The median existing-home price for a single-family home in March jumped to a record high of $334,500, according to data from the National Association of REALTORS®. Meanwhile, the median sales price of a newly built home was $330,800, according to U.S. Census Bureau data.New homes are traditionally more expensive than used homes. The scenario in which existing homes sell for more than a new home hasn’t occurred in more than 15 years, CNBC repor
A U.S. District Court judge ruled Wednesday that the Centers for Disease Control and Prevention’s nationwide eviction moratorium is unlawful, striking down the ban and delivering relief to housing providers who haven’t been able to collect rent from struggling tenants for more than a year. The U.S. Department of Justice has filed an appeal.After the CARES Act, which Congress passed in March 2020, established an eviction moratorium t
Home sellers continue to see higher profits from their homes as a hot housing market rolls on. In the first quarter, sellers generated an average profit of $70,050 on the sale of their home, up 26% compared to a year earlier ($55,750), according to ATTOM Data Solutions’ 2021 U.S. Home Sales Report.The $70,050 in profit accounts for a 34.2% return on investment compared to the original purchase price, which is also higher than the 30.8% from a y
The most in-demand locations for renters are certainly not the ones you’d expect, RentCafe notes in its latest study. Mid-sized markets, such as Central Valley, Calif.; Spokane, Wash.; and Boise, Idaho, were the most sought-after apartment markets in the last quarter.“The largest markets and surrounding exurbs show renters are distinctively looking to get more square footage or more amenities for the same price, within these hubs and close to
May offers some of the best days of the year to sell a home at a premium, assuming history repeats itself. Home sales over the past 10 years have shown that spring and summer months tend to offer the highest premiums when selling. Home sellers, on average, see an 8.8% premium above market value during these months, according to a new study from ATTOM Data Solutions, a real estate research firm. Ten of the best days to sell are in the month of May
With rising home prices, some markets have lost affordability, but a robust economy promises to help housing thrive in many areas of the country.Realtor.com® and The Wall Street Journal identified the top markets with growing economies and booming housing markets in their brand-new joint Emerging Housing Markets Index. The index evaluates the nation’s 300 largest metros to identify the areas with strong housing demand,
Buyers who purchase newly constructed homes are paying more not only because of intense competition in the market but also surging lumber prices. Record-breaking growth for the cost of lumber is pressing on builders’ budgets and prompting them to pass along price increases to buyers.The increase in lumber prices over the past year has added $35,872 to the price of an average new single-family home and $12,966 to the price of
Home buyers had another opportunity to snag ultra-low rates this week. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports.“In light of the rising COVID-19 caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data,” says Sam Khater, Freddie Mac’s chief economist. “The good news is that with rates under 3%, refinancing continue
The Federal Housing Finance Agency is giving low-income homeowners who missed out on the refinancing boom last year another chance. FHFA announced a program this week that will help low-income homeowners with government-backed mortgages to refinance into a lower mortgage rate to reduce their monthly mortgage payments.The program is geared to homeowners with single-family, Fannie Mae or Freddie Mac-backed mortgages. It could help qualifying borrow
Housing isn’t just the backbone of the American dream and the way most Americans build wealth. It also makes up nearly one-fifth of the entire U.S. economy.In his first 100 days in office, President Joe Biden has understandably made housing a key focus of his agenda, aiming to help renters struggling during the pandemic remain in their homes, bring homeownership within reach for millions more Americans, and fight discrimination. Perhaps the mos
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