Rents Continued to Fall on New Construction
More supply is helping ease the high demand seen during the height of the pandemic years, Realtor.com said. SANTA CLARA, Calif.— For the 17th consecutive month, rents declined in December, falling by -1.1% year over year to a median of $1,695, according to the Realtor.com December Rental Report released today. This...
2025: A Year of Stabilization and Opportunities
NAR forecasts mortgage rates to stabilize near 6% in 2025, likely establishing a new normal. Inventory will gradually grow. CHICAGO — The year ahead is poised to bring more opportunities for homebuyers as the housing market continues to stabilize. The Federal Reserve is expected to maintain a gradual approach to easing...
Rates Hit Highest Level Since May
The average rate on 30-year mortgages rose to 7.04% from 6.93% last week. Borrowing costs on 15-year fixed-rate mortgages increased to 6.27% from 6.14%. WASHINGTON — The average rate on a 30-year mortgage in the U.S. ticked up this week to slightly above 7%, the highest level in eight months. The rate...
Home Price Growth Reaccelerates in Q4
The housing market needs mortgage rates to decrease to help unwind the lock-in effect and thaw the supply of existing homes for sale, Fannie Mae said. WASHINGTON — Single-family home prices nationally increased 5.8% from Q4 2023 to Q4 2024, an acceleration from the previous quarter's downwardly revised annual growth rate...
Looking at the Hidden Costs of Homeownership
First-time buyers are sometimes surprised by ownership costs beyond their mortgage, including taxes, insurance, utilities, maintenance and HOA fees. NEW YORK — Home buyers not only need to save money for a down payment on a home and calculate the monthly cost of a mortgage, but also calculate property taxes, utilities,...
Home Tours Rise Modestly to Start 2025
Home tours rose 2% to start 2025, showing renewed buyer interest. Sales are slower nationally as mortgage rates remain high. SEATTLE — More house hunters are starting their home search as the new year kicks off, according to a new report from the real estate brokerage Redfin. Redfin’s Homebuyer Demand Index...
Financing Options for a Second Home
Mortgage rates for second homes are higher due to lender risk. Larger down payments, strong credit and a stable income are key for approval. NEW YORK — The overall decline in mortgage rates over the past year has been a welcome shift for buyers who want to finance a home purchase....
‘Significant Improvement’ in Housing Sentiment
Fannie Mae found a year-over-year jump in confidence is driven by increased optimism that mortgage rates will fall, improving homebuying and selling conditions. WASHINGTON — Consumers are growing more optimistic about the housing market, anticipate improvements to their financial situation in the next year and expect mortgage rates to fall, the...
Renters Fear Scams in Tight Housing Market
A new study found 88% of scam victims found fraudulent listings on Facebook. Experts say there’s a need for industry-wide consumer education and fraud prevention. LOS ANGELES — As renters across the nation navigate a competitive housing market, the rise of sophisticated rental scams is adding financial and emotional strain to...
Exploring U.S. Home Square Footage Trends
Home sizes have grown significantly since 1949, with the average now 2,430 sq. ft. Factors like location, price and costs influence trends and affordability. NEW YORK — The average square footage of a house in the United States is 2,430 square feet, according to the National Association of Home Builders. That...
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