Housing markets

Before the pandemic, the sprawling architecture and physical distance from neighbors, bars and restaurants seemed out of step with city-obsessed millennials. That’s changed.

Rising interest rates are likely to further slow the rate of appreciation, the Federal Housing Finance Agency said in its quarterly Home Price Index report.

The monthly mortgage payment for homes in the median asking price range hit a new high, up 31% from before the pandemic, according to Redfin.

Sales of previously owned homes unexpectedly increased to a one-year high as buyers rushed in ahead of a surge in mortgage rates, further depleting tight inventories to a record low.

New U.S. home construction fell in January for the first time in four months, indicating pandemic-related labor absences and winter weather tempered recent progress on building activity.

The buyers spent an average of $433K per house and paid cash in three of every four purchases, Redfin reported.

Remote workers and young families fleeing coastal cities for the Sun Belt during the pandemic spurred double-digit increases in housing costs and squeezed supply.

These cities offer lucrative tech job markets, affordable listings and rising real estate equity.

Democrats cited the increasing share of home purchases by Wall Street firms while Republicans pointed to rising conforming loan limits and other measures by Fannie Mae and Freddie Mac during the Senate Banking, Housing and Urban Affairs committee hearing.

For first-time buyers, mortgage payments jumped to 25.6% of household incomes in the fourth quarter, the worst affordability level in three years, according to the National Association of Realtors.

Lumber futures have recouped recent losses and risen by the exchange maximum of $45 for six consecutive sessions, touching $1,204.90 per 1,000 board feet Wednesday, the highest in three weeks.

The changes follow the company’s acquisition by Pretium in November of last year.

Makers of everything from decks to porches and outdoor lighting are lagging behind the broader stock market this year, joining a selloff in homebuilder shares as casualties of a rising-rate environment.

The National Association of Realtors' vice president of demographics and behavioral insights offers a few predictions ahead of what is typically real estate's busiest season.

Compounding factors of low inventory and high costs also helped lead to another decline in Fannie Mae’s Home Purchase Sentiment Index.

The company said the bond issue is the largest ever seen in this asset class and was boosted by rising home values.

Zip codes with the biggest share of children under 18 saw faster increases in house prices about two-thirds of the time, a Zillow study found.

Using stimulus checks and money saved from lower spending were each cited by just under one-quarter of those looking to buy in the next 12 months, a Redfin survey found.

The firm enters the flourishing investment space backed by the industry’s biggest player and offers consumers multiple paths toward homeownership.