Lumber prices are soaring once again: Following a dip last spring and summer, they have nearly tripled over the past four months.Builders say that increase has caused the price of an average new single-family home to rise by more than $18,600. It has also added nearly $7,300 to the price of an average new multifamily home, translating into $67 a month more in rent for a new apartment, according to the National Association of Home Builders.Price v
Conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac have jumped in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year.The new loan limits took effect Jan. 1.The Federal Housing Finance Agency’s House Price Index shows that home prices rose 18.05%, on average, between the third quarters of 2020 and 2021. The 2022
The new year began in tragedy for households in Colorado, as wind-driven wildfires swept through numerous suburban neighborhoods and left homes and businesses in rubble and ash.About 991 homes were destroyed after the Marshall and Middle Fork fires blanketed the Denver suburbs and Boulder County, Joe Pelle, Boulder County Sheriff, told USA Today. An additional 127 homes were damaged by fire. Officials continue to assess the full extent of th
The hot housing market fueled an all-time record for the amount Americans borrowed to buy homes in 2021.Mortgage lenders issued $1.61 trillion in purchase loans last year, according to preliminary data from the Mortgage Bankers Association. That tops a previous record set in 2005 of $1.51 trillion.Home prices have grown by double digits over the past year. That is driving up mortgage balances as Americans stretch their budgets to afford a home.Th
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Long-distance, state-to-state moves saw an increase this year, according to new U.S. Census Bureau data. Some states came out clear winners as they gained more new residents over the year.MoveBuddha analyzed more than 400,000 relocation queries in 2021 to compile its 2021–2022 moving migration report to see the top growing and declining states and cities across the U.S.Florida continues to post significant gains in new residents. It had the lar
Mortgage rates stayed low for the final week of 2021, but housing analysts largely predict rates will be heading up in the coming weeks.“Mortgage rates have been effectively been moving sideways despite the increase in new COVID cases,” says Sam Khater, Freddie Mac’s chief economist. “This is because incoming economic data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing. Mo
Pending home sales dropped in November as many markets continued to face a limited supply of homes for sale. Economists, however, are optimistic for more opportunities for buyers in the new year.The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—dropped 2.2% in November, reversing from last month’s increase. All major regions of the U.S. posted declines las
Low-interest rates and a hot stock market fueled a drive in the luxury housing market this year. Sales priced at or over $50 million rose 35% year over year, according to a report from appraiser Miller Samuel, as reported by Bloomberg. That marks a record high, topping 2020 levels, the previous record.“This surge in this tier is unprecedented,” Jonathan Miller, Miller Samuel president and CEO, told Bloomberg. “We’ve never seen this kind o
Single-family purchases made by investors are surging as they see opportunities in the rapid growth of home prices and demand for rentals. The Golden State, shunned by investors for some years, is seeing a strong return.“After a decade of moving away, investors are coming back to California,” writes Thomas Malone, an economist at CoreLogic, in a recent analysis. Of the 11 metro areas with the highest investor shares for the third qu
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