The new-home market is booming as states wind down sheltering-in-place restrictions, easing the search for a new home. Sales of newly built single-family homes last month jumped nearly 13% over 2019—that is the strongest May since 2007, according to newly released data from the U.S. Census Bureau.However, while sales are rebounding, housing starts—the construction of new homes—posted a lackluster month, showing that builders are struggling
Outdoor living spaces are growing in popularity, and Americans are reassessing their spaces to spruce them up or hunting for new homes that offer more yard appeal.“Everyone has been cooped up since mid-March,” architect Michael A. Menn, owner of a Chicago-based design/build firm, told Forbes.com. “I have seen more people ask for outdoor living environments, screened porches, gazebos and decks. Being able to spend outdoor time with your fami
The National Association of REALTORS® welcomed two proposed rules by the Consumer Financial Protection Bureau on Monday in what it believes will help bring greater stability to the housing market for homebuyers. The CFPB moved to extend its Qualified Mortgage Patch and amend its QM definition by removing a previous debt-to-income limit that home buyers were required to meet, replacing it with a price-based approach that would account for the dif
Investors are increasingly turning to warehouses as investments during the pandemic, The Wall Street Journal reports. The growth of e-commerce—which has only widened since the start of the COVID-19 crisis—has sparked the need for greater storage space for businesses. Warehouses have reportedly fared better than other property types during the pandemic.Investors are making headlines for their large scale purchases: This month, real e
Google searches for backyard coops to raise chickens reportedly have been on the rise since the beginning of the COVID-19 pandemic. Homeowners are exploring ways to have access to fresh eggs in a time when visiting the grocery store has become more stressful and food shortages grow.“Interest in some of my chicken articles has gone up over 500% since the end of February,” livestock expert Shelby DeVore, founder of Farminence, told realtor.com
The U.S. Supreme Court’s landmark ruling last week extending workplace discrimination protections to LGBTQ employees could influence a sea change in where LGBTQ people decide to live, work, and buy homes, according to realtor.com®. Surveys show the LGBTQ community has tended to favor living in areas known explicitly for being gay-friendly. But now, with less fear of discrimination, their options for places to call home may open
Though existing-home sales dropped 9.7% month over month in May—the third consecutive month of declines—the downward trend is likely to soon reverse, according to the National Association of REALTORS®. “Although the real estate industry faced some very challenging circumstances over the last several months, we’re seeing signs of improvement and growth, and I’m hopeful the worst is behind us,” says NAR President Vince Malta.Ongoing co
A housing shortage that has increased since the pandemic began in March means buyers continue to face steep competition for the limited supply of homes.A new study from Clever Real Estate shows that 42% of buyers who purchased a home between January and May were in a bidding war. Further, the brokerage Redfin reported this week that half of its agents’ offers faced competition in May, up from 44% in April.Competition from buyers making all-cash
Homeowners quickly began making repairs and swapping outdated fixtures as they started to shelter in place at the beginning of the COVID-19 pandemic. Home improvement stores like Lowe’s and Home Depot reported a surge in earnings as the pandemic began.And the trend is sticking around. Homeowners are requesting personal loans for home improvement above rates prior to the pandemic, a new study from LendingTree shows. Requests for home improvement
The 30-year fixed-rate mortgage set a new record again this week as rates averaged 3.13%, the lowest average rate in Freddie Mac’s records, which date back to 1971.The previous low for the 30-year fixed-rate mortgage was set just a few weeks ago at the end of May, averaging 3.15%.“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market,” says Sam Khater, Freddie Mac’s chief economist. “P
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