LendingTree surveyed 2,000 people and found that common causes of friction between landlords and renters include maintenance issues, poor communication and a lack of professionalism. We also found that a third of renters say they’ve been discriminated against based on factors like race and age. Here's a closer look at our findings. 

  • 58% of renters say they’ve had at least one landlord they didn’t like, with 1 in 4 (25%) disliking their current one. Among those who disliked a landlord, the bad blood was mainly due to maintenance (68%) and communication issues (53%) or a lack of respect or professionalism (42%).
  • 31% of renters say a landlord has entered their home without permission, while 21% have had a legal dispute with theirs.
  • Almost half (48%) would rather rent from an individual than a corporation, with 49% of renters believing it’s cheaper. Additionally, 57% of renters think the government should limit how many homes an individual or corporation can own.
  • 37% say they couldn’t afford any increase in rent and 36% would only be able to afford an increase of 5% or less.

You can check out our full report here: https://www.lendingtree.com/home/mortgage/landlord-survey/

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

"If you’re being discriminated against because of your race, immediately reach out to a local tenant advocacy group, local housing authority or the Department of Housing and Urban Development and ask for help. If a landlord is found guilty of discrimination based on something like race, they may be required to pay for the costs you incurred while you found another place to live."

Posted On Sunday, 05 May 2024 08:33 Written by

The South Leads the Way in Affordable Inventory Growth

According to the Realtor.com® April housing data, the national required household income to purchase the median priced home rose to $116,000, up $5,900 from a year ago, after accounting for the cost of tax and insurance. For hopeful buyers in California’s major metros of Los Angeles, San Diego, San Francisco and San Jose the household income required to purchase the median-priced home is over double the national figure. 

April 2024 Housing Metrics – National

Metric

Change over Apr 2023

Change over Apr 2019

Median listing price

+0% (to $430,000)

+36.5%

Active listings

+30.4%

-35.4%

New listings

+12.1%

-21.8%

Median days on market

+1 days (to 47 days)

-7  days

Share of active listings with price reductions

+3.2 percentage points 

(to 15.5%)

+1.0  percentage points

“California is a fascinating market not only because the income-required figures are an eye-popping quarter of a million dollars, but because it is a microcosm of the variety we’re seeing in housing markets nationally,” said Danielle Hale, Chief Economist, Realtor.com®. “In areas like San Francisco home prices have fallen enough to offset rising mortgage rates, and the income needed to buy a home has dropped. In other markets, like San Jose and Sacramento, home price declines have been more modest and rising mortgage rates have pushed required incomes higher despite lower home prices. And finally, the majority of major U.S. markets see trends like we’re seeing in Southern California. In Los Angeles, Riverside, and San Diego rising home prices and mortgage rates have combined to push required incomes higher—in some cases like in these California markets, up by double-digits compared to one year ago.” 

Buying in California Comes at a Price

Six metros across the country required a household income of over $200,000, with California’s largest metros leading the pack: San Jose (household income $361,000), Los Angeles (household income $298,000), San Diego (household income $259,000) and San Francisco (household income $256,000). The major East Coast hubs of Boston (household income $226,000) and New York (household income $218,000) closely followed.  

Counter to the larger household income required to purchase the median-priced home in the major coastal metros, there were 16 metro areas that required a household income of less than $100,000. The most affordable by this measure were Pittsburgh (household income $67,000), Detroit (household income $69,000), and Cleveland (household income $71,000). 

List of the 10 Metro Areas with Lowest Required Income to Purchase Median Home

  1. Pittsburgh, Pa. - $67,000
  2. Detroit-Warren-Dearborn, Mich. - $69,000
  3. Cleveland-Elyria, Ohio - $71,000
  4. Birmingham-Hoover, Ala. - $75,000
  5. Buffalo-Cheektowaga, N.Y. - $79,000
  6. St. Louis, Mo.-Ill. - $82,000
  7. Rochester, N.Y. - $87,000
  8. Indianapolis-Carmel-Anderson, Ind. - $87,000
  9. Louisville/Jefferson County, Ky.-Ind. - $87,000
  10. New Orleans-Metairie, La.- $90,000

Fear Not, Affordable Inventory is Also on the Rise

While the west coast state experienced a bit of a surge in household required income to purchase the median-priced home, in other parts of the country, affordable inventory is on the rise. The South has been largely driving the increase in availability of homes in the $200,000 to $350,000 price range, and the increase in availability of homes overall. More than half (56.6%) of available inventory in April 2024 was in the South, up from 52.0% last year and 47.7% in April 2019. A rise in homes available for purchase combined with population migration has paved the way for the South to lead the share of nationwide existing home sales, rising from 43.2% in March 2019 to 45.3% in March 2024. Across the country active inventory grew over the previous year with inventory in the South growing 43.0%, 27.4% in the West, 17.6% in the Midwest, and 4.0% in the Northeast. Interestingly, large Florida metros experienced inventory growth driven primarily by an increase in the availability of attached homes (condos, townhomes, or row homes).

Median List Price Stays Stable, but Price per Square Foot Inches its Way Up 

Between March 2024 and April 2024, the U.S. median list price increased from $424,900 to $430,000, while remaining stable compared to the same median list price in April of last year. This is likely attributed to the mix of homes hitting the market particularly in the South where sellers are listing smaller and more affordable homes. While median list price has remained relatively unchanged, the median list price grew 3.8% on an adjusted per-square-foot basis indicating that homes are retaining value even as inventory grows. 

Additional details and full analysis of the market inventory levels, income requirements, trends in listing prices and more can be found in the Realtor.com® April Monthly Housing Report. For buyers looking to gain more local-market insights to guide their decision making, visit realtor.com/research to access online tools and better understand ways to partner with an experienced buyer’s agent for help along the way. 

