“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun
The release of the monthly survey from the National Association of Home Builders comes as the Biden Administration unveiled a housing-supply action plan that aims to boost the supply of affordable apartments and new homes.
The rate of Hispanic homeownership is steadily increasing, new data from The National Association of Hispanic Real Estate Professionals shows. With 8.8 million Hispanic-owned households, more than 48% of Latinos now own homes, reflecting a continual rise since 2014.
Realogy Holdings Corp. is officially rebranding as Anywhere Real Estate Inc. According to a press release, the company expects to implement the rebrand by end of second quarter 2022.
Zillow 3D Home tours, which offer interactive, 360-degree views of listings, will now appear on Redfin automatically — with no additional steps required from agents.
Despite a slow start to the spring homebuying season, prospective buyers are showing some resiliency in the face of higher mortgage rates, as seen by two weeks in a row of increasing loan applications.
Though the number of active U.S. listings did shrink in April, it fell by the smallest amount — 12.2% — since December 2019, according to a new monthly report from Realtor.com. And the change has left experts feeling confident.
Seventy percent of the 185 metros surveyed by the National Association of REALTORS® saw double-digit price gains in the first quarter, compared to 66% in the preceding period.
Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.
Low inventory and rising interest rates have reduced prospective homebuyer purchasing power.