The 30-year fixed-rate mortgage jumped to a 5% average this week, the first time it’s been that high since 2011. Since the beginning of the year, mortgage rates have jumped by 1.8 percentage points and added about $400 to the average monthly mortgage payment for a median-priced home, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, writes for the association’s blog.Also, with inflation a
The average property tax on a single-family home in 2021 rose at the smallest pace in five years. Taxes rose by 1.8% last year, from $3,719 in 2020 to $3,785 in 2021 nationwide, according to a new report from ATTOM Data Solutions, a real estate data firm.“It’s hardly a surprise that property taxes increased in 2021, a year when home prices across the country rose by 16%,” says Rick Sharga, executive vice president of market intelligence at
Rental prices are rising fast and, as leases come up for renewal, tenants may be shocked by just how much. A new report from realtor.com® shows that rental prices rose by nearly 20% from March 2020 to 2022.Sun Belt metros topped the list of fastest-growing rental markets over the past two years, led by Miami, Riverside, Calif., and Tampa, Fla. On the other hand, major tech hubs that have in the past served as rental leaders lately have seen many
New-home costs likely will continue to increase as rising building material costs squeeze construction budgets. The prices of goods used in residential construction rose again in March and are up 8% since the start of 2022, the National Association of Home Builders reports citing Bureau of Labor Statistics data.Year over year, building material prices have increased 20.4% and have risen 33% since the beginning of the pandemic, the NAHB reports.Th
Just as home prices reach new heights, renters are now paying more for their leases too. Rents for studios to two-bedroom units increased by 17.1% in February, and rents nationwide reached a new high of $1,792 per month, according to realtor.com®.Rental prices are soaring in many of the nation’s largest coastal cities. For example, in Miami, rental prices rose by more than 50% in the past year, realtor.com® reports.But affordable rental haven
The rate of inflation reached 8.5% in March, continuing at a 40-year high and showing few signs of relief for consumers. Higher gas prices, food, and housing costs fueled the consumer price index’s jump.“Aggressive inflation will force the Federal Reserve to raise interest rates multiple rounds this year and actively pursue quantitative tightening,” says Lawrence Yun, chief economist of the National Association of REALTORS®. “T
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The lack of affordable homes for sale is the top challenge home buyers face in the current market, but it’s not the only one, according to the 2022 Obstacles to Home Buying, a new study released by the National Association of REALTORS® and Morning Consult.Finding homes that fit buyers’ criteria, competing with multiple offers, and saving for a down payment also were commonly cited challenges. Homebuying obstacles, however, can vary by r
The Austin, Texas, metro area in March became the latest market to join the half-million-dollar club, according to a new analysis by Movoto by OJO Labs, a real estate search site. In Austin, the median home sold price was at least $500,000, joining 10 other large metros at that level.Other markets with a median sale price of $500,000 or more include Boston ($560,000), Denver ($565,000), Los Angeles ($720,000), New York ($520,000), Portland,
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