List of Metro Areas Sorted by Required Income to Purchase Median Home (Least to Most)

Metro Area

Required Income to Purchase Median Home*

Required Income to Purchase Median Home YoY

Median Listing Price

Median Listing Price YoY

Median Listing Price per Sq. Ft. YoY

Pittsburgh,

  Pa.

$67,000

17.10%

$250,000

11.10%

12.00%

Detroit-Warren-Dearborn,

  Mich.

$69,000

5.30%

$250,000

0.00%

2.30%

Cleveland-Elyria,

  Ohio

$71,000

19.30%

$255,000

13.40%

11.70%

Birmingham-Hoover,

  Ala.

$75,000

10.20%

$297,000

4.20%

4.30%

Buffalo-Cheektowaga,

  N.Y.

$79,000

20.00%

$285,000

14.00%

9.80%

St.

  Louis, Mo.-Ill.

$82,000

8.70%

$294,000

3.30%

5.20%

Indianapolis-Carmel-Anderson,

  Ind.

$87,000

8.80%

$340,000

3.00%

5.50%

Louisville/Jefferson

  County, Ky.-Ind.

$87,000

8.00%

$327,000

2.30%

2.50%

Rochester,

  N.Y.

$87,000

16.80%

$295,000

11.40%

8.10%

New

  Orleans-Metairie, La.

$90,000

3.90%

$335,000

-1.40%

-2.30%

Baltimore-Columbia-Towson,

  Md.

$91,000

9.40%

$352,000

3.60%

2.80%

Memphis,

  Tenn.-Miss.-Ark.

$91,000

10.20%

$339,000

4.50%

2.20%

Oklahoma

  City, Okla.

$98,000

-2.20%

$330,000

-6.80%

-0.60%

Cincinnati,

  Ohio-Ky.-Ind.

$99,000

2.70%

$375,000

-2.60%

4.00%

Philadelphia-Camden-Wilmington,

  Pa.-N.J.-Del.-Md.

$100,000

14.80%

$370,000

8.90%

7.10%

San

  Antonio-New Braunfels, Texas

$100,000

2.90%

$345,000

-2.00%

-1.20%

Virginia

  Beach-Norfolk-Newport News, Va.-N.C.

$100,000

7.30%

$390,000

1.60%

5.80%

Milwaukee-Waukesha,

  Wis.

$102,000

7.50%

$376,000

2.00%

6.80%

Charlotte-Concord-Gastonia,

  N.C.-S.C.

$106,000

5.20%

$422,000

-0.60%

4.40%

Atlanta-Sandy

  Springs-Alpharetta, Ga.

$108,000

4.30%

$415,000

-1.20%

3.70%

Columbus,

  Ohio

$108,000

8.40%

$397,000

2.90%

6.20%

Jacksonville,

  Fla.

$108,000

8.30%

$420,000

2.40%

3.70%

Tampa-St.

  Petersburg-Clearwater, Fla.

$109,000

7.60%

$420,000

1.90%

3.20%

Raleigh-Cary,

  N.C.

$113,000

2.70%

$451,000

-3.00%

5.20%

Las

  Vegas-Henderson-Paradise, Nev.

$114,000

9.50%

$475,000

3.20%

7.00%

Richmond,

  Va.

$114,000

14.30%

$459,000

8.00%

6.10%

Chicago-Naperville-Elgin,

  Ill.-Ind.-Wis.

$115,000

10.70%

$389,000

5.50%

7.10%

Orlando-Kissimmee-Sanford,

  Fla.

$116,000

5.10%

$440,000

-0.40%

1.70%

Hartford-East

  Hartford-Middletown, Conn.

$118,000

6.60%

$406,000

1.60%

11.50%

Houston-The

  Woodlands-Sugar Land, Texas

$118,000

4.20%

$370,000

-0.30%

0.80%

Kansas

  City, Mo.-Kan.

$119,000

-3.60%

$422,000

-8.30%

-4.30%

Minneapolis-St.

  Paul-Bloomington, Minn.-Wis.

$122,000

5.20%

$449,000

-0.10%

-0.50%

Phoenix-Mesa-Chandler,

  Ariz.

$132,000

10.30%

$537,000

4.10%

3.20%

Providence-Warwick,

  R.I.-Mass.

$138,000

4.40%

$524,000

-1.00%

-1.80%

Dallas-Fort

  Worth-Arlington, Texas

$139,000

2.40%

$450,000

-2.20%

1.10%

Nashville-Davidson-Murfreesboro-Franklin,

  Tenn.

$142,000

7.60%

$573,000

1.70%

6.30%

Riverside-San

  Bernardino-Ontario, Calif.

$152,000

11.50%

$600,000

5.40%

7.10%

Miami-Fort

  Lauderdale-Pompano Beach, Fla.

$153,000

-6.20%

$540,000

-10.70%

-6.60%

Portland-Vancouver-Hillsboro,

  Ore.-Wash.

$156,000

3.40%

$615,000

-2.20%

1.80%

Austin-Round

  Rock-Georgetown, Texas

$157,000

3.00%

$557,000

-2.00%

1.00%

Washington-Arlington-Alexandria,

  DC-Va.-Md.-W. Va.

$159,000

6.60%

$625,000

0.80%

7.30%

Sacramento-Roseville-Folsom,

  Calif.

$162,000

4.20%

$650,000

-1.60%

3.40%

Denver-Aurora-Lakewood,

  Colo.

$165,000

-2.90%

$625,000

-8.00%

2.00%

Seattle-Tacoma-Bellevue,

  Wash.

