As owners remain reluctant to put their properties on the market, developers are rushing to build new homes to meet demand.When Joel Adler decided it was time to downsize from his six-bedroom house in Parkland, Fla., where he had lived for more than 20 years, he was disappointed with the lack of options.“There weren’t a lot of homes to look at,” said Mr. Adler, a 76-year-old retired teacher, who had been searching for a year and a half.Even
Most millennials are prepared to take drastic measures to buy a home, with 65% saying they would pay up to a 10% mortgage rate and 23% admitting they would buy at 15% or more, according to a new study from Clever Real Estate.A combination of high-interest rates, inflation, and stagnant wages are financially squeezing millennials, but it has not diminished their enthusiasm for homeownership.Clever's survey of millennial homebuyers found that
“The housing market is off to a good start this year,” says NAR’s chief economist.Real estate pros likely will see more sales this year, as the end of 2023 may have set the stage for kicking off brighter days ahead for the housing market for 2024. Pending home sales posted an 8.3% increase in December. Pending sales are picking up a stronger pace than a year earlier, too, up 1.3% annually, shows the National Association of REALTORS®’ Pen
Stabilization in borrowing costs is easing home shoppers’ affordability concerns.Mortgage rates, which have settled in the 6% range, barely budged this week, giving potential home buyers more confidence to shop for real estate. The 30-year fixed-rate mortgage averaged 6.69%, marking the sixth consecutive week of holding steady, Freddie Mac reports.“Given this stabilization in rates, potential home buyers with affordability concerns have jumpe
The number of ‘cost-burdened’ renters hit a record 22.4 million in 2022 — up 2 million households from just three years before, according to a new studyRent has never been less affordable — for tenants with high and low incomes alike — even while costs for new leases are finallycooling off.Half of American renters spend more than 30 percent of their income on housing costs — a key benchmark for affordability — with the financial str
The Federal Reserve on Wednesday said a funding lifeline created for banks last year after the collapse of Silicon Valley Bank threatened to spark a wider financial crisis would close as scheduled in March.The Fed also raised the interest rate on new loans from the Bank Term Funding Program (BTFP) for the remainder of its life, effectively ending what had become a popular and profitable arbitrage opportunity for U.S. lenders, which analysts said
The US economy remained shockingly robust in the fourth quarter to close out a remarkably strong 2023 as consumers and businesses continued to spend, crushing expectations of a recession.Gross domestic product, the broadest measure of economic output, rose at a seasonally and inflation-adjusted annualized rate of 3.3% from October through December, the Commerce Department reported Thursday.That was slower than the blistering 4.9% rate from July t
Existing-home sales likely bottomed out in December, says NAR’s chief economist, who predicts brighter days ahead.Existing-home sales fell to their lowest level in nearly 30 years in December—but that didn’t cool red-hot home prices, with the median price reaching an all-time high of $389,800, the National Association of REALTORS® reported Friday.Existing-home sales—which include completed transactions for single-family homes, townhomes,
Although U.S. women still trail men when it comes to pay, they are pulling ahead financially in one important way of building wealth: homeownership. A recent study from LendingTree shows that single women own 2.7 million more homes than their male counterparts, with roughly 13% of those women holding the titles to their homes, compared to 10% of men. "A home for most people is going to represent the biggest portion of the
Consumer sentiment gauge posted the largest two-month gain since 1991Americans are rapidly becoming much more upbeat about the economy.Consumer sentiment surged 29% since November, the biggest two-month increase since 1991, the University of Michigan said Friday, adding to gauges showing improving moods. It’s a sharp turn after persistently high inflation, the lingering shock from the pandemic’s destruction and fears that a recessio
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