US House Prices Jump In Q3

House prices in the United States surged in the third quarter of 2020, increasing 3.1 percent from the second quarter and 7.8 percent ahead of 2019 levels, according to a new report released Tuesday by the Federal Housing Finance Agency. The report found: U.S. house prices have risen for 37 consecutive quarters.Prices rose in all 50 states and the District of Columbia between the third quarters of 2019 and 2020. The top five areas in annual appreciation were Idaho (14.4 percent), Arizona (11.1 percent), Washington (10.8 percent), Utah (10.7 percent) and Tennessee (10 percent).The areas showing the lowest annual appreciation were North Dakota (4 percent), Iowa (4.7 percent), Louisiana (4.8 percent), Alaska (4.9 percent) and Hawaii (5.2 percent).House prices rose…

Existing Home Sales Increase In October

Existing home sales climbed for the fifth straight month in the United States in October, with all regions of the country experiencing growth, according to a monthly report released Thursday by the National Association of Realtors. Sales were up 4.3 percent from September and 26.6 percent from October 2019 – and they were selling quickly. The report found that 72 percent of homes sold last month were on the market for less than 30 days. “Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” said Lawrence Yun, NAR’s chief economist.  “The surge in sales in recent months has now offset the spring market losses,” he…

Protests Impact Where People Want To Live

More than a third of Americans living in cities say that protests this year have made them move elsewhere – or have already moved, according to a new survey released Monday by Redfin. The survey of 3,000 US residents, conducted in October, found: 34 percent of people living in cities say they want to or have moved.Overall, 30 percent of Americans say protests have made them want to move.47 percent say the protests have had no impact.23 percent say the protests have made them like where they live more, driven by 28 percent of rural residents. “Americans have been leaving major cities in droves during the pandemic, and recent unrest is just one small piece of the puzzle,” Redfin chief…

Renters More Likely To Lose Jobs, Money

Renters are more likely to have lost their job or wages during the Covid-19 pandemic than homeowners, according to a new report released this week by Redin. “The pandemic is exacerbating inequality and widening the wealth gap between those who own homes and those who don’t,” Redfin chief economist Daryl Fairweather said. Renters who have lost jobs or wages are likely dipping into savings for daily living expenses, pushing homeownership further out of reach. More homeowners have been able to keep their jobs, and many who can work remotely are cashing in their home equity to purchase a bigger, better home in a more desirable area.” The report, based on a survey of more than 3,000 U.S. residents in October, found:…

Housing Market Remains Hot In October

The calendar has turned to fall, but the housing market still seems to think it’s summer. The U.S. housing market chugged along at near record levels in October – with houses selling faster in October than September for the first time since 2011, according to a new report released by realtor.com. “In the fall, we normally see homes sell more slowly and prices pull back from peak levels. But this October, we saw a drop in the time it takes to sell a home even while home prices remain at their summer peak,” said Danielle Hale, chief economist for realtor.com.  The report found: Homes sold in 53 days in October, 13 days faster than last year and one day faster than…

US Homes Decreasingly Affordable

It’s getting harder and harder to afford a home. Housing affordability continued to decline in the third quarter, as inventory shortages and rising home prices offset record-low mortgage rates, according to a new report released Friday by the National Association of Home Builders (NAHB). The NAHB/Wells Fargo Housing Opportunity Index found that 58.3 percent of new and existing homes sold between the beginning of July and end of September were affordable to families earning an adjusted U.S. median income of $72,900 – down from 59.6 percent in the second quarter. “A six-month supply of homes is considered a normal supply and demand balance, and this figure has been running below a four-month rate since July, putting upward pressure on home…

September New Home Sales 32% Higher Than Last Year

Sales of newly built single-family homes fell slightly in September – but remained significantly higher than a year ago, according to a report released by the National Association of Home Builders. New home sales fell 3.5 percent from August to September. The September rate is 32.1 percent higher than 2019, and new home sales are up 16.9 percent overall this year. “With sales up 32 percent from a year ago, the demand for new single-family homes remains strong as interest rates are at historic lows,” NAHB Chairman Chuck Fowke said. “However, the recent run-up in lumber and other material costs is leading to an increase in pricing.” New home sales were up across the country in 2020, including 22.5 percent…

More Americans Seek To Cocoon Politically

In another sign of the political divide in the United States, 42 percent of Americans say they would be hesitant to move to an area where a majority of people have different political views from their own. That’s according to a new survey conducted this month by Redfin, which found the notion of cocooning increased from 32 percent in June and was the highest share since 2017, when Redfin began asking that survey question. “With political signs lining the front yards of homes across America, house hunters can’t escape the political views of their prospective neighbors,” said Redfin chief economist Daryl Fairweather. “While living among like-minded people is important to many homebuyers, key concerns like affordability and space are more…

FHFA: Home Prices Surge In August

The official numbers are in – and home prices continue to surge in the United States. The Federal Housing Finance Agency reported Tuesday that home prices increased 1.5 percent in August from the previous month – and a whopping 8 percent from August 2019 amid historically low interest rates and a shortage of homes on the market during the Covid-19 pandemic. For the nine census divisions, monthly house price increases ranged from 0.9 percent in the East South Central division to 1.9 percent in the West South Central division.  The annual increases changes ranged from 7.2 percent in the West North Central division to 9.7 percent in the Mountain division. “This large month-over-month gain contributes to an already strong increase…

Survey: Home Offices Replacing Dining Rooms

Suburbs. High sales prices. And fewer dining rooms. Another survey released Monday found that the housing market remains hot during the Covid-19 pandemic – with buyers moving to the suburbs and sellers continuing to get above asking price. The survey, conducted on behalf of United Wholesale Mortgage, found: Nearly half of those surveyed who moved to a new home since March 1 moved to the suburbs.70 percent of the people surveyed who purchased a new primary home also sold their old home, with nearly 3 in 4 consumers selling their home above asking price.Nearly 60 percent of those surveyed are starting or continuing home renovations in the coming year.Of those who are creating office space for working from home, 46…