$193,000

-0.60%

$775,000

-6.10%

-0.70%

New

  York-Newark-Jersey City, N.Y.-N.J.-Pa.

$218,000

15.50%

$769,000

9.90%

11.30%

Boston-Cambridge-Newton,

  Mass.-N.H.

$226,000

9.50%

$870,000

3.70%

8.30%

San

  Francisco-Oakland-Berkeley, Calif.

$256,000

-5.50%

$1,027,000

-10.70%

-2.80%

San

  Diego-Chula Vista-Carlsbad, Calif.

$259,000

11.20%

$1,050,000

5.00%

7.40%

Los

  Angeles-Long Beach-Anaheim, Calif.

$298,000

14.70%

$1,192,000

8.40%

5.60%

San

  Jose-Sunnyvale-Santa Clara, Calif.

$361,000

1.10%

$1,467,000

-4.50%

-0.90%

* The required income to purchase a home, assuming an affordability price-to-income ratio of 30%, a 20% down payment, 30-year term, 30-year fixed mortgage rate, and local tax and insurance rates. 

April 2024 Housing Overview of the 50 Largest Metros 

Metro Area

Active Listing Count YoY

New Listing Count YoY

Median Days on Market

Median Days on Market Y-Y (Days)

Price– Reduced Share

Price-Reduced Share Y-Y (Percentage Points)

Atlanta-Sandy Springs-Alpharetta, Ga.

42.7%

27.4%

39

-4

17.7%

6.1 pp

Austin-Round Rock-Georgetown, Texas

23.6%

36.1%

42

-3

24.7%

-2.5 pp

Baltimore-Columbia-Towson, Md.

15.3%

3.8%

36

-1

12.0%

2.6 pp

Birmingham-Hoover, Ala.

36.5%

23.6%

46

1

14.9%

2.6 pp

Boston-Cambridge-Newton, Mass.-N.H.

7.5%

4.5%

24

-1

10.4%

1.2 pp

Buffalo-Cheektowaga, N.Y.

5.1%

3.4%

34

-6

5.3%

-0.3 pp

Charlotte-Concord-Gastonia, N.C.-S.C.

31.9%

20.3%

37

-2

16.9%

5.7 pp

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

0.1%

7.4%

34

-4

8.5%

0.2 pp

Cincinnati, Ohio-Ky.-Ind.

23.2%

9.4%

32

1

10.7%

3.3 pp

Cleveland-Elyria, Ohio

-2.4%

3.4%

39

-3

11.1%

1.7 pp

Columbus, Ohio

23.1%

5.1%

25

2

15.2%

4.5 pp

Dallas-Fort Worth-Arlington, Texas

48.0%

20.7%

40

1

21.7%

5.2 pp

Denver-Aurora-Lakewood, Colo.

57.6%

20.1%

32

8

21.1%

7.2 pp

Detroit-Warren-Dearborn, Mich.

4.4%

-3.8%

39

2

9.9%

-1.7 pp

Hartford-East Hartford-Middletown, Conn.

2.2%

-1.6%

30

9

5.6%

1.2 pp

Houston-The Woodlands-Sugar Land, Texas

32.1%

17.5%

43

0

18.1%

4.4 pp

Indianapolis-Carmel-Anderson, Ind.

33.4%

1.5%

39

1

18.2%

6.2 pp

Jacksonville, Fla.

59.1%

22.5%

51

-1

24.9%

7.3 pp

Kansas City, Mo.-Kan.

17.3%

13.9%

47

-15

12.1%

3.1 pp

Las Vegas-Henderson-Paradise, Nev.

-18.3%

5.9%

39

-11

13.9%

-4.2 pp

Los Angeles-Long Beach-Anaheim, Calif.

19.7%

18.0%

39

-6

8.8%

0.6 pp

Louisville/Jefferson County, Ky.-Ind.

24.9%

2.3%

38

2

14.1%

2.4 pp

Memphis, Tenn.-Miss.-Ark.

39.2%

16.9%

48

1

20.2%

5.7 pp

Miami-Fort Lauderdale-Pompano Beach, Fla.

58.3%

24.4%

64

1

19.0%

6.3 pp

Milwaukee-Waukesha, Wis.

12.2%

11.2%

31

1

6.9%

0.6 pp

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

24.5%

8.0%

35

-2

10.6%

3.0 pp

Nashville-Davidson-Murfreesboro-Franklin, Tenn.

17.1%

14.7%

31

-2

19.3%

0.8 pp

New Orleans-Metairie, La.

29.6%

10.9%

60

4

19.3%

-0.3 pp

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

-1.2%

2.4%

45

-5

7.1%

-0.4 pp

Oklahoma City, Okla.

34.1%

24.2%

41

-5

18.0%

3.0 pp

Orlando-Kissimmee-Sanford, Fla.

64.2%

26.6%

54

3

20.6%

6.3 pp

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

3.3%

6.0%

40

-5

11.3%

0.3 pp

Phoenix-Mesa-Chandler, Ariz.

47.4%

11.7%

55

5

23.7%

1.6 pp

Pittsburgh, Pa.

6.7%

1.2%

51

5

13.4%

1.1 pp

Portland-Vancouver-Hillsboro, Ore.-Wash.

37.5%

22.1%

39

2

20.8%

9.7 pp

Providence-Warwick, R.I.-Mass.

-0.8%

5.5%

29

-6

6.7%

1.3 pp

Raleigh-Cary, N.C.

20.5%

28.0%

38

-10

13.4%

3.5 pp

Richmond, Va.

18.9%

8.5%

41

3

8.5%

2.4 pp

Riverside-San Bernardino-Ontario, Calif.

