All articles tagged with #realtorcom
For the first time since 2020, more U.S. homeowners have mortgages at 6%+ than below 3%, signaling a loosening rate-lock in the housing market; about 80% still have rates under 6%, the 30-year average sits around 6.16%, and pockets of activity are emerging as policymakers explore ideas like portable mortgages to spur demand.
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Springfield, Massachusetts, known as the birthplace of basketball, has been named the hottest housing market in the US for the first time in seven years, according to Realtor.com. The city has seen a surge in demand due to its proximity to Boston, with homes selling faster and attracting more views than the national average. Despite a 4.3% increase in home prices over the past year, Springfield remains more affordable than the national average, making it attractive for buyers with flexible work arrangements. The trend highlights the appeal of affordability-driven markets in the Northeast and Midwest.
Research from Realtor.com reveals that Baton Rouge-area homes have a high potential for climate risks, with 100% of the homes in the market at risk for severe or extreme heat and wind damage, and a market value of $64.7 billion. New Orleans-area homes also face similar risks, with a market value of $106.8 billion. The climate risk factor scores, provided by Realtor.com in collaboration with First Street, highlight the increasing connection between climate risk and financial risk in the real estate market.
Realtor.com's annual report ranks the 10 best U.S. cities to buy a house in 2024, with Toledo, Ohio topping the list and Oxnard/Thousand Oaks/Ventura, California coming in second. The report analyzed the country's 100 largest metropolitan areas, with half of the top metros located in California. The Midwest and Northeast markets are expected to remain popular due to affordability and quality of life amenities, while high-priced Western metros also made the list. Despite expected price growth and sales increases, affordability remains an issue for many, and sales and prices are projected to stay below pre-pandemic levels.
Realtor.com released a report detailing the top cities for first-time homebuyers in 2024, with Irondequoit, New York, leading the list due to its affordability and job opportunities. Other cities on the list included Benton, Arkansas, Winterset, Iowa, and Newington, Connecticut. Despite high interest rates and low inventory, a recent survey showed that 95% of prospective first-time homebuyers believe they will be able to afford a home within their lifetime, with 40% expecting to do so within the next year. Additionally, Redfin reported over 775,400 active home listings across the U.S., with a 0.04% increase in the average 30-year fixed mortgage rate to 6.66%.
Realtor.com has identified the best small- to midsize towns for first-time homebuyers based on price, affordability, housing inventory, commute time, culture, and demographics. The top seven towns include Grand Rapids, Michigan; Cheektowaga, New York; Council Bluffs, Iowa; Newington, Connecticut; Winterset, Iowa; Benton, Arkansas; and Irondequoit, New York, each offering varying median home prices, home price growth forecasts, home listings, commute times, and shares of homeowners aged 25-34.
Realtor.com has revised its previous housing market predictions and now expects a dip in home prices and rents. The company predicts a 0.6% drop in average home list prices and a 0.9% dip in rents this year, reversing its earlier forecast for a 5.4% year-over-year rise in 2023 and a 6.3% rise in rents. However, the downgraded outlook does not signal a major wave of relief as home costs are still expected to be higher for buyers in 2023 due to mild and not universal home price declines.
Realtor.com has revised its housing market predictions and now expects a dip in home prices and rents, with a 0.6% drop in average home list prices and a 0.9% dip in rents this year. The initial 2023 forecast, which predicted a 5.4% year-over-year rise in home prices, has been downgraded to a 0.6% dip. However, home costs are still expected to be higher for buyers in 2023, as home price declines are mild and not universal. Realtor.com also downgraded other 2023 predictions, including a 5% drop in housing inventory and a 15.8% fall in home sales.