If you want to build a house, you have to start with land. But acquiring land may not be as simple as it sounds. First, you have to find an available lot in the area you’d like to live. Then, you have to make sure it’s zoned for residential construction and has the characteristics and square footage that you desire – as well as the ability to be connected to utilities. Also, how many buildable lots even exist? Well, according to one recent analysis, there were just over 300,000 available empty lots for sale smaller … [Read more...]

Any prospective home buyer who’s searched for an affordable starter home knows they can be difficult to find. There’s a reason for that, according to a new analysis. The analysis, from the National Association of Realtors’ consumer website, found that, while the starter home shortage peaked in 2022, there are still 300,000 fewer homes priced under $350,000 on the market today than there were in 2019. Additionally, the typical entry-level home is now $344,000 – almost $100,000 more than it was pre-pandemic. Hannah … [Read more...]

Luxury is subjective. After all, what is luxurious to one person may not be to another. But in the housing market, luxury can be defined. And, according to a recent analysis from the National Association of Realtors’ consumer website, the luxury market is defined as the top 10 percent of listings. By that measure, the entry price for a luxury home in today’s housing market nationally is $1,277,907. That’s down 1.7 percent from last year and has been falling now for 27-straight months. But while luxury prices have … [Read more...]

The housing market’s current affordability crunch has its roots in the financial crisis of 2008. After the economy crashed almost 20 years ago, there were far more homes available for sale than there were interested buyers. That caused home builders to pull back, building fewer new homes and beginning a cycle of underbuilding that’s lasted nearly two decades. Underbuilding – and Americans staying longer in their homes before selling – contributed to a deficit of roughly 4.7 million needed housing units. That gap … [Read more...]

Most of the housing market talk in recent years has focused on supply. The inventory of available homes for sale was lower than normal for years and it pushed prices and competition among buyers higher. But while the main story in the market is still supply – mostly because adding additional homes for buyers to choose from is the best way to slow price increases and bring balance to the market – a recent report from Harvard University’s Joint Center for Housing Studies says housing demand has also been down … [Read more...]

A new assessment of the housing market at mid-year found the economy resilient, the market stable, and buyers and sellers active. The report – from the National Association of Realtors’ consumer website – says the group expects things to accelerate during the second half of the year, after a slower first half, but end up with home prices down roughly 1 percent and sales up about the same. Danielle Hale, the website’s chief economist, says the market may not have momentum but it has stability. “Against a backdrop of … [Read more...]

While most buyers and sellers would probably prefer a market that was heavily weighted in their favor, a balanced housing market is actually good for everyone. When the number of homes for sale and the number of interested buyers is relatively equal, the market is more stable, predictable, and easier to navigate. For years, there’s been imbalance, with the number of homes for sale lagging behind demand from buyers. There were more interested home shoppers than there were homes for sale and it drove prices higher … [Read more...]

In May, sales of previously owned homes hit a 5-month high. But, according to newly released numbers from the National Association of Realtors, June saw sales back off a bit. The group’s latest Existing Home Sales Report shows sales fell 2.4 percent last month from the month before – though they remain 3 percent higher than year-before levels. Dr. Lawrence Yun, NAR’s chief economist, says buyers are sensitive to affordability fluctuations this year. “The back-and-forth in monthly home sales activity, driven by mild … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were relatively unchanged week-over-week last week, with only minor ups-and-downs seen for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Mike Fratantoni, MBA’s senior vice president and chief economist, says demand was also flat. “Mortgage application volume was little changed during the week of the nation’s … [Read more...]

Americans are anxious about retirement. In fact, 86 percent of recently surveyed workers say they have regrets about their retirement savings, including starting too late or not having enough. But while most of us have regrets and anxiety about the future, homeowners are better positioned than non-homeowners. Homeowners, at least, appear to have a plan. For example, 58 percent of homeowners say they plan to use their home to help fund their retirement. Additionally, 89 percent of homeowners are also currently … [Read more...]