Existing home sales in the US unexpectedly sank 2.7 percent to 5.858 million in April of 2021, compared to forecasts of a 2 percent rise. It marks three consecutive months of declines as housing supply continues to fall short of demand. “We’ll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory”, said Lawrence Yun, NAR’s chief economist. All but one of the four major US regions witnessed month-over-month drops. On the year however, sales surged 33.9 percent. The median existing-home price for all housing types in April was at a record of $341,600, up 19.1 percent from April 2020. Total housing inventory amounted to 1.16 million units, up 10.5 percent from March’s inventory and down 20.5 percent from one year ago. source: National Association of Realtors
“As Treasury yields have risen, it is putting pressure on mortgage rates to move up,” said Sam Khater, Freddie Mac’s Chief Economist. “While mortgage rates are expected to increase modestly in 2021, they will remain inarguably low, supporting homebuyer demand and leading to continued refinance activity. Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.”
30-year fixed-rate mortgage averaged 2.79 percent with an average 0.7 point for the week ending January 14, 2021, up from last week when it averaged 2.65 percent. A year ago at this time, the 30-year FRM averaged 3.65 percent.
15-year fixed-rate mortgage averaged 2.23 percent with an average 0.7 point, up from last week when it averaged 2.16 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Sales of new single-family houses dipped slightly in October but is still 41.5% above October 2019’s estimate of 706,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. New-home sales last month were at a seasonally adjusted rate of 999,000, 0.3% lower than the revised September rate of 1,002,000.
The continued elevated new-home sales follows other strong residential market indicators for the month of October. Zonda reported this week that pending new-home sales were tracking higher year over year in nearly every top U.S. market. And existing home sales were up 26.6% from a year ago, according to the National Association of Realtors.
According to the data, the median sales price of new houses sold in October was $330,600, while the average sales price was $386,200.
The seasonally adjusted estimate for new homes for sale was 278,000 at the end of October, representing a 3.3-month supply at the current sales rate.
“Today’s report from the Census Bureau suggested that demand for new homes in October continued to be strong, but supply constraints will likely limit the growth of new-home sales going forward,” noted Fannie Mae chief economist Doug Duncan. “The monthly sales pace is now reported to have been essentially flat for the three months at an elevated level of about 1 million annualized units, a rate not seen since 2006. However, sales are increasingly being driven from homes not yet under construction. The share of homes sold but not yet started rose for the third straight month and now represents the highest share of total sales since 2005, while the number of fully completed homes sold hit the lowest level since the COVID-19-related shutdowns this past April.”
Duncan added that the sales pace continued to exceed its typical relationship with the rate of construction. “At the comparatively low level of started homes available for sale, we believe the current sales pace to be unsustainable. We continue to project a convergence in coming months via a softening of sales while housing starts show comparative strength,” he said. “However, due to the revisions to past months’ numbers and third quarter sales coming in stronger than previously thought, our fourth quarter forecasts for both new sales and new housing starts will likely be revised upward.”
With the recent increases in the price of many residential construction materials, and in particular softwood lumber, NAHB wanted to get a better understanding of how these price increases are impacting remodelers. In the Q3 2020 Remodeling Market Index (RMI), remodelers were asked to report on material shortages, if any, as well as material price changes over the last six months.
Results show that a significant share of remodelers (77 percent) report a framing lumber shortage, with 25 percent reporting a serious shortage and 52 percent reporting some shortage (Figure 1). In recent months the cost of softwood lumber has jumped to extraordinary levels. In fact, the Producer Price Index (PPI) for softwood lumber has nearly doubled over the last five months (90.9 percent increase), the largest increase since 1975 for the seasonally adjusted series. This price increase has undoubtedly impacted lumber’s availability for remodeling projects and for home construction, in general.
Behind framing lumber, at least 60 percent of remodelers report shortages for three other materials: windows and doors (65 percent), plywood (63 percent), and oriented strand board (OSB) (61 percent) – all construction products commonly derived from softwood lumber. At least 17 percent of remodelers report having a serious shortage for all three of these materials.
At least 40 percent of remodelers report shortages for four other materials: millwork (45 percent), plumbing fixtures & fittings (44 percent), trusses (43 percent), and cabinets (41 percent) – three of which involve lumber. Very small shares of remodelers report shortages on clay brick (10 percent), concrete brick and block (11 percent), steel (lightweight for framing) (12 percent), and structural insulated panels (SIP) (another 12 percent). It is important to also note that 34 percent of remodelers report that they are experiencing shortages for ‘other’ materials not listed. Many reported appliances as the ‘other’ material.
Remodelers were also asked to specify how much total material costs have changed over the last six months for a typical project. Results show that 25 percent of remodelers report cost increases of 20 percent or more (Figure 2).
Even if you don’t have big windows with southern exposures, you can successfully keep greenery (and keep it alive) indoors. A wide variety of plants can grow and even thrive in spots with limited sunlight. And with the abundance of benefits that come with bringing plants into your day-to-day life—including stress reduction, toxin removal, and increased moisture in the air—there’s no reason not to do so. No light? No problem. These 10 easy-care houseplants are sure to brighten any corner in your home, even one a little lacking in sunshine.
