Category: Residential
U.S. housing market is missing 3.3 million homes, Freddie Mac says
The shortage increases by about 300,000 a year as homebuilding lags
America’s housing market is undersupplied by 3.3 million units, and the shortage is getting worse every year, Freddie Mac said in a report on Friday.
“New housing supply is not keeping up with rising demand,” said Sam Khater, Freddie Mac’s chief economist, who said the shortage is increasing by about 300,000 units a year as homebuilders fail to keep up with demand.
Oregon is the most under-supplied state, followed by Colorado, Florida, and California, Khater said. The next two states are a bit of a surprise: Minnesota and Texas, where land shortages are not an issue.
“More than half of all states have a housing shortage, and the shortage is no longer concentrated in coastal markets but is spreading to the middle of the country in more affordable states like Texas and Minnesota,” Khater said.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
U.S. home prices rise 3.8% in December
Phoenix reports highest year-over-year gains in December
U.S. home prices increased 3.8% in December from a year earlier, a faster pace than the prior month’s 3.5%, according to S&P CoreLogic Case-Shiller National Home Price Index.
Measuring the nation’s largest urban areas, the 20-City composite index rose 2.9% in December from a year ago, faster than November’s 2.5% pace, according to the report issued on Tuesday.
Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said the housing market continued its trend of stable growth in December.
“At the national level, home prices are 59% above the trough reached in February 2012, and 15% above their pre-financial crisis peak,” Lazzara said.
According to the index, Phoenix; Charlotte, North Carolina; and Tampa reported the highest year-over-year gains among all of the 20 cities.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
There haven’t been this few homes on the market since 2013
Supply crunch spurs January’s home price uptick, bidding wars
In the first month of the year, the nation’s home-sale prices increased by 6.7% from 2019 levels, coming in at a median of $306,400, according to Redfin.
Of the 85 largest housing markets Redfin tracks, only three saw a year-over-year decline in the median sale price in January, including San Jose, California; Baton Rouge, Lousiana; and Greenville, South Carolina, which dropped 4.3%, 4.1%, and 1.4%, respectively.
During the month, home sales increased by 6.7% year over year, marking the sixth consecutive month of increases.
Despite this gain, sales were still down 1.1% from December on a seasonally adjusted basis and homes spent two fewer days on the market than they did in 2018.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Better walkability means higher home prices
Put on those walking shoes
Across the U.S., homes that are built within walking distance of schools, shopping, parks and other urban amenities sell for an average of 23.5%, or $77,668, more than comparable properties that are car-dependent, according to a study from Redfin. (There’s a similar premium for proximity to public transportation.)
To determine walkability and what it’s worth, Redfin compared sale prices and Walk Score rankings for nearly 1 million homes sold last year across 16 major U.S. metropolitan areas and two Canadian cities.
As it turns out, walkable homes are a hot commodity. Redfin found that only about a quarter of active listings are considered walkable, or have a Walk Score ranking of 50 to 100.
“Properties that are more affordable are seeing the most demand and price growth right now, and homes in less walkable neighborhoods often fall into this category,” Redfin chief economist Daryl Fairweather said. “There just aren’t as many people who can afford walkable neighborhoods. Many house hunters are also willing to move to less walkable neighborhoods in order to get single-family homes.”
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Millennials are looking forward to buying a home, but feel overwhelmed by the process
First-timers admit they seek help from mom and dad
Millennials are buying homes. This much is known. But, despite the much-discussed generation making their entrance into the housing market, many still are still very uneasy about the process.
To try to get into the minds of millennials, TD Bank surveyed more than 850 millennials (which it categorizes as age 23-38) who are planning to buy their first home in 2020.
According to TD Bank’s First-Time Homebuyer Pulse, 68% said they think now is the right time to buy a home and 52% are actively searching home listings online.
But, 75% of first-time Millennial homebuyers admit they’re overwhelmed by the process of buying a home.
As for what’s weighing on millennials’ minds, the answers vary.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Fannie Mae’s Duncan: Low mortgage rates will boost prices
30-year fixed mortgage rate likely will average 3.7%, down from 3.9% in 2019
Fannie Mae raised its forecast for 2020 home-price gains, saying low mortgage rates and a strong labor market will pump up demand for properties.
Single-family home prices probably will increase at a 4.6% pace this year, Fannie Mae said in a forecast on Tuesday. That compares with the 4.1% advance for 2020 the mortgage giant predicted a month ago.
