As home prices continue to rise across the country, New England is a hot spot for year-over-year gains.
CoreLogic’s national Home Price Index increased for the 139th consecutive month in August, up 3.7% YOY, the biggest gain since February 2023. Prices are now 42% higher than in March of 2020, when the pandemic began.
Massachusetts’ top-dollar homes reflect a growing interest in the Northeast. New Hampshire, Maine, Vermont, and Rhode Island sported the largest YOY price gains in August.
Strong jobs markets and relative affordability make the Northeast and Mid-Atlantic attractive to cost-sensitive buyers, pulling them away from pricey areas that were hot in the last few years.
Not every market saw an appreciation jump. In eight states, prices fell…
Nearly 5.5 million homes are sitting vacant in the U.S.’s largest metros, but they’re not going to save the housing market.
LendingTree analyzed the latest U.S. Census Bureau American Community Survey data to find out what cities have the highest shares of unoccupied homes and why.
Their survey found that 5,475,687 housing units are vacant in the country’s 50 biggest metros, with a vacancy rate of 8.02% across them all.
New Orleans (16.11%), Miami (14.48%), and Tampa, FL (13.83%), have the highest vacancy rates, with 600,000 empty housing units vacant collectively.
Minneapolis, Austin, and Washington, D.C., have the fewest vacancies.
While it’s important to know the number of houses sitting empty, the reasons behind them are far more significant.
LendingTree…
Rents have been rising nationwide, squeezing Americans hoping to save for a down payment or to reduce debt. But a new analysis from the Bank of America Institute found that renters in the Sun Belt have felt the worst of it.
Median rent payment growth in Sun Belt cities like Phoenix and Tampa outpaced Western and Northeastern cities by more than 20 percentage points in February, leaders at the Institute said.
Overall, Bank of America customers saw their rents increase by 8% YOY in February.
Growth changed dramatically by geography. Phoenix and Tampa both saw rent costs increase by 26% and 23% YoY respectively in February. These are both record highs.
Cities like Chicago, Washington, D.C., and Boston saw smaller…
Miami has once again topped the list of the most popular metros for movers.
A record 25% of Redfin.com users looked to move to another metro in January, with the most popular searches being Miami, Sacramento, and Las Vegas.
This is up from 24.5% in Q4 2022, 22.8% last year, and 18% before the pandemic.
Miami, which took first place back in August 2022, once again dominated with the highest net inflow of new migrants.
Interest in Miami may come as a surprise considering most movers are looking for affordable options in a high-rate environment. RealtyHop recently ranked Miami as the second most expensive place to live in the U.S., just below Los Angeles, and the typical Miami home sold…
By KIMBERLEY HAAS Industry leaders are sharing their thoughts as 2022 winds down and they are expressing gratitude despite challenges in the current market. Bill Banfield, EVP of Capital Markets at Rocket Mortgage in Detroit, Michigan, said he appreciates the mental stimulation of navigating a tough market because people are forced to get creative in finding solutions for customers. “Your company, your teams, you get to try to figure out how you can help people or how you can improve your company. It’s actually a much more fascinating time than when you’re in a super boom and all you can do is talk about rates and payments,” Banfield said. Banfield had just sat down with The Mortgage Note to talk…
By CHUCK GREEN There are those who downright groove to the tune of a lifestyle embedded squarely in the middle of the action. You know, the big city, the vibe of being at the nexus of it all. Downright intoxicating. Conversely, others are swayed by the tranquility of a smaller city or town, finding it as relaxing as, oh, say, a running tab on hot totties. Oh, yeah. Pure nirvana. Now, for those who prefer to be where life can be chill but also gyrate to the beat of maintaining relatively close proximity to where it can be a regular buzzsaw of activity as well, the concept of adjacent cities just might speak their language. Adjacent towns or cities share…
Inflation is soaring in America’s most popular migration locations, in part because of their boost of new residents and high home price appreciation, Redfin reported. Phoenix, Atlanta, Tampa, and Miami saw double-digit inflation in Q2 2022. They are also all high migration areas that are popular among Redfin’s users. Inflation in Phoenix was up 11.3% YOY and is the third most popular city for Redfin.com users looking to move to a new city. Atlanta was the twelfth most popular and had an inflation rate of 10.9%. Next came Tampa, the second most popular destination on Redfin, with the third highest inflation rate at 10.6%, followed by Miami, the single most popular destination, with the fourth highest inflation at 10% flat.…
By KIMBERLEY HAAS As prices for rental housing continue to climb in many parts of the country, bidding wars are becoming more common. According to a report released last week by Joel Berner and Danielle Hale for Realtor.com, rent has reached another high in the company’s data history, averaging $1,827 in the 50 largest US metropolitan areas. Rental increases are most pronounced in Sun Belt metros, Berner and Hale wrote. That is because as more people have the opportunity to work remotely they are choosing warmer climates to live in. Three Florida metros are particularly affected. They include Miami, where rent was up 51.6% from April 2021; Orlando, 32.9%; and Tampa, 27.8%. Overall median rent in the Miami, Fort Lauderdale,…
By KIMBERLEY HAAS As the spring selling season begins, people in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market that has favored sellers and forced up the price of housing in many parts of the country. Numbers from the start of the year look promising for growth. On Tuesday, S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices. A 19.2% annual gain was reported in January, up from 18.9% in December. The 10-City Composite annual increase was 17.5%, up from 17.1% in December. The 20-City Composite posted a 19.1% year-over-year gain, up from 18.6% in the previous…
Homes are less affordable than they were a year ago, but they largely remain more affordable than at the peak of the 2006 housing boom, according to First American Financial Corporation’s Real House Price Index. In January, the RHPI rose 27% from the year prior, making it the fastest-growing RHPI – and fastest YOY decline in affordability – since 2004. This was driven by a 21.7% increase in home prices and a 0.7% rise in rates. The RHPI measures price changes for single-family properties adjusted for the impact of income and interest rate changes on consumer house-buying power. As such, it also serves as a measure of affordability. Household income was up 5% from January 2021, but that gain was…
