Eli Beracha

Rent Growth Is Slowing, But Only For Higher-Priced Properties

Posted on by TMN Editor
Rent growth decelerated for the fifth straight month, but renters in lower-priced units are still feeling the squeeze as homeownership remains out of reach for most Americans. Single-family rents increased only 10.2% YOY in September, down from 13.9% in April 2022, according to recent data from CoreLogic. This is still double the pre-pandemic growth rate, but moving in the right direction. “High mortgage interest rates may be causing potential homebuyers to hit pause and remain renters, keeping pressure on rent prices. However, the monthly rent change was negative in September, resuming the typical seasonal pattern for the first time since 2019, which could signal the beginning of rent price growth normalization,” said Molly Boesel, principal economist at CoreLogic. Declining rents…

Home Prices Are Peaking In A Growing Number Of US Markets

Posted on by TMN Editor
Home prices have peaked in a growing number of overpriced housing markets as sellers and buyers pull back in the face of rising interest rates and affordability challenges. Researchers at Florida Atlantic University and Florida International University analyzed the 100 most overvalued housing markets by looking at their premiums, the percentage above the long-term pricing trend that buyers must pay on a property.  The larger the premium, the more overpriced the market. In July, they found that premiums fell in 27 markets. Of those, 22 also saw home prices fall. Most of these markets are west of the Mississippi River. This is a significant increase from June when premiums declined in 12 markets and prices fell in only seven. FAU’s…