The forecast is based on the Federal Housing Finance Agency‘s home-price index that measures single-family homes purchased using conventional mortgages.
“Think about someone focused on the size of payment they can afford,” Doug Duncan, Fannie Mae’s chief economist, said in an interview. “If you hold the size of the payment constant and interest rate component shrinks, that give you some latitude to bid up prices. That’s what’s happening.”
Price gains will push the volume of mortgage originations used for home purchases to a record $1.37 trillion, Fannie Mae said.
The average U.S. rate for a 30-year fixed mortgage probably will be 3.7% in 2020 and 2021, according to the forecast. That compares with 3.9% in 2019 and 4.5% in 2018, Fannie Mae said.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Home prices climb 6.9% in December
But new listings decline to the lowest level since 2012
In December, home sale-prices climbed 6.9% year over year, rising to a median of $312,500 across 217 housing markets, according to new data from Redfin.
Month over month, home sale-prices rose 1.1% on a seasonally adjusted basis, marking the largest increase since February of 2018.
Daryl Fairweather, Redfin’s chief economist, said December’s price growth is largely attributed to the nation’s relatively low mortgage rates, which boosted homebuyer demand during the month.
“Low mortgage rates and a strong economy fueled homebuyer demand in December, which boosted both home sales and prices,” Fairweather said. “Prices heated up in West Coast metros like Seattle and Los Angeles, which indicates the slowdown of 2019 has officially ended in these markets.”
According to Redfin’s analysis, the number of homes listed for sale in December increased by 6.8% from the previous year, marking the fifth consecutive month of increases.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Top 10 U.S. Counties with Foreclosure Start Increases in 2019
According to ATTOM Data Solutions’ just released 2019 Year-End U.S. Foreclosure Market Report, foreclosure filings were reported on 493,066 U.S. properties in 2019, down 83 percent from a peak of nearly 2.9 million in 2010 to the lowest level since tracking began in 2005.
ATTOM’s annual year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,200 counties nationwide, with address-level data on nearly 25 million foreclosure filings historically, also available for license or customized reporting.
One key takeaway from the 2019 foreclosure market analysis is bank repossessions have decreased 86 percent since their peak in 2010. Lenders repossessed 143,955 properties through foreclosure (REO) in 2019, down 37 percent from 2018 and down 86 percent from a peak of 1,050,500 in 2010 to the lowest level as far back as data is available — 2006.
Another key takeaway from ATTOM’s year-end foreclosure market report is foreclosure starts hit a new record low nationwide. Lenders started the foreclosure process on 335,985 U.S. properties in 2019, down 9 percent from 2018 and down 84 percent from a peak of 2,139,005 in 2009 to a new all-time low going back as far as foreclosure start data is available — 2006.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
There are 218 cities in the U.S. where the “typical” home costs at least $1 million
Zillow report shows how much it costs to buy a “typical” home in the U.S.
The luxury real estate market had a bumpy 2019, but ended in a steady rise in luxury home prices.
In the first quarter of 2019, luxury home prices declined for the first time in almost three years, and sales saw their largest decline since 2010 as supply increased by double digits.
Luxury home prices later increased 0.3% year over year, marking the first time in nearly a year that luxury prices did not fall.
Now, there are 218 cities with a typical home value of at least $1 million, three more cities than there was in December 2018, according to a new report from Zillow.
In its report, Zillow said that an average of just under 20 cities a year broke the $1 million threshold from 2014-2018, including a high of 25 in 2017 when home value growth was approaching 7% per year.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Foreclosure starts fall to lowest level in 20 years
Falls 26% in one year
Foreclosure starts are now at the lowest level of the millennium, according to a new report from Black Knight.
November’s foreclosure starts marked a 26% decline from last year’s total. This is the lowest monthly volume since Black Knight began recording the metric in 2000, the company said.
Nationally, the foreclosure rate fell 3% from October, hitting its lowest level since 2005.
In November, there were 49,898 U.S. properties with foreclosure filings, ATTOM Data Solutions reported. The company also reported that foreclosure starts were up 13% in October then completely made a u-turn and went down 13% in November.
Although in November, delinquencies rose, they still remain around 5% lower than last year’s level.
Prepayment activity also fell 19% from October’s six-year high.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.