Real Estate Digest – June 2019

Real Estate Industry Lacks Strategy
for Climate Change, Study Finds

1The real estate industry has been very slow in adopting new standards to deal with the growing effects of climate change, according to a new study published by the Urban Land Institute, a nonprofit research institute and Heitman, a real estate investment firm.
Read on for details.

Weekly Mortgage Applications at Highest Level in 9 Years

2 Rising rates are impacting homeowners who want to refinance. However, homebuyers are not pulling away from the market.

Read on for details.
 
 

Rents Increase as Airbnb Listings Increase

3A new study done by researchers at UCLA and the Marshall School of Business, University of Southern California, uncovered a correlation between Airbnb and city rent increases. The study aimed to apply the findings of previous research on rental prices in Boston, Mass., in determining Airbnb’s impact on U.S. rental markets overall. The Boston study revealed that as the number of active Airbnb listings in the city grew, rents increased.
Read on for details.

Millennials, Gen Xers Purchasing More Multi-generational Homes

4According to the National Association of Realtors’ 2019 Home Buyer and Seller Generational Trends, the number of Gen Xers and millennials purchasing multi-generational homes is on the rise. One in six Gen Xers purchased a multi-generational home with 52 percent reporting they did so because their adult children have either never left home or moved back. Older millennials seem to have more in common with Gen Xers and younger boomers with 9 percent having bought a multi-generational home to take care of parents or spend more time with their parents.
Read on for details.

Largest Metros Where Residents Pay Highest, Least Property Taxes

5A new study from LendingTree reveals the impact of the new tax law on U.S. homeowners. The Tax Cuts and Jobs Act, which took effect in 2018, changed how much homeowners pay in property taxes. In fact, it has dramatically shifted the amounts homeowners in the country’s largest metro areas pay in comparison to smaller areas.
Read on for details.

Homeowners Underestimate Remodeling Costs

6Homeowners are not realistic when it comes to estimating the true costs of home improvement projects says a new study from Discover Home Equity Loans.
Read on for details.
 
 

Craft Breweries Boost Local Property Values

3A new study from the University of Toledo found local craft breweries boost nearby property values. In Charlotte, N.C., alone, 21 craft breweries opened between March 2009 and October 2016, a surprising find which prompted the Toledo-based researchers to investigate how the new breweries impacted the area.
Read on for details.

Going Green Increases Home Prices

4A recent Zillow analysis found it pays to go green if you are trying to sell your home. Homes that feature solar energy systems sold for 4.1 percent more on average than their non-green counterparts in 2018, according to the study.
Read on for details.
 
 

Builder Confidence Rises, Affordability Remains a Concern

4The nation’s homebuilders enjoyed strong demand this spring. However, they continue to see potential buyers being hindered by high home prices.
Read on for details.
 
 

5 Tips for Selling New Construction

4Most experienced real estate agents will say selling a new construction project is significantly different from selling an existing property. In many cases, selling new construction is quite challenging and requires both perseverance and patience from the real estate agent. Read on for details.

Real Estate Digest – May 2019

Bombshell Lawsuit Alleges Top Real Estate Companies Violated Sherman Antitrust Act

1A recently filed class-action lawsuit accuses major U.S. real estate firms of violating antitrust laws. The suit (Moerhl v. National Association of Realtors (NAR)) was filed in federal district court in Chicago and makes the claim that the defendants in the suit colluded to require home sellers to pay inflated amounts to the brokers representing the buyers of their homes.
Read on for details.

Breakups Force Millennials to Return Home, Says Homes.com Study

2 Student loan debt and rising housing costs have long been considered the main reasons millennials move back home after moving out on their own. A new Home.com survey found another reason for the rise in boomerang kids: breakups. The survey of 500 millennials found 33 percent of 26 to 30-year olds moved back home following a divorce or breakup. By comparison, 37 percent of 31- to 35-year-olds and 24 percent of 36- to 40-year-olds decided to move back.
Read on for details.