25.8%

18.9%

45

-6

14.1%

2.9 pp

Rochester, N.Y.

-1.2%

3.6%

16

0

5.9%

0.7 pp

Sacramento-Roseville-Folsom, Calif.

42.2%

22.5%

32

-3

14.6%

5.7 pp

San Antonio-New Braunfels, Texas

44.3%

20.2%

54

1

23.3%

5.2 pp

San Diego-Chula Vista-Carlsbad, Calif.

50.7%

29.0%

33

0

11.9%

4.6 pp

San Francisco-Oakland-Berkeley, Calif.

30.3%

23.0%

28

-4

9.4%

1.0 pp

San Jose-Sunnyvale-Santa Clara, Calif.

25.5%

40.6%

21

-6

7.7%

0.7 pp

Seattle-Tacoma-Bellevue, Wash.

37.4%

46.5%

29

-3

8.8%

0.3 pp

St. Louis, Mo.-Ill.

16.6%

14.4%

35

-5

12.0%

2.9 pp

Tampa-St. Petersburg-Clearwater, Fla.

69.5%

26.5%

52

3

27.5%

8.8 pp

Virginia Beach-Norfolk-Newport News, Va.-N.C.

16.8%

5.8%

32

2

13.9%

4.6 pp

Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.

10.9%

11.2%

30

-3

10.3%

2.9 pp

Methodology

Realtor.com housing data as of April 2024. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202003). 

Posted On Friday, 03 May 2024 08:07 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 7.22 percent.

“The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season,” said Sam Khater, Freddie Mac’s Chief Economist. “On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon. However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year.”

News Facts

  • The 30-year FRM averaged 7.22 percent as of May 2, 2024, up from last week when it averaged 7.17 percent. A year ago at this time, the 30-year FRM averaged 6.39 percent.
  • The 15-year FRM averaged 6.47 percent, up from last week when it averaged 6.44 percent. A year ago at this time, the 15-year FRM averaged 5.76 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, 02 May 2024 09:03 Written by

Austin, Texas (-4.7%), Memphis, Tenn. (-4.4%), St. Louis (-4.0%), Atlanta (-3.7%), Miami (-3.6%), and Phoenix (-3.2%) lead the nation with the largest rent drops  

Rents declined in March for the eighth consecutive month, with year-over-year prices dropping by -0.3% and declines seen across all unit sizes, according to the Realtor.com® Rental Report released today. Even so, the median rent of $1,722 was only $36 less than the peak seen in August 2022 and was $313 more than in March 2019, before the pandemic, pointing to a resilient rental market.

Top 10 markets with the largest yearly rent price declines include: Austin-Round Rock, Texas (-4.70%); Memphis, Tenn.-Ms.-Ark.(-4.40%); St. Louis, Mo.-Ill. (-4.00%); Atlanta-Sandy Springs-Roswell, Ga (-3.70%); Miami-Fort Lauderdale-West Palm Beach, Fla. (-3.60%); Phoenix-Mesa-Scottsdale, Ariz. (-3.20%); Nashville-Davidson–Murfreesboro–Franklin, Tenn. (-2.90%); Orlando-Kissimmee-Sanford, Fla (-2.80%); Tampa-St. Petersburg-Clearwater, Fla. (-2.50%); and Cleveland-Elyria, Oho (-2.50%).

“Rising shelter costs have been a major driver of overall inflation, a top concern for the Fed as it meets this week,” said Danielle Hale, Chief Economist at Realtor.com®. “There is some good news for renters with prices falling in many parts of the country, especially outside expensive metro markets in the West and Northeast. However, we expect cost pressures to continue as interest rates remain high and would-be buyers opt to rent instead and keep demand high. New housing construction is needed, especially in major markets in the Northeast and West, to alleviate the home supply shortage. Softer rents in the South are evidence that more supply helps tame rising costs.”

Rents in Midwest held steady amid rising unemployment, declined in the South 

March rents in the Midwest were flat, though there was strong growth in Chicago (4.3%), Kansas City, Mo. (3.4%), and Indianapolis (3.3%). Midwest markets have remained more affordable, with median rent in Chicago ($1,846), for example, more than $1,000 less than in New York and Los Angeles. Still with unemployment rising in the Midwest, rental prices could slow or decline there. In the South, meanwhile, the median asking rent fell by -1.5% from a year ago. The biggest drops occurred in Austin, Texas (-4.7%), Memphis, Tenn. (-4.4%), Atlanta (-3.7%), Miami (-3.6%) and Nashville, Tenn. (-2.9%). Unemployment is low and demand for rental housing was strong, but an influx of new units has helped push down rental prices.

Rents in the West saw new growth, while expensive Northeast markets continue to climb

The median asking rent in the West rose by 0.4% from a year ago, the first annual increase after 13 months of declines. Increases came in expensive metro areas such as San Diego (2.9%) and Los Angeles (1.6%), as more potential first-time buyers opted for renting in the face of high home prices and the expectation that mortgage rates will remain elevated in the near future. Unemployment rates in the West rose, potentially forcing some people to postpone buying plans and pushing up rental rates – although if labor market conditions deteriorate, more people may leave the area entirely. Some Western metros saw declines in rent, including Phoenix (-3.2%) and Denver (-1.9%). Expensive Northeastern metros continued to see an even faster pace of rent growth, with median rents in New York rising by 3.8% and in Boston by 3.3%. Labor markets in the region remain relatively robust, and demand for rental housing is outstripping supply.

