Existing-home sales rebounded at a record pace in June, following three consecutive months of sales declines, the National Association of REALTORS® reported on Wednesday. Each of the four major regions of the U.S. posted month-over-month increases in June, with the West posting the largest jump.Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—increased 20.7% from May to a season
Landlords are finding little room to raise rents on single-family homes. Single-family rents increased 1.7% annually in May nationwide, their slowest rate in nearly a decade, according to a new report released by CoreLogic, a real estate research data firm.Single-family rentals comprise 35% of all rental housing in the U.S.Prior to the pandemic in February, rent growth for single-family homes was at its highest pace in four years.“Single-family
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What’s cooking in kitchen design in 2020? White kitchens, granite, and modern designs still reign supreme, according to a new study of 500,000 Instagram posts in the U.S., conducted by Wren Kitchens.Instagram has emerged as a popular place to share home design pictures and offers insights into trends based on the most Insta-worthy kitchen styles, features, and colors, according to Wren Kitchens.Overall, the modern kitchen style,
Foreclosure filings—including default notices, scheduled auctions, or bank repossessions—dropped 44% in the first six months of 2020 from the same time period a year ago. They are also at a record low, despite the global pandemic and skyrocketing unemployment, ATTOM Data Solutions reports in its Midyear 2020 U.S. Foreclosure Market Report.A total of 165,530 U.S. properties received a foreclosure filing in the first six months of this year.But
Some home buyers are feeling confident enough to proceed with a home purchase after a virtual tour. The latest sight unseen mega-deal occurred last week for a private island off the coast of Ireland. An anonymous European buyer purchased the entire 157-acre island, known as Horse Island, for more than $6.3 million without ever seeing it in person. Negotiations mostly took place over WhatsApp. The agent said the buyer viewed a video of the island
More buyers were out shopping for new homes last month. Single-family housing starts rose 17.2% in June to a seasonally adjusted annual rate of 831,000, the U.S. Commerce Department reports. The multifamily sector—which includes apartment buildings and condos—increased 17.5% last month.“The housing market is hot,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “Home buyers have swiftly moved into the mark
Real estate investors are scrutinizing second-home markets in hunt for growth opportunities, even during the pandemic. After all, “travel doesn’t stop when the economy weakens, it changes where people travel,” a new report from Rented Inc., a rental management site, and Weiss Analytics notes.“In 2020, travelers want to stay closer to home and they are seeking genuine experiences. High on the list are Instagram-worthy, outdoor locations, a
The housing inventory crunch has sparked a dramatic increase in the number of accessory dwelling units in the U.S., most notably in high-cost areas that have seen growing populations over the last decade, Freddie Mac reports in a new study on ADUs. Freddie’s research identifies 1.4 million ADUs in the U.S., including granny flats, garage apartments, and in-law suites. These ADUs can be either attached or detached from the main residence.Fr
The 30-year fixed-rate mortgage averaged 2.98% this week, the lowest rate in Freddie Mac’s records dating back to 1971.“The drop has led to increased home buyer demand and, these low rates have been capitalized into asset prices in support of the financial markets,” says Sam Khater, Freddie Mac’s chief economist. “However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recover
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