More buyers are leveraging equity from a previous home sale and dodging higher mortgage rates.Home buyers who paid cash accounted for 32% of home sales in January, marking the highest rate since 2014, the National Association of REALTORS® reports. Many leveraged the equity from a prior home sale.Vacation-home buyers and real estate investors made up the bulk of all-cash buyers over the last six months, according to NAR. However, in the last two
Here are key takeaways from the February US jobs report released Friday:Nonfarm payrolls effectively undershot expectations. While they climbed 275,000, more than the 200,000 median estimate in Bloomberg’s survey, that was only after the previous two months of payroll gains were revised lower by 167,000.The unemployment rate unexpectedly climbed to 3.9%, the highest in two years, with the household survey of employment showing the fou
Spring hasn’t officially sprung yet, but the spring housing market already appears to be on the move despite stubbornly higher mortgage rates.Mortgage applications to purchase a home increased 11% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand was still 8% lower than the same week one year ago.The average contract interest rate for 30-year fixed-rate mortgages with
Borrowing costs, which are rising toward 7% again, are putting a damper on the housing market.Recent swings in mortgage rates are helping to drag down contract signings, which fell 5% in January, the National Association of REALTORS® reported this week. Pending home sales, a forward-looking indicator of housing activity based on contract signings, were down 8.8% compared to a year earlier.“The job market is solid, and the country’s total wea
New-home sales increased 1.8% to a seasonally adjusted annual rate of 661,000. Economists say the report, alongside improved builder sentiment, shows promise for a robust springNew-home sales improved across the board in January, according to the U.S. Census Bureau and the Department of Housing and Urban Development on Monday.New-home sales, which include when a homebuyer makes a deposit or signs a sales agreement, increased 1.8 percent year
Escalating borrowing costs may interrupt a rebound in home sales—if only briefly.Mortgage rates have started climbing again, reaching the highest level since mid-December. The 30-year fixed-rate mortgage jumped to an average of 6.9% this week, Freddie Mac reports. Home prices also are weighing on buyers’ budgets, with the median price nationwide surging last month to a record $379,100, the National Association of REALTORS® reported.What’s
Navigating the challenges and opportunities of property managementBecoming a landlord can be a promising avenue for generating passive income and building wealth — but it’s not without challenges. From understanding legal requirements to managing tenant relationships, there’s a lot to consider before taking the plunge. These eight essential factors can help you prepare for the responsibilities and opportunities of being a landlord.Foll
Existing-home sales decreased 1.7% annually in January, according to the National Association of Realtors. However, sales did improve 3.1% from DecemberExisting-home sales struggled to break out of a winter slump, according to a National Association of Realtors report published on Thursday.The sale of existing single-family homes, townhomes, condominiums and co-ops declined 1.7 percent year-over-year from 4.03 million in January 2023 to a se
Research from Colliers found that lease rates reached $9.72 per square foot last year despite supply far outpacing occupancy.Despite a considerable increase in available U.S. industrial real estate capacity during 2023, rent rates for warehouse and distribution space jumped far faster.According to year-end data from real estate firm Colliers, lease rates for U.S. warehouse and distribution space spiked 20.6% year-over-year last year and reach an
With a strong economy, the first rate cut may not come soonAs the Rockettes high-kicked their way to a record box office for the annual “Christmas Spectacular” at New York’s Radio City Music Hall, they were doing more than just entertaining.They were also showing the limits of the Federal Reserve’s power over the economy.If the Fed’s interest rate increases had worked after the pandemic the way they had in the past, Americans would ha
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