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News Updates

Builders continue shift to condos and townhomes amidst affordability crisis

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Markets with faster-rising home values have seen a greater surge in permitting, on average America’s housing stock continues to grow faster than it did before the pandemic-induced housing frenzy, as builders race to fill a shortage of 4.5 million homes. The latest analysis from Zillow® shows roughly 1 million single-family homes were completed in 2023, the second-highest annual total since before the global financial crisis. That’s about 11% more homes than were completed

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U.S. Economic Footing Firmer Than Previously Thought, Projected to Expand 2.3 Percent in 2024

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Home Price Growth Expected to Decelerate in 2025 as Affordability Remains Stretched Following annual revisions to the national accounts and an improvement in payroll employment growth in both August and September, the economy now appears to be on firmer footing than previously thought, according to the October 2024 commentary from the Fannie Mae (OTCQB: FNMA) Economic and Strategic Research (ESR) Group. While the ESR Group still expects economic growth to slow from the robust 3.2

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LexisNexis U.S. Home Trends Report Highlights Impact of Severe Storms as Catastrophic Claims Climb to Record Levels

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2024 LexisNexis Home Trends Report highlights why home insurance has increased for homeowners as loss costs across all perils rise for the fifth year in a row LexisNexis® Risk Solutions released its ninth annual LexisNexis U.S. Home Trends Report, providing an updated view of by-peril trends in the U.S. home insurance industry to help insurers make more informed business decisions to be better positioned for profitable growth, and help them educate consumers

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RE/MAX NATIONAL HOUSING REPORT FOR SEPTEMBER 2024

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Inventory Grows as Home Sales Cool, Prices Dip Slightly The number of homes for sale climbed for the seventh consecutive month across the 52 metro areas surveyed – 6.4% higher than August and 33.6% above September 2023 levels. New listings also increased 9.7% compared to September 2023. At the same time, September home sales cooled off 13.3% from August – a seasonal norm. Home sales dropped 13.8% and 9.7% from August to September

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Nearly 1 in 10 Gen Zers Who Plan to Move Soon Cite Abortion Access as a Reason

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Most homeowners and renters want to live in a place where abortion is legal, with some survey respondents indicating they’re moving to a different area to live somewhere abortion is legal and accessible Seven percent of Gen Zers who plan to move soon say one reason is to live in a place where abortion is legal and accessible, and one in 20 (5%) millennials say the same thing, according to a

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Bright MLS September 2024 Housing Report: Falling Mortgage Rates Bring More Buyers

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New pending sales higher while prices continue to rise Conditions are improving for buyers in the Mid-Atlantic. Mortgage rates have fallen, inventory is increasing, and buyers have more time to make a decision. While the market is still competitive, this fall will be a better market than buyers have seen in quite some time. Mortgage rates fell to a 20-month low in September and are now just above 6%. The

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