Affordability declined in 49 of the 50 major markets according to the May 2021 First American Real House Price Index.
At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.
Two of the largest leaders in the real estate market are joining forces to form a new mortgage origination company.
The Champlain Towers South collapse emergency is ongoing, and some experts say they expect condo sales, in what was a roaring condo market in Miami, to struggle from the impact. What can agents, sellers and buyers anticipate?
Millennials were once referred to as the “renter generation” because of their preference for apartment living in urban areas over purchasing a home in the suburbs like their Baby Boomer parents.
“May’s strong increase in transactions — following April’s decline, as well as a sudden erosion in home affordability — was indeed a surprise. The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings.” — NAR chief economist Lawrence Yun
The 10-city composite index rose 1.9% on a monthly basis and 14.4% on a yearly basis, while the 20-city composite rose 2.1% monthly and 14.9% annually.
The median age of construction workers is 41, the same as a typical worker in the national labor force, according to the National Association of Home Builders’ analysis of the most recent 2019 American Community Survey data.
The real estate investment and land asset-management company has identified 17 near-term development opportunities and is in advanced negotiations to develop build-to-rent communities with about 2,500 units across the country.
The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported.