By the Numbers
Home construction continued to surge across the nation, which reflected the projection that new homes will help moderate price growth over the next 12 months.
Areas hit hard by the pandemic could see a wave of zombie properties once the federal ban on foreclosures expires.
A new report from CoreLogic shows that record-low interest rates and a spike in lower-risk refinance originations have driven the trend.
The new S&P CoreLogic Case-Shiller Home Price Index reveals record-breaking August for home sales, up 21% over the 2006 pre-Great Recession high.
Homesellers continued to sell homes to each other in September, making the market resemble a game of ‘housing musical chairs,’ according to First American chief economist Mark Fleming.
“Increasing house price appreciation in suburban zip codes points to higher demand relative to supply in the suburbs but does not necessarily indicate what’s fueling the demand,” the study notes.
“Based on the rising popularity of the burbs, some buyers might think they can catch a break by searching in the city, but unfortunately that’s not the case,” realtor.com Chief Economist Danielle Hale said.
Nationwide sales of new single-family homes were at a seasonally adjusted rate of 901,000, up 13.9% from last month and 36.3% higher than July 2019.
Austin and Dallas are becoming big destination cities for those looking to relocate. Could Houston be next?
New listings back above pre-COVID-19 levels nationwide but still down from the previous year, according to realtor.com.