The multimillion-dollar trophy home has been in hot demand since the pandemic. The number of homes that were sold for more than $1 million has increased by a whopping 81% over the past year, according to a new analysis from Point2 Homes.In the Midwest alone, the volume of homes sold for more than $1 million has doubled. In the Northeast, the number of luxury home sales climbed by 98%, and in the South sales were up by 94%.Point2 Homes tracked the
Just how wild is the real estate market right now? You don’t hear National Association of REALTORS® Chief Economist Lawrence Yun say this every day: “We’ve never seen price appreciation of this magnitude.” It’s a sobering message in NAR's latest home sales video, which covers the month of May, when the median home price rose nearly 24% year over year from $283,500 in May 2020 to $350,300 in May 2021.Higher prices have sidelined so
Home sales and affordability are falling due to severely constrained inventory. As such, more government leaders are putting greater focus on the inventory crisis.President Joe Biden recently reiterated his administration’s focus on housing as part of its broader infrastructure push. He’s called for a “historic investment” in housing that could generate 2 million additional homes in the U.S. through new construction and rehabilitating exi
A shortage of homes for sale has forced more prospective buyers to rent. That is driving up prices in the rental market.The U.S. median rental price in June jumped 8.1% compared to a year ago, reaching $1,575, realtor.com® reports. Also, two-bedroom units saw the largest increase in rents at 10.2%, as the demand for more space continued to remain high.Rental prices in 44 of the largest 55 metros broke records last month. The largest gains were r
More Americans are exiting pandemic-related forbearance plans as the July 31 deadline for a nationwide foreclosure moratorium is set to expire.The number of homeowners in forbearance plans dropped by 189,000 for the week ending July 6. About 1.86 million—or 3.5% of all active mortgages—are in forbearance. This marks the first time the total has dropped below 2 million since April 2020, analyst company Black Knight reports.Of 325,000 plans tha
As more homeowners sheltered during the pandemic, they explored outside activities, with gardening growing into a favorite pastime for many. To grow gardeners’ newfound love for plants and gardens, greenhouses are popping up in more backyards.Greenhouse manufacturers are reporting surging website traffic and demand over the past year.Bunny Williams, who maintains an interior design practice in Manhattan, told The Wall Street Journal t
Housing affordability continues to decline as the hot real estate market fuels skyrocketing prices. Incomes aren’t keeping pace with the higher prices.The median family income rose by 1.2% in May while the monthly mortgage payment jumped by 20%, according to the National Association of REALTORS®’ Housing Affordability Index.Even as mortgage rates are down compared to a year ago—which has helped buyers save on borrowing costs—the median e
As more Americans look outside cities for a place to call home, prices for undeveloped land in many areas of the country are surging to new highs. “Land prices are going up everywhere,” Ali Wolf, chief economist at Meyers Research, told realtor.com®. “It’s one of the hottest commodities that exist today.”The areas seeing raw land prices rise the most over the past year also are experiencing economic growth. And as more people leave big
Mortgage rates continued to inch lower this week as home buyers get another chance at securing ultra-low borrowing rates. Freddie Mac reports the average 30-year fixed-rate mortgage averaged 2.90%.Home buyers can continue to benefit from low mortgage rates, particularly as home prices surge to a new record high of $350,300, Nadia Evangelou, senior economist at the National Association of REALTORS®, writes for the association’s Economists’ Ou
As baby boomers look to retirement, where are they likely to move to? Georgia may offer the best prospects, according to a new study by Bankrate. The state’s overall affordability is a big draw to retirees, offering a low cost of living and light tax burden. Those same reasons helped Florida and Tennessee nab the number two and number three spot, respectively, on Bankrate’s retirement locales rankings.Besides affordability, retirees are often
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