High-Priced Condos Sell at a Loss More Often than Non-Luxury Units

3High prices do not guarantee profits when it comes to luxury real estate, according to a new study by StreetEasy. Researchers analyzed New York Department of Finance records from 2014 to 2018 and found that 7.7 percent of the 16,000 homes sold in New York City during this period sold at a loss.
Read on for details.

Redfin Study finds Homes with Pools Sell for More Money

4Having a pool could mean higher home value for homeowners in some regions of the country, says a new study from Redfin. Overall, the study found that in warmer regions a pool can actually add thousands to a home’s value. However, the amount of added value was not the same for every housing market.
Read on for details.

Home Sellers Not Comfortable with Real Estate Agents, Study Says

5Homeowners ready to sell their homes are not always comfortable working with real estate agents, a new study by Clever Real Estate finds.
Read on for details.
 
 

LendingTree Study Examines How Housing Prices Have Recovered Since 2009

6Home prices and unemployment rates have recovered significantly since the financial crisis, according to a new analysis done by LendingTree, the country’s largest online loan marketplace. The study examined the 50 largest metropolitan areas in the country to determine where housing prices have recovered the most. The study also examined how income and unemployment rates have changed since 2009.
Read on for details.

Rising Housing Costs Causing Some Married Couples to Take on Roommates

3It is becoming more common for married homeowners and renters to live with roommates, says a new Trulia study. Worsening housing affordability is the main cause of non-traditional living arrangements for married couples. While couples generally move in together to eliminate the need for roommates, more married couples now live with a roommate in order to share housing expenses.
Read on for details.

New Study Analyzes Salary Needed to Afford Housing in Top U.S. Metros

A new hsh.com study uncovered the disparities in home affordability across the United States. The study explored the salaries potential homeowners need to earn to afford the principal, interest, taxes, and insurance payments for a median-priced home in the top most populous metro areas of the country.
Read on for details.

Rising Seas Eliminate $15.8 Billion in East Coast Home Values

4A new First Street Foundation study found rising sea levels resulted in losses of $15.8 billion in property values between 2005 and 2017 among 15 East Coast states, Alabama, and Mississippi.
Read on for details.
 

How to Negotiate Like the Pros: 3 Expert Tips to Help You Close Real Estate Deals

4As a real estate agent, there’s nothing worse than seeing a deal go up in flames after you’ve already invested your time and energy into it. It’s even tougher when you know you could have closed the deal if only one of the parties had been just a bit more flexible. Instead, both sides refused to budge. The buyer wouldn’t raise their offer and the seller wasn’t willing to drop theirs.
Read on for details.

Real Estate Digest – April 2019

How Will Luxury Real Estate Perform in 2019?

1As real estate markets across the country continue to soften, analysts are looking ahead to try to determine how the luxury market will pan out for the remainder of 2019. This is important because whatever occurs at the very top of the real estate market eventually impacts everyone and can provide early warning signs of a coming downturn.
Read on for details.

Study Says Power Lines Affect Property Values

2 A new study found a home’s proximity to power lines has a significant impact on its value. The study, done by assistant professors Chris Mothorpe and David Wyman, was published in the Journal of Real Estate Research by College of Charleston. The researchers found that vacant lots located adjacent to high-voltage transmission lines sell for 45 percent less than equivalent lots not located near transmission lines. Lots not adjacent to transmission lines but located within 1000 feet of the lines sold at an 18 percent discount. Read on for details.

Rich Are Fastest Growing Segment of Renters

3High net worth individuals are increasingly renting, according to the findings of several studies. Renters who earned $150,000 or more per year have become the fastest-growing group of renters, according to a recent study done by RentCafe.com, an apartment listing site. Researchers analyzed pricing and demographic data from the U.S. Census and rental listing sites Redfin and PropertyShark and apartment real estate research firm Yardi Matrix.
Read on for details.