Amid general drop in rents, studios saw biggest decline 

In March, units of all sizes saw median rent declines, with studios showing the largest drop (-1.4%) on a year-over-year basis, to $1,435. It was the seventh consecutive month of rent declines for studios, though the median asking rent is still 17.6% higher than five years ago. Median asking rents for one-bedroom units declined by -0.1%, to $1,602. That relatively small drop may be because one-bedroom units are an alternative to both smaller and larger units. Meanwhile, rents for two-bedroom units declined by -0.5% to $1,908, the eighth consecutive month of year-over-year decline. These units still had the highest growth rate over the past five years, up by $372 (24.2%).

National Rental Data – March 2024

Unit Size

Median Rent

Rent YoY

Rent Change - 5 Years

Overall

$1,722

-0.3%

22.2%

Studio

$1,435

-1.4%

17.6%

1-bed

$1,602

-0.1%

22.1%

2-bed

$1,908

-0.5%

24.2%

Top 10 metros with the largest year-over-year declines, March 2024

Metro

Median Rent (0-2 Bedrooms)

YOY (0-2 Bedrooms)

Austin-Round Rock, TX

$1,531

-4.7%

Memphis, TN-MS-AR

$1,258

-4.4%

St. Louis, MO-IL

$1,306

-4.0%

Atlanta-Sandy Springs-Roswell, GA

$1,626

-3.7%

Miami-Fort Lauderdale-West Palm Beach, FL

$2,378

-3.6%

Phoenix-Mesa-Scottsdale, AZ

$1,554

-3.2%

Nashville-Davidson–Murfreesboro–Franklin, TN

$1,614

-2.9%

Orlando-Kissimmee-Sanford, FL

$1,683

-2.8%

Tampa-St. Petersburg-Clearwater, FL

$1,732

-2.5%

Cleveland-Elyria, OH

$1,247

-2.5%

Rental Data – 50 Largest Metropolitan Areas – March 2024

Metro

Median Rent (0-2 Bedrooms)

YOY (0-2 Bedrooms)

Atlanta-Sandy Springs-Alpharetta, GA

$1,626

-3.7%

Austin-Round Rock, TX

$1,531

-4.7%

Baltimore-Columbia-Towson, MD

$1,795

-1.9%

Birmingham-Hoover, AL

$1,240

-2.4%

Boston-Cambridge-Newton, MA-NH

$3,023

3.3%

Buffalo-Cheektowaga, NY

NA

NA

Charlotte-Concord-Gastonia, NC-SC

$1,539

-0.9%

Chicago-Naperville-Elgin, IL-IN-WI

$1,846

4.3%

Cincinnati, OH-KY-IN

$1,300

-1.4%

Cleveland-Elyria, OH

$1,247

-2.5%

Columbus, OH

$1,189

-1.7%

Dallas-Fort Worth-Arlington, TX

$1,515

-1.0%

Denver-Aurora-Lakewood, CO

$1,902

-1.9%

Detroit-Warren-Dearborn, MI

$1,326

0.7%

Hartford-West Hartford-East Hartford, CT

NA

NA

Houston-The Woodlands-Sugar Land, TX

$1,399

2.3%

Indianapolis-Carmel-Anderson, IN

$1,297

3.3%

Jacksonville, FL

$1,547

-1.0%

Kansas City, MO-KS

$1,340

3.4%

Las Vegas-Henderson-Paradise, NV

$1,520

-0.3%

Los Angeles-Long Beach-Anaheim, CA

$2,869

1.6%

Louisville/Jefferson County, KY-IN

$1,224

0.4%

Memphis, TN-MS-AR

$1,258

-4.4%

Miami-Fort Lauderdale-West Palm Beach, FL

$2,378

-3.6%

Milwaukee-Waukesha, WI

$1,568

-1.7%

Minneapolis-St. Paul-Bloomington, MN-WI

$1,500

-0.9%

Nashville-Davidson–Murfreesboro–Franklin, TN

$1,614

-2.9%

New Orleans-Metairie, LA

NA

NA

New York-Newark-Jersey City, NY-NJ-PA

$2,876

3.8%

Oklahoma City, OK

$977

1.0%

Orlando-Kissimmee-Sanford, FL

$1,683

-2.8%

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

$1,803

-0.6%

Phoenix-Mesa-Scottsdale, AZ

$1,554

-3.2%

Pittsburgh, PA

$1,439

2.8%

Portland-Vancouver-Hillsboro, OR-WA

$1,683

0.5%

Providence-Warwick, RI-MA

NA

NA

Raleigh, NC

$1,523

-2.2%

Richmond, VA

$1,506

-0.3%

Riverside-San Bernardino-Ontario, CA

$2,209

-0.2%

Rochester, NY

NA

NA

Sacramento-Roseville-Folsom, CA

$1,878

2.8%

San Antonio-New Braunfels, TX

$1,266

-0.7%

San Diego-Chula Vista-Carlsbad, CA

$2,866

2.9%

San Francisco-Oakland-Berkeley, CA

$2,867

0.1%

San Jose-Sunnyvale-Santa Clara, CA

$3,227

1.5%

Seattle-Tacoma-Bellevue, WA

$2,014

0.0%

St. Louis, MO-IL

$1,306

-4.0%

Tampa-St. Petersburg-Clearwater, FL

$1,732

-2.5%

Virginia Beach-Norfolk-Newport News, VA-NC

$1,510

-1.4%

Washington-Arlington-Alexandria,DC-VA-MD-WV

$2,222

1.5%

Posted On Monday, 29 April 2024 14:39 Written by

The number of homes for sale in Cape Coral, FL and North Port, FL surged roughly 50% from a year earlier in March—more than anywhere else in the country. And in McAllen, TX, supply jumped 25%.

On the west coast of Florida, housing supply is surging, sellers are cutting their asking prices and the time it takes to sell a home is soaring—all at a faster rate than anywhere else in the U.S. The story is similar in parts of Texas. That is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Here’s how these trends showed up in U.S. housing-market data for March, which covers 85 major metropolitan areas:

  • SUPPLY: Of the 10 metro areas that posted the largest year-over-year increases in supply, six are in Florida and two are in Texas. Cape Coral, FL saw the biggest jump in homes for sale (51%), followed by North Port-Sarasota, FL (48%), Fort Lauderdale, FL (30%), Tampa, FL (29%), McAllen, TX (25%), Orlando, FL (23%), Knoxville, TN (23%), Dallas (20%), West Palm Beach, FL (20%) and Cincinnati (17%).
  • PRICE DROPS: Of the 10 metro areas where sellers were most likely to cut their list prices, five are in Florida and two are in Texas. In North Port-Sarasota, 48% of listings had a price cut—the highest share in the country. Next came Tampa (44%), Indianapolis (43%), Cape Coral (41%), Denver (37%), Orlando (35%), Portland, OR (34%), Houston (33%), San Antonio (33%) and Jacksonville, FL (33%).
  • PRICES: Median sale prices fell from a year earlier in three metros, one of which is in Florida and one of which is in Texas: North Port-Sarasota (-4.6%), Oklahoma City (-1.5%) and San Antonio (-0.3%). Prices climbed least in Austin, TX (0%), El Paso, TX (0.5%), Memphis, TN (0.7%), Tampa (1.1%), Salt Lake City (1.1%), Omaha, NE (1.2%) and Charleston, SC (1.2%).
  • SPEED OF SALES: Of the 10 metros that saw the biggest upticks in median days on market, two are in Florida and two are in Texas: In Cape Coral, the typical home took 31 more days to sell than a year earlier—the largest jump in the nation. Next came North Port-Sarasota (20), McAllen (20), New Orleans (18), Tulsa, OK (13), Cincinnati (13), San Antonio (10), Greensboro, NC (8), Honolulu (7) and Knoxville (7).

Florida and Texas have been building more homes than anywhere else in the country, partly to accommodate the flood of newcomers that showed up during the pandemic homebuying boom. But the boom is over, in part because many people have been priced out. Now, homes are sitting on the market and price growth is stagnating.

“Out-of-town homebuyers no longer see Florida as a place to get amazing value. Now they’re moving to North Carolina or Tennessee to get a good deal. Many local blue-collar workers have been priced out of homeownership, too,” said Eric Auciello, a local Redfin sales manager. “Two years ago, the North Port metro was one of the most competitive housing markets in the country because it was affordable for remote workers and there was a shortage of homes for sale, but none of those things are true today. Sarasota, in particular, has been overvalued for decades, and the chickens have finally come to roost. The Tampa metro has been faring a bit better.”

Individual home sellers are having a tough time attracting buyers in part because builders are offering concessions that are hard for buyers to refuse. As a result, listings from regular sellers are sitting on the market. But homes are also sitting because many sellers are pricing their properties too high, and then being forced to cut later, Auciello said.

“The sharp ascent in Florida housing prices in recent years has driven a lot of homeowners to cash in on their equity, but some of them are having a hard time adjusting to the fact that it’s a buyer’s market,” Auciello said. “My advice to sellers is to price your home fairly; the comps from six months ago don’t exist now. And if you’re a buyer, know that the odds of getting an offer accepted below market value are pretty high.”

The insurance crisis in Florida is also throwing a wrench into home purchases and in some cases delaying deals. Nearly three-quarters of Florida homeowners say they or the area they live in has been affected by rising home insurance costs or changes in coverage, a recent Redfin survey found.

“One of our agents is representing a buyer who thought he’d be able to get insurance for $2,000 per year—the rate the existing homeowner has. But he found out at the eleventh hour that his insurance will be $4,000 because the house has had water damage. We’re seeing sellers offer a lot of concessions to hold deals together,” said Auciello, whose own home insurance is now $14,000 a year all in, up from around $8,000 two years ago. “We’re at an inflection point. A hefty insurance bill isn’t always a big deal for a luxury buyer, but it can be a really big issue for someone buying a waterfront home on a smaller budget.”

Connie Durnal, a Redfin Premier real estate agent in Dallas, said her market has also been sluggish.

“Last year was by far the slowest market I’ve seen in my 20 years as a real estate agent,” Durnal said. “Move-up buyers are almost nonexistent. Even though a lot of homeowners have built up a ton of equity, many don’t want to sell because their monthly payment would double or triple due to high mortgage rates.”

Nationwide, New Listings Slowed in March and Prices Rose From a Year Earlier

New listings dropped 6% month over month in March—the largest decline on a seasonally adjusted basis since January 2022. They rose 6% from a year earlier, but that marks a deceleration from the 14% annual gain in February.

New listings may have slowed because mortgage rates are staying higher longer than expected, which is exacerbating the lock-in effect. The average 30-year-fixed mortgage rate in March was 6.82%—the highest since December—and the Federal Reserve has warned that elevated inflation will probably delay the interest-rate cuts they had been planning this year.

Prices continued to rise, in part because there’s still a shortage of homes for sale. The median U.S. home sale price rose 5% year over year in March to $420,357, just 3% below the record high of $432,496 set in May 2022.

Home sales were roughly flat compared with a month earlier on a seasonally adjusted basis, and were down 3% from a year earlier.

