (there was also a 12.8% increase during the prior 4-week period)

Active listings



Largest increase since the four weeks ending June 4, 2023. Based on revised data, active listings began increasing for the first time since June during the 4 weeks ending Feb. 11.

Months of supply

3.7 months

+0.3 pts.

4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions.

Share of homes off market in two weeks


Up from 37%


Median days on market


-2 days


Share of homes sold above list price


Up from 23%


Share of homes with a price drop


+1.3 pts.


Average sale-to-list price ratio


+0.4 pts.


Metro-level highlights: Four weeks ending March 3, 2024

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.


Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases


Median sale price

Newark, NJ (14.7%)

Montgomery County, PA (14.6%)

Anaheim, CA (14%)

Fort Lauderdale, FL (13.9%)

New Brunswick, NJ (13.8%)

San Antonio, TX (-3.2%)

Declined in just 1 metro

Pending sales

Cincinnati (9.2%)

Milwaukee (6%)

Pittsburgh (5%)

Minneapolis (5%)

Austin, TX (4.6%)

San Francisco (2.8%)

Seattle (0.7%)

Cleveland (0.2%)

San Antonio, TX (-23.8%)

Warren, MI (-15.7%)

New Brunswick, NJ (-15.6%)

Atlanta (-15.1%)

Nassau County, NY (-14.1%)

Increased in 8 metros

New listings

Fort Worth, TX (27%)

Fort Lauderdale, FL (25.4%)

Houston (24.4%)

Jacksonville, FL (24.1%)

Miami (24.1%)

Atlanta (-5.9%)

Newark, NJ (-2.1%)

Chicago (-0.4%)

Declined in 3 metros

To view the full report, including charts, please visit:

Posted On Sunday, 10 March 2024 07:23 Written by
Posted On Saturday, 09 March 2024 08:44 Written by
Posted On Thursday, 14 March 2024 00:00 Written by

The National Association of Realtors® thanked President Biden on Thursday for raising awareness of the affordable housing crisis during his State of the Union address.

The following is a statement from 2024 NAR President Kevin Sears:

“The lack of affordable housing supply is hurting the middle class and depriving first-generation and first-time homebuyers of the financial security that homeownership and the American Dream provide.

NAR first sounded the alarm on this issue with original research showing a nationwide shortage of 5.5 million affordable housing units. We commend President Biden’s commitment to an all-of-government approach to solve this problem. NAR has proposed and advocated for many of these proposals, which together would make serious headway toward fixing this crisis. 

Tax incentives can help close the affordable housing gap, and we are especially grateful for the President’s willingness to explore new tax measures. NAR also supports an all-of-the-above approach to this crisis--from tax incentives to zoning reforms to expanded financing. 

NAR shares concerns of other housing industry groups that other Administration measures, especially in the area of rental housing, run the risk of reducing the supply of affordable rental housing if onerous regulations drive small property owners from the market and discourage future investment. The Administration’s increasing focus on housing production, however, signals a positive turn, as the housing shortage is the root of our affordability crisis. 

NAR">compiled and endorsed a suite of policy and legislative proposals to help increase housing supply, including support for the More Homes on the Market Act and the Neighborhood Homes Investment Act, among others.

Our 1.5 million members stand ready to assist the President and Congress in any way possible to bring this relief to the American people.”

Read NAR’s full policy proposals to address housing supply at FlyIn.Realtor.




Posted On Friday, 08 March 2024 15:24 Written by
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