For decades, philodendron has been a houseplant mainstay. Native to the American tropics, it thrives in an indoor environment and is easily adaptable to lower-light situations. It comes in both vining and shrub-like varieties, so you can choose whichever strikes your fancy. Available on Amazon; $2.41 for a 4-inch pot.
Named for its distinctive arrow-shaped leaf, this shadow-dweller often springs up in variegated shades of bronze, pink, and green. Arrowhead vines also grow well in low to medium light and will lengthen as they mature—making them a popular pick for hanging baskets. Available on Amazon; $4.20.
A suitable choice for any beginner, the Chinese evergreen requires very little attention to turn into a highly ornamental addition to any room. Even if you follow a when-I-remember-to watering schedule, this plant will still reward your home with showy, lustrous leaves of green streaked with silver, yellow, or white. Available on Amazon; $14.99 for 6-inch pot.
The snake plant, a succulent, is one of the most tolerant houseplants in practically every way, enduring both low light and drought. Its strikingly long, erect leaves are typically edged in yellow-gold, yielding an architectural shape that especially complements modern decor. Available at The Home Depot; $18.88.
Ferns are familiar forest floor inhabitants, but several varieties, like the rabbit foot fern, have made the move to the home. Like their natural-setting counterparts, they thrive in low-light conditions. With their soft, lush fronds, ferns add dramatic visual interest to a room. Available on Amazon; $9.99.
Peperomia is highly decorative, small, and super low maintenance. Don’t worry if you forget to water it one week—it can tolerate dry conditions. A member of the pepper family, peperomia’s leaves come in a variety of vibrant colors, shapes, sizes, and textures, with many presenting a deeply waffled appearance. Available on Amazon; $4.99 for a 4-inch pot.
The spider plant’s slender, arching blades create a sunburst display in hanging baskets and on top of columns. And it’s as beneficial as it is beautiful: This houseplant improves indoor air quality by filtering out benzene, formaldehyde, carbon monoxide, and xylene. Available on Amazon; $4.69 for a 3.5-inch pot.
Cast Iron Plant
Aptly named, the cast iron plant is ruggedly hardy. It can survive with little light, tolerate irregular watering, and weather fluctuating temperatures to last all year. It’s nearly indestructible. Don’t worry about trimming it back or repotting, either; this slow grower will not overrun your home like an aggressive vining houseplant might. Available on Amazon; $14.99.
The thick, glossy leaves of the rubber plant put on an outstanding show. While smaller, a potted plant can function as a naturally elegant centerpiece for the table, but over time it can grow to more than three feet tall. When it does, move it near an entrance or fireplace for a pop of greenery. Available at The Home Depot; $23.46.
A shade-loving plant that thrives indoors, the peace lily produces elegant white blooms in spring. It’s an ideal housemate: It is not only ranked as one of the top 10 best household plants for cleaning the air, it can also succeed with fluorescent fixtures as its main light source. Available on Amazon; $12.98.
Sam Khater, Freddie Mac’s chief economist, says, “The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years. Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop we expect a continued rise in purchase demand.”
30-year fixed-rate mortgage (FRM) averaged 4.06 percent with an average 0.5 point for the week ending March 28, 2019, down from last week when it averaged 4.28 percent. A year ago at this time, the 30-year FRM averaged 4.40 percent.
15-year FRM this week averaged 3.57 percent with an average 0.4 point, down from last week when it averaged 3.71 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
The property tax rate in New York is high compared to the rest of the country. That’s according to a new report Wednesday from the financial news and opinion site 24/7 Wall St., which reviewed the effective rate — meaning the total amount of property taxes paid each year as a percentage of the total value of all occupied homes — for every state. The data is from the 2015 fiscal year and came from the conservative think tank Tax Foundation. If you want more information about seafarers tax deduction, click here.
New York’s effective property tax rate ranked 14th highest in the country, the report found, nestled between Iowa and Kansas. On average, state and local governments across the country bring in about $1,500 a year in property taxes per person. Here are the numbers for New York:
Effective property tax rate: 1.4 percent
Median home value: $314,500
Per capita property taxes: $2,696.90
Median household income: $64,894
If those numbers seem like too much, you might consider moving to Hawaii, where the effective property tax rate was just .29 percent. If that sounds like a dream, consider this — the median Hawaiian home is worth more than $617,000 and the typical household earns about $77,000 a year, so don’t forget to bring a checkbook and perhaps buy a lottery ticket upon arrival. Alabama, Louisiana, West Virginia and Wyoming rounded out the five states with the lowest property tax rates.
On the flip side, residents in the Northeast appear to pay the highest rates, with New Jersey, New Hampshire and Vermont all appearing in the top five. New Jerseyans pay more than anyone else in the country with an effective property tax rate of 2.16 percent, the authors found. Residents pay more than $3,000 per capita and the median household income is just over $80,000 a year. A typical home in the state costs about $335,000.
