The median home price in the United States in the fourth quarter was at its least affordable level since the third quarter of 2008, according to a new report released by ATTOM Data Solutions, a real estate data firm.Researchers calculated affordability based on the percentage of income needed to buy a median-priced home relative to historic averages. An index reading above 100 indicates that median home prices are more affordable than the histori
Mortgage rates moderated this week after posting a big drop last week, and the Federal Reserve’s decision on Wednesday to raise its short-term key interest rate hasn't had much on an effect on rates. (The Fed’s key rate is not directly tied to mortgage rates, but does often influence it.) “The response to the recent decline in mortgage rates is already being felt in the housing market,” says Sam Khater, Freddie Mac’s
Programs important to real estate will be affected in the event of a partial federal government shutdown that could start at midnight tonight if lawmakers fail to pass short-term budget legislation.The National Association of REALTORS® is in regular communication with congressional leaders and the White House and is working with other organizations to ensure lawmakers are aware of the importance of keeping programs critical to communities
More Americans are moving to the West, according to newly released figures from the U.S. Census Bureau. Half of the fastest-growing states are all in the western part of the U.S.—however, Texas and Florida did nab the number one and two spots on the Census Bureau’s list for receiving the most new residents over the past year.But the West is definitely gaining ground. Nevada and Idaho’s populations grew by 2.1 percent between July 2017 and J
For the second consecutive month, existing-home sales rose, as three of the four major U.S. regions saw an increase in sales last month, the National Association of REALTORS® reported Wednesday.Total existing-home sales—which are completed transactions for single-family homes, townhomes, condos, and co-ops—rose 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales, however, are still down 7 percent from a
The first-time buyers surveyed, on average, went over budget by $3,615 in their first year of homeownership. Within their first-home budget, they spent the most money on new appliances, a new roof, a new furnace or air conditioning, and landscaping. Forty-eight percent of first-time buyers said they did not set aside enough money for their first year of ownership.“Purchasing a first home is not only expensive but can be emotionally exhausting,
Budget-conscious home buyers may have a tough time finding the right property, as only 30 percent of listings on realtor.com® are priced below $200,000—down from 53 percent in 2012, according to a recent analysis of the online portal’s data. But there are some surprising cities that still offer plenty of cheaper options for hungry house hunters.House hunters on the East Coast and in the Midwest may have the greatest number of choices, but th
Nationwide, single women own about 22 percent of homes, which far outpaces single men, who own less than 13 percent, according to a new study by online marketplace LendingTree. More single women are homeowners than single men in all 50 of the largest metros as well, even though women tend to earn 80 percent of the average man’s income, the study shows. But do the genders tend to gravitate toward certain areas of the country?Analyzing data from
Home buyers are bringing more money to the closing table. The median down payment on single-family homes and condos purchased with financing in the third quarter was $20,250—up 7 percent from the previous quarter. The median down payment as a percentage of the median home sales price was 7.6 percent in the third quarter—the highest percentage since the fourth quarter of 2003, according to ATTOM Data Solutions, a real estate data provider.Amon
The Federal Housing Administration has announced that most of the country will see an increase to loan limits in the new year. The loan limit for lower-cost areas will be set at $314,827—or 65 percent of the national conforming loan limit of $484,350. In high-cost areas, the new FHA limit for 2019 will increase to $726,525, up from $679,650. The new loan limits will take effect Jan. 1.The FHA sets single-family forward loan limits at 115 perc
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