The higher borrowing costs are disappointing to home buyers and sellers who expected a lower rate environment this fall, NAR economist says.As mortgage rates continue to rise, more Americans are feeling stuck in their current homes, unwilling or unable to move at today’s higher borrowing costs. The 30-year fixed-rate mortgage rose to a 7.31% average this week—the highest level since 2000, Freddie Mac reports.“However, unlike the turn of the
Whether your focus is on natural beauty or outdoor living, by sticking to these rules you can grow your home's curb appeal.Whether you like to admire the garden from your living room window, host regular backyard barbecues or line up a youth soccer practice out front on the weekends, your home’s exterior appearance is important. Planning the right landscaping – purely for aesthetics or utility – is imperative to help you
Home values are now 11.4% lower in Austin, Texas, than they were in Aug. 2022, Zillow said. Nationally, prices were up slightly from July to August, and there was a small inventory uptick Home values have fallen by more than 10 percent in Austin, Texas, as the nation’s housing market continued cooling down from pandemic-era highs, according to an August market report from Zillow.Nationwide, home values grew 0.2 percent from July to August,
Data: RentCafe; Note: Includes buildings with 50 or more units; New York metro numbers do not include the Bronx or Staten Island; Table: Kavya Beheraj/AxiosNew apartment construction is on track to top a 50-year high, with nearly 461,000 units expected to be built across the U.S. this year, according to a new report.Why it matters: A housing shortage in the U.S. has contributed to the rising cost of both renting and buying.What's
While artificial intelligence can't replace the human brain, tools like Midjourney are supercharging the home design process.These days, there's no shortage of news about artificial intelligence. Some industries are dominated by praise and excitement for how AI can make life easier, while other professional sectors lament the loss of jobs and human touch. The truth is usually somewhere in the middle, and the world of home design is no exception.S
“The lack of movement is discouraging to home buyers who are also facing higher home prices,” says NAR economist.Mortgage rates backed away slightly from last week’s two-decade high but remain above 7%. The 30-year fixed-rate mortgage averaged 7.18%, Freddie Mac’s latest weekly mortgage indicator shows.“The lack of movement is discouraging to home buyers who are also facing higher home prices,” says Jessica Lautz, deputy chief economi
A new report from CoreLogic is the latest to confirm that rent growth is falling back toward historical levels as the market moves on from unprecedented growth during COVID-19Rent for single-family homes was 3.3 percent higher in June compared with a year earlier, according to a new report from property data provider CoreLogic.That was the slowest rate of growth since the fall of 2020, shortly after COVID-19 shocked the rental and for-sale h
Borrowing costs are the highest they’ve been in more than two decades—and rates may go higher over the next few weeks.Home buyers are facing the highest mortgage rates in 22 years. They’re also up against higher home prices and limited inventory. Add to that this week’s 7.23% average mortgage rate for the 30-year fixed-rate loan, which translates to an average monthly mortgage payment of $2,246 for a typical existing single-family home, s
Pending home sales rose 0.7% from June to July, reversing 7 months of declines. However, rising rates and home prices are poised to stifle sales growth into the fall, Redfin said on Friday After several months of double-digit monthly declines, pending sales finally rebounded in July — albeit by only 0.7 percent.Pending sales reached a 2023-high of 387,000 in July, according to Redfin’s latest housing market report publishe
With a dearth of existing homes on the market, builders have been ramping up production to meet buyer demand. Newly built single-family properties comprised a record share of homes on the market in the second quarter of the year, making up nearly one-third of housing inventory nationwide, according to new research from Redfin. New-home sales typically make up only about 10% of the market.The National Association of REALTORS® predicts that new-ho
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