Driven by the work-from-home dynamic, as well as by new migration patterns, both single-family and multifamily rent prices were red-hot during the first years of the pandemic.Now different drivers are pushing some rents higher — and throwing cold water on others.Multifamily rents in April were 0.8% lower than they were in the same month last year, according to Apartment List. Rents cooled because a massive amount of new supply entered the marke
Despite financial challenges, buyers flock to greater housing options in the high-end market. Read more from NAR’s latest existing-home sales report.Existing-home sales fell last month as mortgage rates eclipsed 7% and home prices continued to rise. But some market segments are showing resilience: High-end home sales—listings at $1 million and above—posted significant gains in April, increasing 40% compared to a year ago, according to the N
The share of seriously underwater mortgages moved up slightly from 2.6% to 2.7% in Q1, according to a report from Attom released Thursday The share of homeowners in the United States whose mortgages are considered “seriously underwater” ticked up during the first quarter of 2024, according to a new report.The share of seriously underwater mortgages moved up slightly from 2.6 percent to 2.7 percent in the first quarter, according to
Demand continued to outpace supply in the first quarter, with big gains in some midwestern cities and expensive west coast cities 'roaring back.'More than 9 in 10 metro markets posted home price gains in the first quarter of 2024, according to the National Association of REALTORS®’ latest quarterly report. Of the 221 metro areas tracked, 30% experienced double-digit price gains; that’s up from 15% in the fourth quarter of 2023.During th
The U.S. economy added fewer jobs than expected in April while the unemployment rate rose, lifting hopes that the Federal Reserve will be able to cut interest rates in the coming months.Nonfarm payrolls increased by 175,000 on the month, below the 240,000 estimate from the Dow Jones consensus, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate ticked higher to 3.9% against expectations it would hold steady
US labor costs increased in the first quarter by the most in a year as productivity gains slowed, potentially adding to risks inflation will remain elevated.Unit labor costs, or what a business pays employees to produce one unit of output after taking into account changes in productivity, climbed at a 4.7% annual rate. That marked a notable jump after muted gains in the second half of 2023.Productivity, or nonfarm employee output per hour, rose
Home buyers are readjusting their budgets, realizing that borrowing costs are unlikely to move down anytime soon.Mortgage rates continued to climb for the fifth consecutive week, reaching a 7.22% average and a new high for 2024, Freddie Mac reported Thursday. The last time rates rose this high was in November 2023.“Mortgage interest rates are unlikely to move down soon, especially in light of yesterday’s Federal Reserve announcement—the Fed
Strong demand and tight supply continue to push home values higher, even though mortgage rates are now moving higher again.Home prices in February jumped 6.4% year over year, another increase after the prior month’s annual gain of 6%, according to the S&P CoreLogic Case-Shiller national home price index released Tuesday. It was the fastest rate of price growth since November 2022.The 10-city composite rose 8%, up from a 7.4% increase in the
Mortgage rates rose for the third straight week last week, hitting the highest level since November. As a result, mortgage application demand dropped 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.24% from 7.13%, with points increasing to 0.66 from 0.
Pending home sales kicked off the spring season with a strong start, but challenges for the homebuying market remain, new NAR data shows.Pending home sales increased in March, reaching their highest level of the year so far, while new-home sales also rose last month. But with mortgage rates now in the 7% range, which could scare home buyers moving forward.The National Association of REALTORS®’ Pending Home Sales Index—a
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