Some Homeowners Decline Refinancing for Lack of Trust in Banks

4Following the 2008 financial crisis, financial institutions and policymakers came up with strategies to help troubled homeowners. However, a new study uncovered that millions of Americans did not take advantage of these options due to a mistrust of banks. American homeowners who received the offer but decided against refinancing missed an opportunity to save an average of $9,000, perpetuating the housing distress that soon emerged from the crisis.
Read on for details.

Living Near a Highway Can Boost Home Values

5When it comes to home values, proximity to a major highway is reflected in home prices, according to a Dutch study published in the journal Transportation in 2016. The researchers concluded that highway construction has a “generally positive” effect on area housing prices. However, this effect does not extend to all homes and the exact location of the home matters.
Read on for details.

One in Four Homeowners Plans to Purchase a Smart Lock in 2019, Study Says

6Smart home security devices are growing in popularity among American homeowners thanks to their increased affordability, accessibility and convenience. A new study from Parks Associates found smart locks could become the next major security purchase for American households. Nearly one in four homes in the United States plan to buy a smart door lock within the next year, according to the study’s findings.
Read on for details.

Rate of Homes Hitting the Market Near 10-Year High

3RE/MAX real estate agents report there are now more homes for sale than in the past decade, according to the latest housing report. RE/MAX, a major global real estate franchise, released the data as a part of its monthly National Housing Report.
Read on for details.

Real Estate Websites Want to Buy Homes Directly from Homeowners

4Direct home buying companies are vying to become a major force in the real estate industry. Offering the promise of a quick and easy sale for home owners and backed by venture capital funds, these companies intend to capitalize on the notion that many consumers view the home buying and selling processes as difficult.
Read on for details.

Seniors Impacting Housing Shortage, Study Finds

4Millions of senior citizens are staying in their homes longer, making it more difficult for younger Americans to become homeowners. An analysis done by economists at Freddie Mac found 1.1 million homes are “off the market” because of owners who were born between 1931 and 1941. Another 300,000 homes are currently occupied by those born between the years 1942 and 1947.
Read on for details.

4 Myths Real Estate Agents Believe About Customer Loyalty

4Building trust and establishing long-term relationships with clients are two keys to success in real estate. However, this is where most agents make mistakes. Client loyalty isn’t built on over-the-top gestures or gifts, which is what some agents think.
Read on for details.

Real Estate Digest – March 2019

10 Best States for Real Estate Investors

1As housing prices increase, the potential for great returns for investors has grown. In some states, housing prices are reaching levels that have not been seen since the financial crisis.
Read on for details.

Government Shutdown Impeded Some Real Estate Activity, Says NAR

2 The partial federal government shutdown had a minor impact on the housing market, according to a new study done by the National Association of Realtors. NAR surveyed its members and found that 11 percent reported an impact on current clients while an additional 11 percent reported that the shutdown impacted potential clients. Notably, the study of 2,211 members also found that the majority of agents (75 percent) felt that the government shutdown had no impact.
Read on for details.

Falling Mortgages Will Stabilize Builder Confidence Says NAHB

3Builder confidence for newly constructed single-family homes rose in January on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The index saw a two point increase to 58, along with all other HMI indices which also saw gains. The index measuring current sales conditions climbed by two points to 63 and the component tracking expectations for the next six months rose by three points to 64.
Read on for details.

Credit Reporting Changes for 2019

4After the 2008 financial crisis, many lenders tightened their lending standards, making it difficult for some consumers to get financing. As a result, the credit-reporting industry has been changing the way it does business due to regulatory pressure and requests from banks and other lenders that want to make more loans available to more people, not only those deemed the most credit-worthy.
Read on for details.

Homebuyers, Homesellers Lack Understanding of Real Estate Agent’s Role

5The majority of homebuyers and sellers believe that real estate agents work exclusively on their behalf. However, a new report from the Consumer Federation of America (CFA) has found this is not always true.
Read on for details.

Millennials Are Not Buying Homes Due to Student Loan Debt

6Student loan debt is having a major impact on first-time homebuyers. A new Fed study found student loan debt has contributed to the decline in home ownership over the past decade.
Read on for details.

