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
Happy tenants increase the chances they'll renew their leases while keeping investment properties occupied and cash flowing. Here's how to do it Beyond the bricks and mortar, maintaining good rapport with your renters is a key factor that can significantly impact the long-term success of your investment.It’s more than just keeping lines of communication open; it’s about creating a positive experience that makes your tenants feel val
Existing-home sales continued to fall last month as home buyers faced higher mortgage rates and fewer housing options. Read more from NAR’s latest housing report.Two main factors are driving current sales activity: inventory availability and mortgage rates. “Unfortunately, both have been unfavorable to buyers,” says Lawrence Yun, chief economist at the National Association of REALTORS®.Existing-home sales—completed transactions for singl
Housing starts increased 3.9% between June and July to a seasonally adjusted annual rate of 1.45M units, according to data released Tuesday by the US Census Bureau New housing starts ticked up slightly between June and July as demand for new construction pushed homebuilders to increase production.Housing starts increased 3.9 percent between June and July to a seasonally adjusted annual rate of 1.45 million units — 5.9 percent higher
The amount of wealth in the world is set to rise substantially even as inequality declines. That's the conclusion of Swiss bank UBS' 14th annual global wealth report.Why it matters: The story of the 19th and 20th centuries was broadly one in which new wealth went mostly to the rich — both in terms of individuals and in terms of countries. That's now changing, fast.By the numbers: Total wealth fell in 2022, as you'd expe
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Higher borrowing costs are hitting first-time buyers especially hard.For the third consecutive week, mortgage rates were on the rise, forcing some hopeful home buyers to the sidelines. Freddie Mac’s latest nationwide survey shows the 30-year fixed-rate mortgage averaging 6.96%.“Rates are just a sliver below 7%, and that will make it difficult not only for home buyers but also sellers considering a move,” says Jessica Lautz, deputy chief eco
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