Home sales and home prices are increasing by double digits, with homes flying off the market in record time. Existing-home sales increased for the fourth consecutive month in September, up nearly 21% compared to a year ago, the National Association of REALTORS® reported on Thursday. All major regions of the U.S. saw month-over-month and annual gains in September. The Northeast experienced the largest increase in home sales.“Home sale
Homeowners are watching their home values climb significantly this year, and prices are expected to continue to appreciate over the next decade. The National Association of REALTORS® reported that the median existing-home price for all housing types in September was $311,800—a 14.8% increase compared to a year ago.But how high are prices poised to go over the next decade? A new study shows that home prices in the U.S. have increased by ne
Home sales are rapidly increasing during the pandemic, but the most dramatic spike is occurring at the top of the market. Sales of homes costing $1 million or more have more than doubled since last year. “I don’t ever recall home sales doubling in a 12-month time span,” Lawrence Yun, chief economist for the National Association of REALTORS®, told NPR. This is “very unusual.”Home sales in luxury vacation hotspots have accelerated since
The pandemic has not dampened home appreciation. In fact, high buyer demand is prompting home prices to surge. In the third quarter, the average home sale generated a gain of $85,000, up from $66,000 a year ago, according to data from real estate research firm ATTOM Data Solutions. That $85,000 translates to a nearly 39% return on investment compared to the original purchase price.“Home prices and seller profits across the nation continue racki
The 30-year fixed-rate mortgage hit its 11th record of the year this week, averaging 2.80%—the lowest rate ever recorded by Freddie Mac.“Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates today are on average more than a full percentage point lower than rates over the last five years. Th
Single-family homeowners with FHA-insured mortgages who are struggling financially amid the pandemic now have through Dec. 31 to submit an initial forbearance request. The U.S. Department of Housing and Urban Development announced this week that it's extending the deadline, originally set for Oct. 30, for those needing to make an initial COVID-19–related forbearance request to their lender.The change puts FHA’s forbearance
Home sales and home prices are increasing by double digits, with homes flying off the market in record time. Existing-home sales increased for the fourth consecutive month in September, up nearly 21% compared to a year ago, the National Association of REALTORS® reported on Thursday. All major regions of the U.S. saw month-over-month and annual gains in September. The Northeast experienced the largest increase in home sales.“Home sale
Mortgage rates fell slightly this week, setting a new record low for the 10th time this year, Freddie Mac reports. The 30-year fixed-rate mortgage averaged 2.81%, the lowest rate since Freddie Mac began tracking such data in 1971. The previous all-time low, an average of 2.86%, was set in mid-September.“Low mortgage rates have become a regular occurrence in the current environment,” says Sam Khater, Freddie Mac’s chief economist. “As we h
Florida dominates this year’s “Best Places to Retire in 2020” from U.S. News & World Report “in a way that we haven’t seen in years before,” says Emily Brandon, U.S. News & World Report’s senior editor for retirement.Brandon says Florida is drawing more retirees due to the state’s affordable homes, low taxes, and high ratings for happiness and desirability. Florida boasted seven of the top 10 places to retire in 2020 on U.
Higher home prices are translating into higher down payments. The median home price is $350,000, according to the National Association of REALTORS®. That means a buyer would have to put down $70,000 (or 20%) on a purchase to avoid private mortgage insurance.Low down payment loans are available for those who can’t reach that 20% down payment threshold. For example, FHA loans require 3.5% down, which would be $12,500 on a median-priced home.“H
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