New Career Advancement Network Launched for Real Estate, Mortgage Professionals

3Professionals working in real estate and mortgage lending need new resources to help them learn how to thrive in light of recent industry changes, according to industry leaders who have decided to launch the Industry Syndicate, a media network and community for professionals who work in mortgage lending, real estate, appraising, home building and other related fields.
Read on for details.

The U.S. Real Estate Markets Where It Is Cheaper to Rent Than Buy

4Buying a home is considered to be a rite of passage for many Americans. However, owning is not always the best decision in every market. A new study from ATTOM Data Solutions found that renting a home is more affordable than buying in 59 percent of U.S. housing markets.
Read on for details.

Zillow Offers to Expand into Five New Cities Later This Year

4Zillow Offers will be available soon in five new cities: Miami, Fla., Minneapolis, Minn., Nashville, Tenn., Orlando, Fla., and Portland, Ore. Zillow expects the service to operate in these new markets by fall of this year.
Read on for details.

How to Stay Cool When Your Real Estate Business Heats Up

4Real estate agents are often multi-tasking so much in an effort to move their businesses forward that they sometimes become confused and overwhelmed, and can’t keep up when things really start to take off. Burnout is common and can easily happen if you don’t have a plan to deal with your emotions when you start to achieve your business goals.
Read on for details.

Real Estate Digest – February 2019

Can Machine Learning and AI Detect the Next Area to Be Impacted by Gentrification?

1Over the past decade, concerns about gentrification have increased as affluent and educated residents move back into cities. With rising home prices that displace existing residents, understanding these patterns is essential for investor and real estate professionals.
Read on for details.

Homebuyers Think of Their Pets When It Comes to Real Estate

2 As mortgage rates rise, buyers continue to tap into home equity by using refis to extract cash from their homes.
A recent survey from Realtor.com revealed that homebuyers consider their pets when purchasing their homes. Roughly 80 percent of the 1,000 recent homebuyers surveyed reported they are pet owners with 78 percent saying they would forgo their dream home if it did not work for their pet as well. Read on for details.

Millennials and the American Dream of Homeownership

3Many millennials are still actively looking to achieve the American dream of buying their own homes. But for some in this generation, the dream is dying, dead, or is just something they no longer want to pursue.
Read on for details.
 

Millennials Prefer Advice of Influencers Over Real Estate Agents

4A new study by Engel & Völkers revealed that most high-earning millennials rely on “influencers” to make purchase decisions and roughly 80 percent said they would hire one as a real estate agent. The survey included more than 1,000 millennials born between the years 1982 and 1999 with a yearly income of more than $100,000, called “High Earners, Not Rich Yet,” or “HENRYs.”
Read on for details.

Rising Sea Levels Hurt Coastal Real Estate Prices

5Climate change and rising seas are already negatively impacting coastal real estate prices across the country, according to a new study. In a paper for the Journal of Financial Economics, researchers compared home price information from real estate website, Zillow, with sea level rise data from the National Oceanic and Atmospheric Administration.
Read on for details.

‘Schools’ Top List of Most Important Factors for Homebuyers

6Homebuyers, even when they do not have children, understand the connection between top-rated schools and high home values. However, for buyers with children, school district is one of the top factors in buying a new home.
Read on for details.

Study Finds Impact of Starbucks on Nearby Home Prices

3The appearance of a new Starbucks in a neighborhood has long been considered an indication of gentrification. However, a Harvard Business School study confirms the impact of Starbucks in real numbers: a half percent spike per year in nearby home prices.
Read on for details.

Study Reveals Wildfires Don’t Hurt Hot Real Estate Markets

4More people than ever want to live in wildfire zones, despite the risk of property damage that wildfires pose. With wildfire zones located just outside some of the country’s most populated metro areas, a new study explores how wildfires impact home prices.
Read on for details.