March 2024 Highlights: United States

 

March 2024

Month-Over-Month Change

Year-Over-Year Change

Median sale price

$420,357

2.1%

4.8%

Homes sold, seasonally adjusted

423,273

-0.2%

-2.6%

New listings, seasonally adjusted

509,405

-6.3%

6.1%

All homes for sale, seasonally adjusted (active listings)

1,600,310

0.6%

4.3%

Months of supply

2.4

-0.5

0.3

Median days on market

40

-8

-4

Share of for-sale homes with a price drop

16.3%

1.1 ppts

2.8 ppts

Share of homes sold above final list price

30.0%

3.8 ppts

1.6 ppts

Average sale-to-final-list-price ratio

99.2%

0.5 ppts

0.4 ppts

Average 30-year fixed mortgage rate

6.82%

0.04 ppts

0.28 ppts

To view the full report, including charts and additional metro-level data, please visit:

https://www.redfin.com/news/housing-market-tracker-march-2024

Posted On Sunday, 28 April 2024 06:32 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 7.17 percent.

“Mortgage rates continued rising this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.”

News Facts

  • The 30-year FRM averaged 7.17 percent as of April 25, 2024, up from last week when it averaged 7.10 percent. A year ago at this time, the 30-year FRM averaged 6.43 percent.
  • The 15-year FRM averaged 6.44 percent, up from last week when it averaged 6.39 percent. A year ago at this time, the 15-year FRM averaged 5.71 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 Friday, 26 April 2024 07:08 Written by

Imagine starting a multimillion-dollar company only to have it crumble due to cybercrime. This isn’t a plot from a thriller movie—it’s a harsh reality many face. Cyber threats are increasingly sophisticated, leveraging the very tools meant to simplify our lives to exploit vulnerabilities. From phishing scams that mimic trusted contacts to ransomware attacks that can shut down entire supply chains, no one is immune.

The weaponization of artificial intelligence presents a particularly alarming trend. AI can accelerate the rate of attacks, automate malicious activities, and craft deceptive content that can fool even the most vigilant among us. This evolution demands that we not only stay updated with the latest in cybersecurity but also engage actively in educating everyone within our spheres of influence.

https://www.burrus.com/become-anticipatory

In our rapidly evolving digital age, the importance of robust cybersecurity measures cannot be overstated. Join me live on April 30th when I sit down with John Sileo, who will share his personal encounters with cybercrime. Our discussion will shed light on the stark reality of digital dangers, underscoring the profound impact that cyber attacks can have on our lives.

Cybersecurity is not just about fending off attacks; it’s about fostering a culture of awareness and preparedness. Training and continuous education can transform the way we tackle cybersecurity, moving from reactive measures to proactive strategies. 

For businesses, regular security training and an up-to-date understanding of AI’s role in cybersecurity are indispensable along with many other insights and steps we will share. For individuals, we will share simple tips that can significantly reduce risk.

Remember, cybersecurity is a continuous journey. It requires vigilance, education, and the right tools to defend against evolving threats. Join my Anticipatory Leader Membership this month to delve deeper into this discussions and equip yourself with the knowledge to protect your digital landscape. 

Together, let’s anticipate change and secure our future. For more insights and to join us for this month’s episode with John, consider joining my  membership community where experts converge to empower and educate on navigating today’s complex technological landscape.

 

Posted On Monday, 29 April 2024 00:00 Written by

One of the key components of coaching is to be sure that my clients are well scheduled and prepared for things they know are coming. Planning for summer is often overlooked but can make a huge difference in your business. You need to look and prepare for events that are going to take place so you can choose to be prepared for them and make them productive for you! Here are the seven things I think everyone in our industry should be prepared for:

1.  Mother’s Day in May
2.  Memorial Day in May
3.  End of your local school year
4.  Father’s Day in June
5.  4th of July
6.  Your personal and team’s summer schedule
7.  VACATIONS!

Not all of these are going to be important to everyone in every location. Some have more significance to some people than others. Only you can determine the importance of any or all of these events, but you do need to be aware of all of them and plan accordingly.

While some of these are specific events, they also can create time stamps for specific actions to take place. For example, Mother’s Day can make us think about if we may become caregivers or if our clients may need to think about having mom or dad move in with them? Maybe downsizing mom to a smaller house or possibly using a reverse mortgage to help with financial pressures? There are all kinds of connections that can be made if you are aware of them and plan accordingly.

My big two are the end of school and preparing for vacations! The end of the school year and vacations are natural triggers for action and opportunity! Trading up or down can often need to take place while the kids are out of school! Vacations often take time away from those we work with, for, and those we serve! All can become a huge challenge if we aren’t prepared for it!

Today we have GDP numbers and initial and continuing jobless claims; and Friday we have PCE numbers, all can be market movers so be prepared! If you have questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Tuesday, 30 April 2024 00:00 Written by

NAR forecasts 4.46 million existing-home sales in 2024, a 9% increase from 2023

Pending home sales in March climbed 3.4%, according to the National Association of Realtors®. The Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Year-over-year, the Northeast and South registered decreases but the Midwest and West improved.

The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – increased to 78.2 in March. Year over year, pending transactions were up 0.1%. An index of 100 is equal to the level of contract activity in 2001.

“March’s Pending Home Sales Index – at 78.2 – marks the best performance in a year, but it still remains in a fairly narrow range over the last 12 months without a measurable breakout,” said NAR Chief Economist Lawrence Yun. “Meaningful gains will only occur with declining mortgage rates and rising inventory.”

Quarterly U.S. Economic Forecast

            NAR forecasts that existing-home sales will rise by 9% in 2024 to 4.46 million (from 4.09 million 2023) and another 13.2% in 2025 to 5.05 million (from 2024). Housing starts are expected to rise by 1.2% in 2024 to 1.43 million (from 1.413 million in 2023) and 4.9% to 1.5 million in 2025 (from 2024).

