Which direction is the housing market going? To discern that requires understanding exactly where we are now, and how we got here. These are valuable points to ponder since Americans’ homes are often their most valuable asset and largest store of wealth, and those homes are hemorrhaging.Read More
Friday morning on The Tennessee Star Report, host Leahy welcomed Fox Business contributor and Wall Street expert Liz Peek on the newsmaker for her reaction and interpretation of how the student loan forgiveness will impact inflation.Read More
For many readers, the above title will conjure up memories of the 2008 housing crash caused by the proliferation of subprime mortgages and the subsequent tsunami of defaults. But a better corollary for the coming Biden bust is the Carter crash that occurred three decades earlier. During the final two years of Carter’s term, sales of existing and new homes collapsed because the Fed was forced to raise interest rates sharply to get double-digit inflation under control. This, in turn, produced double-digit mortgage rates that priced millions of potential buyers out of the market.Read More
The Phoenix housing market has become overpriced.
That’s according to a recent study from researchers at Florida Atlantic University and Florida International University.Read More
Housing costs in Pennsylvania are rising, but the General Assembly has not prioritized the expansion of housing supply as an area of concern. As rents and housing prices rise across the Commonwealth, inaction now could cause pain in the near future.
Housing prices statewide rose by 14% from 2020 to 2021, as The Center Square previously reported, and in central Pennsylvania, apartment rents have increased 40% since 2017. Rents in Philadelphia increased almost 10% in 2021. The Lehigh Valley has had similar pressures, with one-third of households spending at least 30% of their income on rent or mortgages.Read More
U.S. existing home sales soared to a 15-year high in 2021 fueled by low interest rates and remote work, which boosted a competitive housing market, the National Association of Realtors (NAR) announced Thursday.
Home sales totaled 6.12 million in 2021, representing an 8.5% increase from 2020 and the highest level since 2006, according to the NAR. The inventory of unsold homes as of December 2021, 910,000, the lowest figure since January 1999.Read More
Nashville real estate is selling in 12 days on average, according to The RE/MAX National Housing Report for November 2021. The rate, which is the fastest of any other metro area in the county, is twice as quick as the overall average rate in November which is 29 days.Read More
Home prices are at a 45-year high, pricing many buyers out of an historic seller’s market, new data published by CoreLogic show.
Annual home prices were 18% higher in October of this year than they were last October, and were also the highest recorded in the 45-year history of a Home Price Index published by the global property company.Read More
Even though they already are at historic highs, home prices in the Valley are increasing faster than in any other market in America.
The S&P CoreLogic Case-Schiller Home Price Index from September showed Phoenix home sale prices increased more than 33% from September 2020.
Of the 20 major metropolitan markets the index tracks, no other city increased as much in the report, which was released Tuesday. The next-highest annual percentage increase was Tampa Bay at 27.7%.Read More
Median home prices surged in the third quarter of 2021 in almost every housing market in the U.S., the National Association of Realtors said in a report Wednesday.
The median price of a single-family home increased in 182 out of the 183 markets tracked by the National Association of Realtors (NAR). Prices grew by 10% from the previous year in 78% of the 182 markets.Read More
Zillow is closing down its home buying and selling business and laying off 25% of its workforce after the online real estate company missed its third-quarter earnings estimate.
The company announced in a statement attached to its earnings report Tuesday that it would be shutting down its Offers program, which buys and sells houses, after the company reported a net loss, partly due to failures in its Offers division. Zillow attributed the change to its inability to accurately forecast the housing market.Read More
Phoenix was the most popular migration destination in the second quarter of 2021 for users of Redfin.com, a technology-powered real estate broker, who were looking to move to a different major city.
In Phoenix, institutions or businesses that purchase residential real estate, known by Redfin as investors, purchased 24.5% of homes sold in the second quarter of 2021. Redfin said that out of the 41 U.S. metropolitan areas analyzed, Phoenix had the highest percentage of home purchases by investors. The Valley was followed closely by Miami, Atlanta, Charlotte, North Carolina, and Las Vegas.Read More
Home prices reached record highs in April as the housing market continued to boom, with home prices in areas around cities climbing at the fastest rate on record.
Average home prices in metropolitan areas, measured by the S&P CoreLogic Case-Shiller National Home Price Index, rose 14.6% between April 2020 and April 2021, according to an analysis released Tuesday. The increase is the highest annual rate of housing price growth the index has measured, according to The Wall Street Journal.Read More
House prices are at their highest point ever as the housing market continues to boom, leaving some buyers struggling to afford a home, according to a real estate group.
The median existing-home price topped $350,000 for the first time in May, a 23.6% increase from a year earlier, according to a Tuesday report from the National Association of Realtors (NAR). While existing-home sales fell 0.9% from April to May, prices continued to increase as supply struggled to meet demand.
A combination of home buyers leaving cities, low interest rates, and constrained housing supply has caused prices to skyrocket, according to a report from Redfin. While the market has benefited sellers, some buyers have been priced out, the The Wall Street Journal reported.Read More
Lumber futures plunged further this week, seeing a price drop that hit 20% in a sign that the lumber market may finally reverse course from its dizzying price spike that occurred over the last few months.
The reversal was likely driven in part by a drop in homebuilding, which was down nearly 10% last month; general home repair also saw a similar decline.
Lumber manufacturers over the past several months have also been producing record levels of supply in response to the price surge.Read More
In a housing market booming across the country, Clarksville stands out.
A recent National Association of Realtors report shows that while the Nashville-Davidson-Murfreesboro-Franklin metro area is one of the largest growing markets in the country, it is Clarksville that ranks as the fifth-fastest growing housing market in the U.S. in terms of new housing permits.
Clarksville’s growth coincides with a jobs boom in Nashville, which is located less than an hour away, but it also has seen its own boom with the growth of small businesses and employers such as Hankook Tire.Read More
Housing inventory in the U.S. remains significantly low, driving a white-hot market in which buyers continue to resort to aggressive buying tactics such as inspection-free transfers and hugely inflated offering prices.
Data from the Federal Reserve show housing inventory began declining last summer before dropping sharply in October. From over 1,550,000 units in May of last year, the Fed says stock has dropped to just above 1,000,000.Read More