After one of the swiftest economic declines in history at the start of the COVID-19 pandemic, the U.S. economy has experienced a significant recovery that began in the third quarter of 2020 and is continuing into 2021, experts said on Friday at the Commercial Economic Issues and Trends Forum. The panel discussion during the virtual REALTORS® Legislative Meetings explored the implications of the recovery for commercial real estate, pred
Not long ago, frenzied markets were limited to select metro areas like Seattle, San Francisco, Boston, and other tech hubs where young adults were moving.Now the tumult is everywhere.Existing-home sales prices are up 18.4% year over year, and every single one of the more than 180 metro areas tracked by NAR have seen year over year price increases. Indeed, the U.S. has seen 109 months of year-over-year housing price gains, said Jessica Lautz, vice
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Across the country, listings are being scooped up so quickly that there’s little inventory accumulation. Contract signings increased 23.3% year over year in March, according to the National Association of REALTORS® Pending Home Sales Index. Buyer demand has indeed created a hot market, but it’s also putting pressure on agents to help their clients compete amid multiple offers.Unfortunately, multiple-offer situations can lead to some bumps in
The median existing-home price for a single-family home in March jumped to a record high of $334,500, according to data from the National Association of REALTORS®. Meanwhile, the median sales price of a newly built home was $330,800, according to U.S. Census Bureau data.New homes are traditionally more expensive than used homes. The scenario in which existing homes sell for more than a new home hasn’t occurred in more than 15 years, CNBC repor
A U.S. District Court judge ruled Wednesday that the Centers for Disease Control and Prevention’s nationwide eviction moratorium is unlawful, striking down the ban and delivering relief to housing providers who haven’t been able to collect rent from struggling tenants for more than a year. The U.S. Department of Justice has filed an appeal.After the CARES Act, which Congress passed in March 2020, established an eviction moratorium t
It’s a good time to work in a new-home niche as new-home construction becomes more attractive to home shoppers since the pandemic. The number of existing homes for sale has dropped to historic lows while builders are ramping up production. More than a quarter—25.7%—of single-family homes for sale during the first quarter were new-construction homes, according to a national analysis of real estate data from Redfin.“Building homes has becom
Home sellers continue to see higher profits from their homes as a hot housing market rolls on. In the first quarter, sellers generated an average profit of $70,050 on the sale of their home, up 26% compared to a year earlier ($55,750), according to ATTOM Data Solutions’ 2021 U.S. Home Sales Report.The $70,050 in profit accounts for a 34.2% return on investment compared to the original purchase price, which is also higher than the 30.8% from a y
Some buyers may be drawn to the charm and character of an older home. On the other hand, other buyers may prefer the newest floor plans and features.Homes.com scoured listings for sales nationwide to find the number of homes built by 1940, prior to 2000, in 2000 or later, or between 2016 and 2020. Then, they separated the listings into four categories based on these breakdowns: Pre-war homes, older homes, newer homes, and modern homes.Source:&nbs
The most in-demand locations for renters are certainly not the ones you’d expect, RentCafe notes in its latest study. Mid-sized markets, such as Central Valley, Calif.; Spokane, Wash.; and Boise, Idaho, were the most sought-after apartment markets in the last quarter.“The largest markets and surrounding exurbs show renters are distinctively looking to get more square footage or more amenities for the same price, within these hubs and close to
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