Rent prices are easing in most American cities thanks to a boost in available units. Sixty-eight of the country’s largest metros saw month-over-month rent declines in October, according to researchers at Florida Atlantic University and two other schools. The average rental rate was $2,040, down 0.9% from September. Springfield, MA, Austin, TX, Seattle, and New…
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,…
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…
Mortgage rates tanked last week, dropping from an average 5.70% to 5.30%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5.30%. A year ago at this time, the 30-year FRM averaged 2.90%. “Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent,…
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