A recent decline in lumber prices is helping to mitigate building costs, but that effect is being offset by numerous increases in other building materials that are surpassing records. Home building materials have climbed by up to 19% over the past year, according to the Bureau of Labor Statistics Producer Price Index.The building materials that have seen the largest increases so far in 2021, according to the National Association of Home Buil
For the ninth consecutive week, mortgage rates stayed below 2.9%. But even with historically low mortgage rates, home buying may be following a more typical seasonal pattern of cooling off, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s Economists’ Outlook blog.“Buyers and sellers typically do not want to move their family in the middle of the school year
Housing equity surged nearly 40% compared to a year ago and is at a record high, according to a new report from Black Knight, Inc. The average mortgage holder now has $173,000 in equity. That marks an increase of $20,000 just from the end of the first quarter, the report notes.The increase in equity is being driven by surging home values over the last quarter, says Ben Graboske, Black Knight data analytics president. Home prices have jumped nearl
Another sign the housing market may be cooling: Loan applications for home purchases—a gauge of housing demand—are now 18% lower than a year ago, the Mortgage Bankers Association reported Wednesday.More listings are coming on the market, offering home buyers more choices. But some potential buyers are still getting priced out. Home prices are nearly 18% higher than a year ago, according to the National Association of REALTORS®. Contract
The housing market is showing some sings of cooling, which may be making more home buyers more optimistic in a competitive market. Thirty-two percent of consumers said in August it’s a good time to buy, up from 28% in July, according to Fannie Mae’s National Housing Survey, a survey of 1,000 U.S. adults. That marks the first sign of progress in home buyer sentiment since March.However, 63% of consumers still say it’s a difficult time to buy
Retailers in the U.S. plan to open more new stores this year than close stores, indicating a hopeful sign for a rebounding sector. The news of more retailers in expansion mode follows a strenuous year of survival for many retailers, in which the COVID-19 pandemic caused many shutdowns in 2020.Grocery, fast-casual, and value stores are the retail leaders that are planning to expand this year, according to the report from RetailSphere. More than ha
Home prices have been rapidly rising, but not everywhere. The housing market is showing some signs of cooling somewhat, which could open the door to potential buyers who the market has shut out. Also, with the growth of remote work—largely expected to remain in some form post-pandemic—house hunters may be able to expand their options and seek out markets offering greater housing affordability.“If you’re working for a company in
Americans want more social distance from their neighbors. A new Pew Research Center study finds a shift in home preferences since the pandemic with more consumers saying they want a larger home, even if it means local amenities are further away.That marks a shift from 2019 when more Americans were desiring smaller houses that were “closer to each other, but schools, stores, and restaurants are within walking distance,” according to the Pew Re
Three out of four homeowners would rather fix or replace appliances than accept a lower offer when selling their home, according to a new survey of about 1,000 consumers from Cinch Home Services, a home warranty company. They believe upgrading the appliances can add more value to their home, too.On average, homeowners believe upgrading their home’s appliances will increase their home’s value by $13,668.About half of homeowners surveyed say th
The Biden administration announced on Wednesday a goal to increase the nation’s affordable housing supply with 100,000 new units available for homeowners and renters over the next three years. To do that, the administration called for a number of new policies and efforts, such as greater financing for manufactured homes and two-to-four unit properties as well as called for state and local governments to reform zoning restrictions that are limit
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