Strong demand and the labor market are fueling single-family rent price increases which remain at record highs. September data from CoreLogic’s Single-Family Rent Index shows rents increased 10.2% year-over-year (YOY), compared to a 2.6% YOY increase in September 2020. Rents increased across all four tiers of rental prices used by CoreLogic. Lower-priced rentals (less than 75% of the regional median) saw an increase of 8.3% YOY, while rents in the lower-middle price range (75%-100% of the regional median) rose 9.3% YOY, both more than doubling their growth from the same time in 2020. Rents for higher-priced properties broke 10%, with higher-middle priced (100%-125%) rents climbing 10.5%, compared to 2.4% in September 2020. Higher-priced rentals (125% or more of the regional…
Good Morning! Today is Monday, September 13. Democratic Senators returning from a week long break are considering a compromise on the $3.5 trillion spending bill. The Federal Reserve said continuing inflation comes from unusually high prices for goods like electronics and cars. Supreme Court Judge Amy Coney Barrett said she’s worried the public sees the Court as a partisan body, while refusing to comment on the unsigned Texas abortion ruling. And in mortgage and housing news… Bidding-War Rates Hit New Low: A Redfin analysis found 58.8% of home offers faced competition, the lowest rate in 2021. Forbearances Down: After dropping last week, the total number of mortgages in active forbearance declined another 2% this week, according to Black Knight. Love Letters: Prospective homebuyers are writing “love letters” to get an…
In another sign that the red-hot housing market may be returning to earth, the number of houses caught up in buyers’ bidding wars has fallen to a 2021 low. According to a Redfin analysis, 58.8% of home offers generated a competition among buyers. That’s down from April’s peak of 74.3 percent. Redfin found that more than half of its agents still face challenges from other bidders on home offers, but that number is inching down. In July, 62.1% of offers written had competition for the home. Though it’s down, the number remains high, rivaling August 2020’s 59.4% bidding-war rate. Home prices are cooling as potential buyers back away from soaring prices and more inventory arrives on the market. Forbearance expirations…
More often than not, you still can’t put an offer on a home without someone else making a competing offer. For the sixth month in a row, more than half of home sales have been the subjects of bidding wars, according to a new report released by Redfin on its properties. In October, 56.8 percent of Redfin offers on homes in the United States faced competition – down from a peak of 59.3 percent in August. “Has the market calmed down since the summer? Yes, but every offer I submit still faces multiple competing bids and we continue to see a lot more buyers than we normally would at this time of year,” said Melissa Killham, a Redfin real estate…
There’s still a ton of competition if you want to buy a house. Redfin released a report Tuesday that finds 56.3 percent of Redfin offers on homes in the United States faced competition in September, down a bit from the 59.1 percent in August. A majority of offers still faced bidding wars for the fifth month in a row. “The slight decline in bidding wars is largely a reflection of a seasonal cooldown, which typically starts in the late summer but was delayed by a few months this year,” Redfin chief economist Daryl Fairweather said. “But homebuyers are still sweating as they navigate what remains an unseasonably hot seller’s market.” Salt Lake City was the most competitive market with 81.1…
More than half of Redfin offers on home purchases faced competing bids in July, according to a new report released by the brokerage. Redfin reports that 54 percent of offers nationwide had at least one competing bid – down slightly from 56 percent in June. It is the third month in a row that half of Redfin offers experienced bidding wars. “Bidding wars may slow down if interest rates tick up again, which could happen if we get good news about a coronavirus vaccine or more clarity around the outcome of the upcoming U.S. presidential election,” Redfin chief economist Daryl Fairweather said. “At the same time, we may still be in the early innings of the pandemic migration wave. If coronavirus…
A shortage of homes on the market and pent-up demand continue to drive bidding wars for homes across the country even in the face of a resurgent coronavirus pandemic, according to a report released by Redfin. In June, 53.7 percent of Redfin offers faced competing offers – up from 51.8 percent in May and 44.4 percent in April. “Bidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale than almost any time in the last two decades,” Redfin economist Taylor Marr said. “It’s like a game of musical chairs where only the best bidders get a seat. Both renters and move-up buyers who have held onto their jobs are vying for the small…
