Lumber prices are climbing once again, adding thousands of dollars to the cost of a new home. Builders and consumers thought relief had arrived when the price of lumber started to fall late last year, after soaring to record highs earlier in the year. But starting in December 2021, lumber prices again started to increase.Lumber prices are about triple their average pre-pandemic levels, reports Random Lengths, a lumber industry news site.That
Mortgage rates continue to rise and are nearly a full percentage point higher than a year ago. House hunters should brace themselves for rates near 4% before the end of the year, economists say. “The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic,” says Sam Khater, Freddie Mac’s chief economist. “Rate increases are expected to continue due to a strong labor market a
Migration patterns have changed or kicked into overdrive in some parts of the country ever since the pandemic began. Some states are seeing a wave of new residents, which is taxing infrastructure from rapid growth and increasing housing demand.Frank Nothaft, chief economist at CoreLogic, shared data during the 2022 International Builders’ Show this week in Orlando, Fla., that shows where movers are headed. He said the states that posted the hig
Completed foreclosures have reached their highest level since March 2020. Foreclosure filings, which include default notices, scheduled auctions, or bank repossessions, jumped by 29% in January over December and are up by 139% compared to a year ago, according to the January 2022 U.S. Foreclosure Market Report, released by ATTOM Data Solutions.Should the housing market be concerned?The numbers are still below historical levels of foreclosure acti
Home prices continue to climb, adding to homeowner wealth and putting buyers into the position of considering how much home they can afford.The median sales price of single-family existing-home sales increased nearly 15% year over year to $361,700 in the fourth quarter, the National Association of REALTORS® reported Thursday. That is down slightly from a 15.9% gain in the prior quarter.“Homebuyers in the last quarter saw little relief as home
House hunters feeling that inventory continues to tighten are right, a new report shows. The number of homes for sale is down 28.4% compared to a year ago, according to realtor.com® data. Two years ago, before the COVID-19 pandemic, the number of active listings was 60% higher than today.Winter months tend to be slower for the housing market as fewer sellers list homes. But this winter, inventories have fallen more than normal.Economists do
Building material prices, production bottlenecks, and labor shortages will continue to dampen the pace of construction and affect home prices this year, economists told a crowd at the 2022 International Builders’ Show in Orlando.Building material costs have surged 21% compared to a year ago. Further, more than 300,000 job openings went unfilled in the construction industry in December 2021. The National Association of Home Builde
Simple kitchen and bath improvements can leave home shoppers swooning over a listing, according to a new study by Knock, a site about homeownership.Homes are selling fast, but certain home updates can help them sell even faster. An updated home can sell an average of 30% faster than a home without improvements, the analysis shows.Knock compared the average days on the market for homes that are updated before being listed with those that sell
Buyers who have been preapproved for a mortgage may be tempted to shop for homes at that lender allowance amount. But real estate pros and financial experts advise setting a limit somewhat lower than that figure.House hunters should look at homes with list prices that fall below the top of their price range because they likely will need to leave room in their budget to bid up in the competitive housing market.“These days, houses are selling for
Borrowing costs held mostly steady this week, but how long will the reprieve last?Mortgage rates continue to follow the trend of the 10-year Treasury yield and have stayed flat over the last three weeks.As the economic recovery continues through the spring and summer, mortgage rates are expected to resume their upward trajectory, says Sam Khater, Freddie Mac’s chief economist.But for now, “since mortgage rates are still near historic lows, ma
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