Only Four Major U.S. Cities Offer More Affordable Homes Than Rentals Data from Redfin reveals that in just four major metropolitan areas in the country, it is currently more cost-effective to purchase a home rather than rent one. These cities include Houston, Cleveland, Philadelphia, and Detroit. With an anticipated monthly rent of $1,697 in Detroit…

Only Four Major U.S. Cities Offer More Affordable Homes Than Rentals Data from Redfin reveals that in just four major metropolitan areas in the country, it is currently more cost-effective to purchase a home rather than rent one. These cities include Houston, Cleveland, Philadelphia, and Detroit. With an anticipated monthly rent of $1,697 in Detroit…

Gen Z and Millennials Remain Unfazed by Supposed Seller’s Market Bank of America’s 2023 Homebuyer Insights Report reveals that many prospective homebuyers remain committed to purchasing homes despite perceiving a seller’s market. While 55% believe the housing market has become more competitive, 54% still plan to proceed with their purchases as initially intended. Only 18%…

NAR Economist Yun Criticizes Recent Fed Rate Increase Lawrence Yun, chief economist for the National Association of REALTORS®, has warned that the Federal Reserve’s tenth interest rate hike in a year may negatively impact banks and the housing market. Yun argues that the continual rate hikes are causing the balance sheets of many small regional…

NAR Economist Yun Criticizes Recent Fed Rate Increase Lawrence Yun, chief economist for the National Association of REALTORS®, has warned that the Federal Reserve’s tenth interest rate hike in a year may negatively impact banks and the housing market. Yun argues that the continual rate hikes are causing the balance sheets of many small regional…

New Listings Down Over 20% as Shortage Prevents Further Price Falls According to Redfin, a decline in new home listings of 22.4% year over year has resulted in a general scarcity of inventory. Despite higher mortgage rates, nearly half of homes on the market sell within two weeks. The typical house sale price is falling…

Housing Supply Still at Historic Lows Existing home sales in the US decreased from February to March, yet there is still a record-low amount of housing inventory—just 2.6 months’ worth. To return to the pre-COVID-19 sales range, the existing home sales trend would have to be between 4.72 and 5.31 million for at least 12…

Mortgage Applications for New Homes in March Increased by 10% The Mortgage Bankers Association (MBA) reported that mortgage applications for new home purchases increased by 10% in March compared to February and by 0.6% compared to the previous year. The MBA Builder Applications Survey estimated new single-family home sales to be at a seasonally adjusted…

As The Market Declines, the Typical Down Payment Has been Reduced By 10%  New data from Redfin real estate brokerage shows that the typical down payment made by homebuyers in the U.S. decreased to $42,375 in January, which marks a 10% year-over-year decline and is the lowest level seen in almost two years. While the…

Dropping Mortgage Rates Spurs Housing Recovery This week, home sales are increasing while mortgage rates keep falling, encouraging a potential strong spring market. According to Freddie Mac’s Thursday report, the 30-year fixed-rate mortgage averaged 6.32% for the week ending March 30. Since crucial housing indicators, including existing-home sales, new-home construction, and contract signings for house…