Machine Learning Is Disrupting the Real Estate Market

4A group of companies are looking to leverage big data and machine learning to disrupt the process of buying and selling real estate. One company using big data to stream real estate transactions is Landis. The company has developed a platform that matches institutional buyers (primarily in New York City, N.Y.) with residential property owners (primarily in the Midwest).
Read on for details.

How Much Do ‘For Sale By Owner’ Homesellers Really Get for Their Properties?

4FSBO, which stands for “For Sale By Owner,” are home sellers who sell their homes directly to buyers without using real estate agents for the transaction. These sellers became known as FSBOs from placing signs in their front yards that say “For Sale By Owner.”
Read on for details.

Real Estate Digest – January 2019

Buying a Home Before 35 Gives Homeowners a Boost During Retirement

1Today’s young adults are less likely to own homes as compared to Gen Xers and baby boomers at the same age. The Urban Institute recently conducted a study to investigate why millennials have lower homeownership rates than prior generations. However, the long-term impact of delays in homeownership is not well understood.
Read on for details.

Buyers Tap into Home Equity, Even As Mortgage Rates Rise

2 As mortgage rates rise, buyers continue to tap into home equity by using refis to extract cash from their homes.
According to Freddie Mac, over 80 percent of buyers who opted to refinance during the third quarter used the “cash out” option, collectively withdrawing $14.6 billion (U.S.) in equity from their homes. This figure marks the highest share of cash-out refis since the housing crisis of 2007. Read on for details.

Existing Home Sales Rise for the First Time in 6 Months

3Existing home sales rose for the first time in October after declining for six consecutive months. Home sales rose in three of four major U.S. housing market regions.
Read on for details.
 
 
 

Foreign Real Estate Investors Increasingly Find Value Outside U.S. Metro Areas

4As real estate prices reach record highs in the largest U.S. metro areas, foreign investors are putting money into the next-best markets. The shift comes as population growth continues well above the nationwide average in second-tier cities, such as Denver, Colo. and Salt Lake City, Utah, according to a survey conducted by PwC and the Urban Land Institute.
Read on for details.

Home Flippers Leave the Market as Flipping Profits Shrink

5A combination of higher costs and lower demand is causing home flippers to flee the market. Home flips, which are defined as homes that are purchased and sold within a 12-month period, declined 18 percent nationally in August 2018 as compared to the same period in 2017, according to Attom Data Solutions.
Read on for details.

Home Price Gains Decline Below 6 Percent for the First Time in a Year

6Home price gains have begun to stabilize in many markets across the U.S. as home sales slow. The rise in mortgage interest rates combined with rising home prices have become just too much for some buyers, especially first-time home buyers. Not only are there fewer sales, the number of listings is on the rise, causing homes to stay on the market longer.
Read on for details.

Mortgage Applications Decline to 4-Year Low as Homebuyers Exit Market

3The housing market is slowing as potential homebuyers have decided to wait it out. The volume of mortgage applications fell to the lowest level since December 2014 during the last week of October, according to a new report from the Mortgage Bankers Association.
Read on for details.

U.S. Housing Starts Rise for Multi-family as Single-family Housing Declines

4U.S. homebuilding rose in October 2018 thanks to an increase in multi-family home projects. The report, published by the Commerce Department, noted improvement in the multi-family sector as the single-family housing market continues to lag. In October, single-family home construction declined for a second straight month.
Read on for details.

National Homeownership Rate Rises to 64.4 Percent

4Homeownership increased among Americans last summer, providing new evidence of a housing market that may be stabilizing. A Census Bureau report found that the national homeownership rate was 64.4 percent in the third quarter of 2018.
Read on for details.

How to Stand Out as a Top Online Realtor

4In today’s competitive housing market, Realtors need to reach potential clients both offline and online. However, it’s becoming more difficult to reach the right people at the right time.
Read on for details.

Real Estate Digest – December 2018

Is the Housing Market Beginning to Soften?

1A decade ago the housing market crashed. Over the past couple of years, a seller’s market meant home prices soared, bidding wars were the norm, and inventory shortages led to frustration for eager buyers. But market experts are starting to speculate that home price increases will slow down and the housing marketing is beginning to soften.
Read on for details.

