Price increases slowing nationally after surging due to supply chain disruption and increased demand during COVID-19 pandemic The cost of home repairs and remodeling in the fourth quarter of 2023 continued to increase, rising by 0.54% from the prior quarter and just over 5.5% from the fourth quarter of 2022 according to the Q4 2023 Verisk Remodel Index. Costs set new highs for the past decade, rising over 65% from
Read MoreRents haven’t fluctuated much over the past year, rising 1% in January–a far cry from double-digit growth during the pandemic. The median U.S. asking rent rose 1.1% year over year to $1,964 in January, the largest annual increase since March 2023, and was unchanged from a month earlier, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. While rents ticked up from a year earlier, the bigger picture
Read MoreFewer independent landlords are planning to raise rents this year, but tenants paying persistently higher rents say it’s likely to impact their home purchasing plans this year Over the past few years it’s become more expensive than ever to rent, and with rental affordability a pressing national concern, landlords and tenants alike say it’s impacting their future plans, according to a new Realtor.com® Avail Landlord & Renter Survey. Fewer surveyed independent landlords are planning to
Read MoreNew Zillow analysis finds Texas, California top the list of Gen Z relocation destinations Gen Z may prioritize job opportunities and sunshine over affordability when moving out of state. A new Zillow® analysis of the U.S. Census Bureau’s 2022 American Community Survey (ACS) finds Gen Z interstate movers flocked to California, even as the state experienced the highest outbound migration among all out-of-state movers. Nearly 215,000 movers left California in 2022, yet the Golden State saw
Read MoreConsumer Sentiment toward Housing at Highest Level in Nearly Two Years The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 3.5 points in January to 70.7, its highest level since March 2022, due primarily to increased consumer confidence in job security and another significant jump in the share of consumers expecting mortgage rates to decrease. In January, 82% of consumers indicated that they are not concerned about losing their job in the next
Read MoreMultifamily construction starts expected to continue to moderate this year Multifamily construction starts declined in 2023, but exceeded expectations considering the turmoil in the financial markets. A new report on multifamily construction starts from Yardi® Matrix states that the number of units that broke ground in 2023 ranks third in recent years, behind 2022 and 2021. Full year data for 2023 is collected with a lag. As such, data shows that there
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