The recent surge in home prices, with an astonishing increase exceeding 40% since before the pandemic, should theoretically prompt current homeowners to consider refinancing. However, the reality is quite different, as the cost of pulling out cash through refinancing has become prohibitively expensive due to the skyrocketing interest rates. A report by the Mortgage Bankers
Real Estate
In a recent report by Bank of America, it was revealed that almost half of Gen Zers, between the ages of 18 and 27, rely on financial assistance from their parents. This indicates a significant trend among young adults who are struggling to keep up with the high cost of living. The report highlighted that
In today’s housing market, potential home buyers are experiencing a significant shortage of available homes for sale, despite a slight increase in inventory. The supply of newly built homes seems to be disproportionately high compared to existing homes, which is a perplexing trend. Generally, a surplus of homes would lead to lower prices, but in
The San Francisco real estate market is facing significant challenges, with the vacancy rate for office space reaching a record high of 34.5% in the second quarter. This is a sharp increase from 28.1% in the same period a year ago and 5% before the pandemic. Additionally, the average asking rent has dropped to $68.27
Recent reports have indicated that Manhattan is experiencing a shift towards becoming a buyer’s market in the real estate industry. The second quarter of 2024 saw a decrease in apartment prices and a rise in inventory levels. The average price of real estate sales in Manhattan dropped by 3% to just over $2 million, while
The landscape of the housing market is experiencing a shift in price trends, with reports indicating that some of the heat is coming out of home prices. While prices still remain higher compared to a year ago, the rate of increase is starting to slow down. According to recent data from real estate brokerage Redfin,
The housing market continues to face challenges as we move into the summer months. Despite high home prices and increasing mortgage rates, the demand for mortgages remains stagnant. According to the Mortgage Bankers Association, total mortgage application volume saw a minimal increase of just 0.8% from the previous week. This lackluster growth reflects the ongoing
The trend of smaller new homes is on the rise, with newly built single-family homes coming in at a median of 2,140 square feet in the first quarter of 2024. This is a decrease from the previous year’s median of 2,256 square feet, marking the smallest new homes since the second half of 2009. The
The real estate market in April saw yet another record-breaking surge in home prices, with a 6.3% increase compared to the previous year. This growth occurred despite a sharp rise in the average rate on the 30-year fixed mortgage, jumping from 6.9% to 7.5% in April. Despite conventional wisdom suggesting that rising mortgage rates would
Finding the right location to buy a home is crucial for many Americans, and recent data published by NBC News sheds light on the least difficult places to purchase a home in the U.S. According to the NBC News Home Buyer Index, several counties stand out for their affordability, competition levels, scarcity, and economic stability.