Housing markets

Mortgage payments are claiming a bigger chunk of incomes for U.S. homebuyers, who also have to contend with quickly rising prices.

Nearly two-thirds were willing to make an offer within three days of viewing a house; 20% stated they would do so on the same day.

The median rent in the tri-county area jumped 57% from March 2021 to March 2022, according to the latest data from realtor.com.

The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation.

 In a survey released by Bank of America Thursday, respondents cited expensive home prices (56%), higher interest rates (40%) and uncertainty about affording closing costs (30%) as reasons they might hesitate to buy. 

The National Association of Home Builders asked the White House to take action to address the supply-chain disruptions that are pushing up the costs of materials and labor, in a letter sent Wednesday.

The National Association of Realtors’ index of pending home sales decreased 1.2% from a month earlier to 103.7, the lowest since May 2020, according to data released Wednesday.

While housing costs continued to set records, several signs of moderation have begun to appear in the last several weeks, according to Redfin.

The steep ascent in borrowing costs, combined with high home prices across markets, is sidelining more prospective buyers.

If each employee who received this deal accepts it, the company’s headcount will be reduced by about 2,080.

But the amount relative to housing costs actually decreased from the previous year.

Recent affordability and interest rate trends led to “clear evidence” of discouragement among potential consumers in the purchase market in the first three months of 2022, according to the National Association of Home Builders.

One Cupertino broker noted a small shift in the market, with buyers being more particular and willing to back out of deals.

First American’s Real House Price Index showed a record increase, reflecting both elevated home prices and fast-rising interest rates.

The lender and the home improvement retail chain will facilitate eligible borrowers paying for energy-efficient appliances using Federal Housing Administration loans.

This part of the city's market is still struggling to recover from the pandemic, lagging the frenzied overall housing market in speed and price appreciation.

Sales of previously owned U.S. homes fell in March to the lowest since June 2020 as historically low inventory paired with rising mortgage rates curbed purchases.

Economists have largely slashed mortgage forecasts for 2022, but only the government-sponsored enterprise expects lower purchase volume for 2023, citing the likelihood of a downturn.

Despite lean inventory, efforts by builders to boost production have been hindered by supply-chain challenges, soaring materials costs and difficult hiring conditions.

Researchers at the government-sponsored enterprise noted the role rising rates are playing in increasing housing costs in its report, now offered publicly for the first time.