Home prices continue to rise rapidly as homeowners see double-digit gains over the past year. The median sales price of single-family existing homes rose 16% in the third quarter, an increase of $50,300, according to the latest quarterly report from the National Association of REALTORS®. Three metros saw price gains of more than 30% compared to a year ago.The median sales price of a single-family existing home rose to $363,700 in the third
Homeowners are keeping up with their mortgage payments or arranging for loan modifications with their service providers. But housing analysts say that while the real estate market still faces pandemic-related fears about a wave of delinquencies, higher home prices are helping to alleviate some of those concerns. The overall delinquency rate fell to the lowest level since the onset of the pandemic, CoreLogic, a real estate data firm, reports.
With double-digit annual gains fueling homeowner wealth, owners have gotten richer, and they’re starting to take advantage of that added equity.Cash-out refinancing, which allows owners to take out a lump sum from their equity through loans, increased by 33% in October compared to a year prior, according to Black Knight Inc.The amount of U.S. tappable home equity reached a record high in October of $9.1 trillion, according to Black Knight.“We
For the first time, the 10 most expensive ZIP codes have surpassed the $4 million mark for their median sales price this year in PropertyShark’s annual analysis of priciest places for real estate. California has six of the top 10.Researchers say the survey was completed before this year’s wildfires and tropical storms, which caused property loss to some of the places on this year’s list.PropertyShark found that Atherton, Calif., is the most
Rents have been surging. Since January of this year, the national median rent has climbed by 16.4%, according to the latest National Rent Report from Apartmentlist.com. Rents aren’t slowing down either as demand continues to remain high.Meanwhile, renters may be missing out on gaining equity. The average homeowner gained about $51,500 in equity over the past year, according to CoreLogic.Rent payments only cover the cost of shelter and the inclu
Home sellers continue to get richer as prices rise. Profit margins on median-priced single-family home and condo sales climbed to 47.6%, which marks the highest level in a decade.The typical home sale nationwide during the third quarter generated a record-high profit of $100,178 as national median home prices continued to rise, ATTOM Data Solutions, a real estate data firm, reports. That is up from $88,800 in the second quarter of this year. Prof
Many tenants are seeing steep increases in their rents, a reversal of the trend during the early phase of the pandemic as urbanites moved to suburbs and exurbs.As they return, they’re seeing that discounts on rents are not only quickly vanishing but surging, even for those who stayed, because of the high demand.“Renters who originally received pandemic pricing are now experiencing steep rent increases at renewal—sometimes upward of 40%,”
Asian American mortgage applicants are facing higher mortgage denial rates than White mortgage applicants, despite having higher credit scores and incomes, according to a new Urban Institute report.The denial rate for Asian American mortgage applicants is 8.7% compared to 6.7% of White mortgage applicants. The denial rates are higher for Asian American mortgage applicants across income levels, too.Asian American mortgage applicants tend to have h
The COVID-19 pandemic has hit many sectors of commercial real estate hard. But the sector is bouncing back. Investors purchased a record amount of commercial real estate in the third quarter, The Wall Street Journal reports.But office buildings and shopping malls aren’t behind the boom, as they typically are. Instead, some of the biggest drivers in the commercial sector have been apartment buildings, life-science labs, and industrial
The first year of homeownership can be one of the most expensive years. After all, new homeowners are paying for the down payment, closing fees, and the costs of moving in, while outfitting their new home.SmartAsset evaluated data across the 20 largest cities to find which areas have the highest first-year housing costs. They factored in six metrics: median home value, down payment, average closing costs, monthly mortgage payment, property taxes,
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