Here are the 10 states with the highest effective property tax rates:Subscribe
Property taxes are the single largest money-maker for local governments and they’re spent almost entirely on a local level. Generally they are used to fund fire, police, schools, roads, cleaning and repairs.
“As a result, the United States is a patchwork of property tax codes, and depending on where you live, property taxes can be either a trivial expense or a major financial burden,” the report said.
A Union flag hangs across a street of houses in London. d
British house prices took a pre-Brexit hit in December, falling by the most in monthly terms since mid-2012 and rising by their slowest pace in nearly six years in annual terms, according to data from mortgage lender Nationwide. The Perth deck contractors build pergolas, patios and decking all throughout the Perth area. Timber is our specialty and we use locally sourced, sustainable products. We design, arrange local council permits and engineering certification to build your very own customised timber structure. We work alongside our customers and within their budgets to achieve their desired look when building the outside area of their dreams. When it comes to workmanship, we here at Working Class Hands wouldn’t put something together if it would be unsafe, inadequate or poorly made and we use only the best products where the budget allows. We don’t sacrifice price for quality and our work reflects this, just check out our google reviews. We are committed to customer satisfaction through building using quality sustainable materials and through our Perth based property maintenance services. We offer free advice and can even keep your new build looking as good as new with an ongoing maintenance plan, if required. Whatever your idea may be, we will work alongside you to create the perfect space to suit your property and take care of all the details, so you won’t have to.
House prices fell by 0.7 percent from November, the biggest monthly fall since July 2012, Friday’s data showed.
Compared with a year earlier, prices rose by just 0.5 percent compared with a 1.9 percent rise in November.
Both readings were below all forecasts in a Reuters poll of economists.
Nationwide said it expected prices to rise at a “low single-digit pace” in 2019 but its forecast was dependent on we buy houses Sacramento the economy continuing to grow modestly, something that looked “unusually uncertain.”
Prime Minister Theresa May is struggling to overcome deep opposition in her own Conservative Party to the Brexit divorce deal she agreed with other European Union leaders, raising the prospect of an economically damaging no-deal departure from the EU in March.
At the time of the referendum, Nationwide’s measure of house prices was rising by about 5 percent a year.
Bank of England Governor Mark Carney said last month that in the event of a “disorderly” departure from the EU — not the central bank’s base-case scenario — house prices could slump by 30 percent as part of a broader economic shock.
September 2018 marked the first time in eight months that U.S. multifamily rents did not increase. The $1,412 national average for the month represented a $1 drop from August and a 3.1% year-to-date increase; year-over-year rent growth remained unchanged at 3%, according to a survey of 127 markets by Yardi® Matrix.
The report presents an overall bright outlook for the multifamily sector. A slight decline in rents is normal at the start of fall, it says, “When rent growth traditionally begins to hibernate for winter.” Strong demand countering the steady wave of new supply is another positive sign. “Long-term demand for rentals is likely to remain high for a variety of demographic and social reasons,” the report notes.
Year-over-year rent growth leaders for September were Orlando, Fla.; Las Vegas; Phoenix; Tampa, Fla.; and California’sInland Empire.
View the full Yardi Matrix Multifamily National Report for September 2018 for additional detail and insight into 127 major U.S. real estate markets.
Existing-home sales increased 1.1% in March, but remain down 1.2% from a year ago. The first-time buyer share of 30% is also down from 32% a year ago. The National Association of Realtors reported that 50% of homes sold last month were on the market less than a month. The March inventory increased 5.7%, but remains 7.2% below the level a year ago, and has decreased for 34 consecutive months on a year-over-year basis. At the current sales rate, the March unsold inventory represents a 3.6-month supply, down from a 3.8-month supply a year ago. March existing sales reached a seasonally adjusted rate of 5.60 million units, compared to 5.54 million in February. Total existing home sales include single-family homes, townhomes, condominiums and co-ops.
Existing sales increased 6.3% in the Northeast and 5.7% in the Midwest, reversing weather-impacted declines last month. Existing sales declined slightly by 0.4% in the South and 3.1% in the West. Year-over-year sales increased 0.8% in the West and 0.4% in the South, while declining by 1.5% in the Midwest and 9.3% in the Northeast.
Homes stayed on the market for 30 days in March, down from 37 days In February.
The March all-cash sales share was 20%, down from 24% last month and 23% a year ago. Individual investors purchased a 15% share in March, unchanged from February, and down from 18% a year ago.
The March median sales price of $250,400 was up 5.8% from a year ago, representing the 73rd consecutive month of year-over-year increases. The March median condominium/co-op price of $236,100 was up 4.8% from a year ago.
The seasonal spring increase in demand is facing the combination of increasing mortgage rates and a tight inventory. However, the economy continues to add jobs, and new residential construction offers buyers a wider choice in homes. These prospective buyers contribute to builder confidence remaining in solid territory.