Real Estate Market Trends, News Updates
HPI National Change Update (Apr'23)
While annual U.S home price growth rose for the 133rd straight month in February, the 4.4% increase was the lowest recorded since 2019. Eight states and districts recorded annual home price losses, with much of the depreciation seen in the relatively expensive Western U.S., including California, Idaho, Oregon, Washington and Utah.
Tech company layoffs have likely affected housing demand on the West Coast, However, as noted in the latest CoreLogic S&P Case-Shiller Index, home prices gains are holding steady in some large East Coast metros, as workers return to offices and buyer demand renews in areas that saw relatively less appreciation during the pandemic. Areas in the Southern U.S. are also holding up well given current market conditions. Read more.
Apartment List National Rent Report (Mar'23)
Our national rent index increased by 0.5 percent over the course of March, the second straight monthly increase and a slight acceleration over last month’s pace. This month’s increase is of a similar magnitude to the typical March price change that we saw in pre-pandemic years. After 2022 closed out with record-setting price declines, it appears that rental demand is rebounding in line with the usual seasonal trend.
Year-over-year rent growth is continuing to decelerate, and now stands at 2.6 percent, its lowest level since April 2021. Year-over-year growth is now pacing slightly below the average rate from 2018 to 2019 (2.8 percent), and is likely to decline even further in the months ahead. Read more.
10 Million More People Could Qualify for Mortgages
An estimated 10.7 million additional people could qualify for mortgages thanks to upcoming changes to lender credit scoring models. Black households in particular are expected to benefit.
On Monday, the Federal Housing Finance Agency (FHFA) announced that it will require mortgage lenders to incorporate credit scores from VantageScore when evaluating potential borrowers.Lenders will also need to transition to a new version of the FICO score for the first time in nearly two decades. Read more.
Investors scoring bulk discounts from builders
Builders are offering discounts in the range of 10-15% from estimated retail value, brokers and investors told the outlet. Some are offering as much as 20% off for a bulk sale, an attractive option for investors who can save money and energy by keeping holdings close together. Read more.
The link provided below aids the news. "Kinloch Partners Co-Founder and CEO Bruce McNeilage gauges the financial temperament of the single- family housing market"
https://www.youtube.com/watch?v=ZLLvsS4hvPw
Homeowner & Rental Vacancy Declined in COVID
This is the first time in the 66-year history of the HVS that the homeowner vacancy rate has been as low as 0.8%. Although not statistically different from previous lows of 0.9% (which occurred prior to 1980 and in 2020-2021 during the pandemic), it is lower than at any point during the 40-year period from 1980 until the start of the COVID-19 pandemic in early 2020. Read more.
Fed Appears Aggressive After Inflation Surprise
Federal Reserve officials face fresh pressure to extend rather than slow down aggressive interest-rate increases after US inflation came in hotter than forecast, potentially putting a fourth-straight 75 basis-point hike on the table.
With the Data suggesting that price pressures are stubbornly high and broad-based, some saw the Fed being open to going even bigger next week. Read more.
States with most stable housing markets (Jul'22)
Where is everything heading? Realtor.com recently revised its 2022 forecast, now calling for sales to decline by 6.7% this year. Forecasters previously called for a 6.6% increase. But even if the new forecast holds true, it would still be the second biggest sales year since 2007, only trailing last year. Read more.
Fed forecasts fund rate hike in 2023 (June'21)
Citing an upgraded economic outlook and a spike in inflation, the Fed held its key interest rate near zero, but it's now forecasting two rate hikes in 2023, up from none previously. Read more.
Net Domestic Migration Rate by County (Mar'22)
While nearly one out of four counties (24.5%) switched from net domestic outmigration to in-migration during the 2020-2021 period, only about 1 in 20 (5.1%) went from net domestic in-migration to outmigration. Read more.
2021 US National Migration Report Across States
States with a lower cost of living and lower taxes continued to pull Americans from more expensive states in 2021. With a major shift toward remote work for several occupations, along with continually rising housing costs, people are rapidly moving from the coasts and Midwest to the South and Southwest. Read more.
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