            “Home sales have lingered at 30-year lows, and since 70 million more Americans live in the country now compared to three decades ago, it’s inevitable that sales will rise in coming years,” explained Yun. “Inventory will grow steadily from more home construction, and various life-changing events will require people to trade up, trade down or move to another location.”

NAR expects that median home prices will increase by 1.8% in 2024 to a record of $396,800 (from $389,800 in 2023) and another 1.8% in 2025 to $403,800 (from 2024). NAR forecasts a modest reduction – 0.6% – in the median new home price to $426,100 in 2024 (from $428,600 in 2023), reflecting the building of smaller-sized homes. The association anticipates the median new home price will jump 3.4% to $440,500 in 2025 (from 2024).

“Home prices are expected to rise roughly in line with consumer price inflation and wage growth over the next two years,” added Yun. “Most homeowners are on strong financial footing in current market conditions, with only 2% of sales classified as being distressed.”

NAR expects home sales to steadily improve while home prices continue to hit record highs.

“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales,” explained Yun. “Given the lingering housing shortage, home prices will march higher, albeit much more slowly than in the past.”

Pending Home Sales Regional Breakdown

The Northeast PHSI increased 2.7% from last month to 65.1, a decline of 0.3% from March 2023. The Midwest index fell 4.3% to 78.1 in March, up 1.3% from one year ago.

The South PHSI improved 7.0% to 95.8 in March, dropping 1.5% from the prior year. The West index rose 6.8% in March to 61.0, up 3.6% from March 2023.

 “Home prices rising faster than income growth is not healthy and adds challenges for first-time buyers,” said Yun.

Yun further noted, “Inventory will gradually rise from recent growth in home building. Additionally, many sellers who delayed listing in the past two years will start putting their homes on the market to move to a different home that better fits their new life circumstances – such as changes in family composition, jobs, commuting patterns and retirees wanting to be closer to their grandkids.”

About the National Association of Realtors®

The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.

The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

                                                       

NOTE: Existing-Home Sales for April will be released May 22. The next Pending Home Sales Index will be released May 30. All release times are 10 a.m. Eastern. View the NAR Statistical News Release Schedule.

Posted On Thursday, 25 April 2024 07:01 Written by

Redfin reports many U.S. homeowners wouldn’t be able to afford to buy their home if they were to purchase it today because home prices have doubled over the last decade, and monthly housing costs are at an all-time high

Nearly two of every five (38%) homeowners don’t believe they could afford to buy their own home if they were purchasing it today, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

This is based on a Redfin-commissioned survey of roughly 3,000 U.S. residents conducted by Qualtrics in February 2024.

Nearly three in five (59%) homeowners who answered this question have lived in their home for at least 10 years, and another 21% have lived in their home for at least five years. That means the majority of respondents have seen housing prices in their neighborhood skyrocket since they purchased their home: The median U.S. home-sale price has doubled in the last 10 years, and has shot up nearly 50% in the last five years alone.

Home prices have soared over the last decade for several reasons. Already-high home prices skyrocketed during the pandemic, when remote work and ultra-low mortgage rates motivated many Americans to move and buy homes. Even before the pandemic buying boom, home prices were increasing due to a prolonged supply shortage, along with a strong labor market and growing population pushing up demand.

Rising mortgage rates are another reason many homeowners couldn’t afford their own home if they were to buy it today. The typical person purchasing today’s median-priced home for about $420,000 has a record-high $2,864 monthly housing payment with a 7.1% mortgage rate, the current 30-year fixed-rate average. If they were to purchase a home for the same price with a 4% mortgage rate, which was common in 2019, their monthly payment would be $2,210, roughly $650 less.

“Rising home prices are a double-edged sword. On the one hand, Americans who already own homes benefit from rising values and they can consider themselves lucky they broke into the housing market while they could still afford it,” said Redfin Senior Economist Elijah de la Campa. “On the other hand, price appreciation makes the prospect of buying a new home daunting or even impossible for many people who want to move. Prices have risen enough that a similar home and location would be much pricier than a home someone already owns–even accounting for inflation. Add elevated mortgage rates to the equation, and moving up to a bigger, better home is even more costly and perhaps out of reach.”

The situation is especially dire for first-time buyers, who haven’t built up equity from the sale of a previous home. Nearly 40% of U.S. renters don’t believe they’ll ever own a home, up from 27% last year. Of the Gen Zers and millennials who do expect to buy their first home soon, more than one-third (36%) expect to use a cash gift from family to help with their down payment.

Baby boomers least likely to be able to afford to buy their own home today

Broken down by generation, baby boomers are least likely to be able to afford their current home if they were to buy it today. Nearly half (45%) of baby boomers said they couldn’t afford a similar home in their neighborhood now, compared to 39% of Gen Xers and 24% of Gen Zers and millennials. That stands to reason, as baby boomers are more likely to have bought their home a long time ago for a much lower price. That dynamic contributes to the shortage of homes for sale: Empty-nest baby boomers own twice as many large homes nationwide as millennials with kids, largely because older Americans, with no financial incentive to sell, are hanging onto their homes.

Unsurprisingly, lower-income homeowners are least likely to be able to afford their own home today. More than half (51%) of respondents earning under $50,000 annually wouldn’t be able to afford their home, compared to 34% of people earning $50,000-$100,000 and 21% of people earning more than $100,000.

To view the full report, including a chart and more details on methodology, please visit:
https://www.redfin.com/news/survey-homeowners-afford-own-home

Posted On Thursday, 25 April 2024 05:31 Written by
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