Mortgage demand continues to climb as a buying frenzy extends beyond traditional seasonal patterns in real estate. Mortgage applications to purchase a home are now 25% higher than a year ago, the Mortgage Bankers Association reports.Home sales are strongest on the high end of the market, where inventory is loosest, the National Association of REALTORS® reports. In August, the supply of homes worth more than $1 million was 44% higher than the yea
Dishwashers, refrigerators, washers and dryers, and other household appliances are low in stock nationwide, and some consumers are waiting months for their orders to be fulfilled. The backup is yet another problem you can blame on the COVID-19 pandemic.First, as consumers started hoarding food, there was a rush on freezers. “We sold more freezers in two days than we did all last year,” Steve Sheinkopf of Boston-area Yale Appliance told NPR.
Since the start of the COVID-19 pandemic in March, there have been nearly 400,000 fewer homes listed than the same time period in 2019. That has created a large deficit in the housing supply at a time when consumers are rushing to buy. Home prices are increasing at double the pace of last year, and homes are selling 12 days faster than in 2019, according to realtor.com®’s Weekly Housing Report.“Sellers are more reluctant to list their home,
Paint company Sherwin-Williams on Tuesday announced its 2021 color of the year: “urbane bronze.” The hue is said to instill calmness and has ties to nature, Sherwin-Williams says."The home is now the ultimate retreat from the world, and color is an easy and effective way to create a personal haven," says Sue Wadden, director of color marketing at Sherwin-Williams. "Urbane bronze encourages you to create a sanctuary space for mindful reflectio
A new housing report shows 73.9 million Americans reside in a community with a homeowners association or condominium board. That is more Americans than ever, according to the Foundation for Community Association Research.California now leads the nation with 49,200 associations, followed by Florida, with 48,500; Texas, with 21,000; Illinois, with 18,800; North Carolina, with 14,100; and New York, with 14,000, the report says.In 2019, there were ab
Large retirement communities are being challenged by a new wave of retirees who are showing less interest in the sprawling housing developments that were built for them. Instead, today’s retirees are showing a desire for more customized housing options that fit their active lifestyle.The idea of retirement communities isn’t disappearing, but it’s shifting in design and location, CNBC reports. For example, just prior to the pandemic, more re
Home sales climbed in August to the likes of the 2006 housing boom days, despite the COVID-19 pandemic. Existing-home sales in each of the four major regions of the U.S. saw month-over-month and annual growth, the National Association of REALTORS® reported on Tuesday. The Northeast saw the largest monthly improvement in home sales.Housing inventories continue to remain tight, putting upward pressure on home prices. Existing-home prices for
Homeowners are gaining wealth in the pandemic. The average homeowner gained about $9,800 in equity year over year in the second quarter, according to a new report from CoreLogic, a real estate data firm.“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures,” says Frank Martell, president and CEO of CoreLogic. “Although the exact contours of the economic recovery rema
Fewer investors are flipping homes, but those still active in the market are earning higher profits. Typical investment returns rose to the highest level since late 2018 for housing flips, according to ATTOM Data Solutions’ latest 2020 U.S. Home Flipping Report.The gross profit on the typical home flip nationwide—which is reflected as the difference between the median sales price and the median paid by investors—rose to $67,902 in the secon
Builders increased construction of single-family homes in August as buyers continued to swarm the new-home market. The pace of single-family starts last month reached its highest level since February, just before the COVID-19 pandemic ignited across the U.S.Single-family starts rose 4.1% in August to a seasonally adjusted annual rate, of 1.02 million the Commerce Department reported Thursday. Meanwhile, homebuilder sentiment last month rose to an
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