National News
“The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase,” Freddie Mac Chief Economist Sam Khater said.
Illinois had the highest foreclosure rate in the nation in August 2021, according to new data from ATTOM’s U.S. Foreclosure Market Report.
A decline in new home listings has had little impact on the market as far as demand is concerned, according to a recent Redfin report.
Over the past year, outer suburbs, or exurbs, have experienced a particularly intense boom. It’s those distant areas which saw the sharpest increase in interested buyers, according to Realtor.com.
Even as the real estate market is showing signs of cooling and more sellers are dropping asking prices, median home prices increased by double digits from last year.
“Much of the home-sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter-homes available.” — NAR chief economist Lawrence Yun
You might be surprised by the results of this survey.
“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi
After a Black real estate agent and his client were detained by police while viewing a house, the National Association of REALTORS® took a strong stance against the “deeply disturbing” incident of “racial profiling.”
Lot values for single-family homes are surging, according to an NAHB report. The current national median is $53,000: a record high.
For the first time since early March, no new records were set for median-home-sale prices last month, ending the five-month streak of record-breaking home prices.
Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.
The Indianapolis-based firm will rebrand as @properties in the next 60 days.
Looking forward, 37% of the survey’s respondents expect drones to be the most-impactful technology over the next 24 months, followed by cyber security (34%), 5G (31%) and virtual reality (30%).
International buyers purchased 107,000 residential properties from April 2020 through March 2021, marking a 31% decline from the 154,000 residences bought the previous year.
Affordability declined in 49 of the 50 major markets according to the May 2021 First American Real House Price Index.