Foreclosed Homes Appreciate Faster Than the Average U.S. Home

2 Homes that were foreclosed during the recession are rising in value at a significantly faster pace than the typical U.S. home.
Read on for details.
 
 

Senator Warren Unveils Legislation to Address Housing Affordability Crisis

3Affordability continues to be a significant concern for renters and buyers across the country. Organizations and government officials are striving to find solutions. Recently Sen Elizabeth Warren, D-Mass., introduced a proposal that could ease the continued affordable housing crisis in the U.S.
Read on for details.

10 Hottest Housing Markets in the U.S.

4The most popular neighborhoods for buyers are in the suburbs. Emerging areas are the result of millennial home buyers with a generous budget, according to the recent USA Today Realtor.com’s annual list of the hottest ZIP codes in the U.S. These buyers have found improved value in areas from Peabody, Massachusetts to Watauga, Texas.
Read on for details.

How Millennials Are Changing the U.S. Housing Market

5Data from the Census Bureau American Community Survey’s five-year population estimates shows that millennials are settling in ZIP codes in or near downtowns. In many of those ZIP codes, they make up the majority of the population and they are willing to pay high rents to live there.
Read on for details.
 
 

U.S. Housing Faces ‘5 Percent’ Test

6For the first time in years, the 30-year mortgage rates have climbed close to the 5 percent threshold. The U.S. housing market is already struggling with soaring building costs and a tight inventory of available properties.
Read on for details.

August Housing Starts Rise 9.2 Percent

3In August, home building in the U.S. increased more than anticipated. It was seen as a positive sign for the housing market, which had underperformed the overall economy as home interest rates rose.
Read on for details.

U.S. to Add More Cities with $1 Million Median Home Values

4In some neighborhoods, million-dollar homes are becoming the norm rather than the exception. Home prices across the U.S. are rising at the quickest rate in years, creating “$1 million cities” in the process. Over the next year, 23 more cities across the country are anticipated to have median home values over $1 million, per an analysis from Zillow.
Read on for details.

Mortgage Applications Stay Flat Along with Interest Rates

4According to the Mortgage Bankers Association’s seasonally adjusted index, last week’s mortgage application volume remained unchanged from the previous week. But the mortgage application volume was down 15 percent from last year.
Read on for details.

How to Represent Buyers in a Seller’s Market

4Agents often find it challenging to represent buyers in a seller’s market. There is little inventory, housing prices soar, and the competition to buy quality homes can lead to bidding wars. Consider these eight factors when you represent buyers in this type of market.
Read on for details.

Real Estate Digest – November 2018

Trump Tariffs Expected to Hit U.S. Home Builders Hard

1Due to tariffs imposed by the Trump administration, home builders across the nation have seen significant price increases in lumber, steel, aluminum, and other housing materials.
Read on for details.
 

10 Cities Account for 33 Percent of Total Value of U.S. Residential Real Estate

2 A new report from LendingTree reveals one-third of the country’s $28.4 trillion in residential real estate value is located in 10 American cities. New York comes in at number one, where the value of all real estate is equal to the gross domestic product of France.
Read on for details.

July Foreclosure Starts Up in 44 Percent of U.S. Real Estate Markets

3ATTOM Data Solutions recently released its July 2018 U.S. Foreclosure Market Report, revealing foreclosure starts increased from a year ago in 44 percent of the metropolitan statistical areas analyzed in the report.
Read on for details.
 

Home Builder Confidence Remains Steady in September

4In September, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) revealed the market for newly built single-family homes remained at 67. This unchanged figure reflects steady homebuilder confidence in September.
Read on for details.

Housing Market Warms Up to Buyers

5For many months now, it has been a seller’s market with low supplies and rising prices. But the trend could be reversing.
Read on for details.
 
 

Mortgage Rates Reach 6-Week High

6Upbeat economic data and a bulging deficit led to a yield-lifting sell-off of bonds. Questions gripped the housing market as rates for home loans soared to a six-week high.
Read on for details.
 

