A surging stock market powered U.S. household wealth to a record high of more than $154 trillion in the second quarter, aided by a rebound in property values, Federal Reserve data out on Friday showed.Household net worth rose 3.7% to $154.28 trillion in the period from April through June from $148.79 trillion at the end of the first quarter, the Fed said in its quarterly snapshot of the balance sheets of households, businesses and federal, state
Data: RentCafe; Note: Includes buildings with 50 or more units; New York metro numbers do not include the Bronx or Staten Island; Table: Kavya Beheraj/AxiosNew apartment construction is on track to top a 50-year high, with nearly 461,000 units expected to be built across the U.S. this year, according to a new report.Why it matters: A housing shortage in the U.S. has contributed to the rising cost of both renting and buying.What's
While artificial intelligence can't replace the human brain, tools like Midjourney are supercharging the home design process.These days, there's no shortage of news about artificial intelligence. Some industries are dominated by praise and excitement for how AI can make life easier, while other professional sectors lament the loss of jobs and human touch. The truth is usually somewhere in the middle, and the world of home design is no exception.S
“The lack of movement is discouraging to home buyers who are also facing higher home prices,” says NAR economist.Mortgage rates backed away slightly from last week’s two-decade high but remain above 7%. The 30-year fixed-rate mortgage averaged 7.18%, Freddie Mac’s latest weekly mortgage indicator shows.“The lack of movement is discouraging to home buyers who are also facing higher home prices,” says Jessica Lautz, deputy chief economi
A new report from CoreLogic is the latest to confirm that rent growth is falling back toward historical levels as the market moves on from unprecedented growth during COVID-19Rent for single-family homes was 3.3 percent higher in June compared with a year earlier, according to a new report from property data provider CoreLogic.That was the slowest rate of growth since the fall of 2020, shortly after COVID-19 shocked the rental and for-sale h
Borrowing costs are the highest they’ve been in more than two decades—and rates may go higher over the next few weeks.Home buyers are facing the highest mortgage rates in 22 years. They’re also up against higher home prices and limited inventory. Add to that this week’s 7.23% average mortgage rate for the 30-year fixed-rate loan, which translates to an average monthly mortgage payment of $2,246 for a typical existing single-family home, s
Pending home sales rose 0.7% from June to July, reversing 7 months of declines. However, rising rates and home prices are poised to stifle sales growth into the fall, Redfin said on Friday After several months of double-digit monthly declines, pending sales finally rebounded in July — albeit by only 0.7 percent.Pending sales reached a 2023-high of 387,000 in July, according to Redfin’s latest housing market report publishe
With a dearth of existing homes on the market, builders have been ramping up production to meet buyer demand. Newly built single-family properties comprised a record share of homes on the market in the second quarter of the year, making up nearly one-third of housing inventory nationwide, according to new research from Redfin. New-home sales typically make up only about 10% of the market.The National Association of REALTORS® predicts that new-ho
Happy tenants increase the chances they'll renew their leases while keeping investment properties occupied and cash flowing. Here's how to do it Beyond the bricks and mortar, maintaining good rapport with your renters is a key factor that can significantly impact the long-term success of your investment.It’s more than just keeping lines of communication open; it’s about creating a positive experience that makes your tenants feel val
Existing-home sales continued to fall last month as home buyers faced higher mortgage rates and fewer housing options. Read more from NAR’s latest housing report.Two main factors are driving current sales activity: inventory availability and mortgage rates. “Unfortunately, both have been unfavorable to buyers,” says Lawrence Yun, chief economist at the National Association of REALTORS®.Existing-home sales—completed transactions for singl
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