More buyers were out shopping for new homes last month. Single-family housing starts rose 17.2% in June to a seasonally adjusted annual rate of 831,000, the U.S. Commerce Department reports. The multifamily sector—which includes apartment buildings and condos—increased 17.5% last month.“The housing market is hot,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “Home buyers have swiftly moved into the mark
Real estate investors are scrutinizing second-home markets in hunt for growth opportunities, even during the pandemic. After all, “travel doesn’t stop when the economy weakens, it changes where people travel,” a new report from Rented Inc., a rental management site, and Weiss Analytics notes.“In 2020, travelers want to stay closer to home and they are seeking genuine experiences. High on the list are Instagram-worthy, outdoor locations, a
The housing inventory crunch has sparked a dramatic increase in the number of accessory dwelling units in the U.S., most notably in high-cost areas that have seen growing populations over the last decade, Freddie Mac reports in a new study on ADUs. Freddie’s research identifies 1.4 million ADUs in the U.S., including granny flats, garage apartments, and in-law suites. These ADUs can be either attached or detached from the main residence.Fr
The 30-year fixed-rate mortgage averaged 2.98% this week, the lowest rate in Freddie Mac’s records dating back to 1971.“The drop has led to increased home buyer demand and, these low rates have been capitalized into asset prices in support of the financial markets,” says Sam Khater, Freddie Mac’s chief economist. “However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recover
Americans love their morning brew. The U.S. boasts more than 100,000 coffee-related businesses. But which cities are best to grab a cup of joe?Apartment Guide analyzed 9,500 cities in the U.S. that have at least one coffee shop and then narrowed its list to cities with populations of more than 100,000. They pinpointed the ratio of coffee-related establishments per 100,000 residents in each of those cities and narrowed the list again by calculatin
Empty nests no more: Millions of college students returned home as college campuses closed in the spring during the outbreak of COVID-19. And many of those college students say they’ve enjoyed being back home.On average, students said at first they expected to stay at their family’s home for four months, according to a survey of about 1,200 college students conducted by CollegeFinance. But 41% acknowledged they were unsure how long they’d s
Home buyers may face stricter credit score requirements and larger down payment or higher cash reserve requirements if trying to qualify for a supersized mortgage. Lenders reportedly are growing stricter about granting jumbo mortgages, CNBC reports.Jumbo mortgages, also known as “nonconforming loans,” allow buyers to qualify for higher loans to purchase homes, typically in more expensive areas. In many areas, for 2020, the lending cap is $510
As cities locked down while the COVID-19 outbreak began, many housing markets came to a standstill. But it was a short-lived one. As states and cities have begun to reopen, buyers have reemerged in some markets—in some cases growing their footprint from even a year prior.Clever Real Estate recently examined national housing market trends to pinpoint which metro areas have seen the largest rebounds in buyer demand. The service’s Housing Demand
Entire industries are being forced to reconsider their business models in the COVID-19 world. Unemployment has skyrocketed during the pandemic, but some industries are more likely than others to weather the storm and even grow after the pandemic eases.Keeping a pulse on employment is key in real estate, as new job centers can spawn new demand for housing in an area. But real estate itself is among the top five industries cited by MarketWatch as m
Sales of newly built homes surged 55% year-over-year in June—the highest pace of sales growth in homebuilding since the housing boom back in 2005 and 2006, according to new data from John Burns Real Estate Consulting. The firm’s data tends to mirror U.S. Census Bureau reports.With a limited number of existing homes for sale, homebuilders are finding more buyers turning to them for options. This latest housing boom is being entirely driven by
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