Most Property Markets in the U.S. Have Recovered From Housing Crash

3Now a decade after the housing crash, the residential property market has recovered. However, millions of homeowners continue to wait to regain the value lost in their homes.
Read on for details.
 

Toll Brothers Reports Strong Demand for Homes Across the Country

4Toll Brothers (TOL), a luxury home builder, revealed the demand for its houses was strong across the country. Last quarter, the company executed a record number of contracts.
Read on for details.
 

Vacation Rental Buyers Look for Profits Over Pleasure

4Research from Savills and HomeAway reveals home buyers are now prioritizing rental income over personal use of vacation properties.
Read on for details.
 
 

How to Create Real Estate Signs That Sell

4Signs are one of the most effective marketing tools in a real estate agent’s arsenal. Real estate signs express something about the agent and their residential or commercial real property business.
Read on for details.

Real Estate Digest – October 2018

Home Sales to International Buyers Decline, Says NAR

1International buyers are spending less on U.S. homes, according to a new report from the National Association of Realtors. The dollar volume of U.S. home sales to international buyers declined 21 percent between April 2017 and March 2018 compared to the same period one year ago.
Read on for details.

25 Percent of U.S. Homes Now Equity Rich

2Nearly a quarter of U.S. properties with mortgages are now equity rich, according to a report from ATTOM Data Solutions. These properties have a low loan-to-value ratio of 50 percent or less, which means the homeowners have equity stakes of at least 50 percent.
Read on for details.

Buyers Seek Out Smaller Markets As Home Prices Climb in Midsize Cities

3The dramatic increase in U.S. home prices since 2011 has reshaped the order of the country’s hottest housing markets. While many midsize metro areas had previously been considered at the top of the list when it comes to affordability, these up-and-coming cities are seeing declines or slowing growth in sales as a result of sharply rising prices and shrinking home supplies. Read on for details.

New Home Prices Have Dropped to Lowest Levels Since February 2017

4As home prices continue to decline, homeowners considering buying a newly built home may want to take the plunge now. The median price of a new-construction home slid to $302,100 in June, according to a joint report by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Read on for details.

Pending Home Sales Increase 0.9 Percent in June

5Pending home sales increased slightly in June rising 0.9 percent compared to May, according to the National Association of Realtors. Pending home sales have continued a downward year-over-year trend for six straight months. Sales were 2.5 percent lower than one year ago.
Read on for details.

Construction Spending Increased 0.4 Percent From May to June

6Construction spending increased 0.4 percent from May to June, marking a 4.5 percent year over year increase to a seasonally adjusted annual rate of $1,309.5 billion, according to data from the U.S. Census Bureau. Construction spending also rose 4.3 percent during the first five months of the year as compared to 2017, totaling $497.1 billion.
Read on for details.

Mortgage Rates Make a Comeback in Critical Moment for Housing

3Mortgage rates have increased as the broader bond market has experienced gains, creating a scenario that a top economist is referring to as a key test of the health of the housing market.
Read on for details.
 

Weekly Mortgage Applications Decline as Home Prices Rise

4Rising home prices are impacting the mortgage industry as weekly mortgage application volume declines. Mortgage application volume declined 17 percent from one year ago, according to the Mortgage Bankers Association’s seasonally adjusted report.
Read on for details.

Zillow Group Acquires Mortgage Lenders of America

4Zillow Group announced it has entered into an agreement to acquire Mortgage Lenders of America. Founded in 2000, Mortgage Lenders of America is a national mortgage lender headquartered in Overland Park, Kan. The deal is expected to close during the fourth quarter of 2018.
Read on for details.

How to Become a Neighborhood Expert and Build a Strong Real Estate Business

4It can take years to become the top Realtor in your area. However, becoming the go-to agent who sells the most homes doesn’t only result from hard work. Today, you can actually build that same kind of business faster by also taking advantage of digital marketing opportunities.
Read on for details.