The HomeArea.com Real Estate Market Monitor
Key Metrics and News for the Housing Industry in One Place

Market Indexes for April 2019

House Price Index

+5.41% YoY

At 274.74 (+0.44% MoM)
Historical

List Price

+6.93% YoY

At $310,000 (+3.33% MoM)
Historical

List Price Per Sqft

+6.38% YoY

At $150 (+0.67% MoM)
Historical

30yr-Fixed Mortgage

-5.86% YoY

At 4.50% (-4.05% MoM)
Historical

Active Listings

+4.44% YoY

At 1,415,510 (+4.88% MoM)
Historical

New Listings

+2.69% YoY

At 540,856 (+13.21% MoM)
Historical

Days on Market

-1.69% YoY

At 58 (-10.77% MoM)
Historical

New Construction

-2.30% YoY

At 118,700 (+12.30% MoM)
Historical

Headlines

Survey: 38% of Homebuyers and Sellers Are Hesitant to Move to a Place Where They'd Be in the Political Minority

Sep 20, 2019 via redfin.com We surveyed homebuyers about sentiments related to race and politics during the buying experience. The post Survey: 38% of Homebuyers and Sellers Are Hesitant to Move to a Place Where They'd Be in the Political Minority appeared first on Redfin Blog.

Here are the nation's top real estate markets for 2020

Sep 19, 2019 via housingwire.com The Urban Land Institute's Emerging Trends in Real Estate report, an annual look at the year ahead, cited Austin, Texas, as the top U.S. real estate market for 2020. There was one northeast city in the top 10, one in the Pacific Northwest, and one in southern California.

DocMagic gets lenders started with eClosing

Sep 19, 2019 via housingwire.com Enabling eClosing is complex, and it takes the right partners -- both up-front and downstream -- if you're going to do it right. We sat down with Brian Pannell, senior implementation executive at DocMagic, to find out how lenders are navigating these complexities and how DocMagic can help.

Here are the metros with the highest apartment occupancy

Sep 19, 2019 via housingwire.com Apartment occupancy nationwide is as high as it's been in nearly 20 years, with more than 96% of all apartments filled in the 150 largest apartment markets in the country. Meanwhile, nine of the big markets saw greater than 97% occupancy in August. Here are the markets where the most apartments are filled.

Home flippers see lowest returns in 8 years as costs rise

Sep 19, 2019 via cnbc.com It's getting harder to be a home flipper. As easy as it might seem on reality television shows, the math is now trickier, thanks to a housing market loaded with roadblocks.

Potential LIBOR replacement spikes 800 basis points overnight

Sep 19, 2019 via housingwire.com Repurchase agreement rates spiked on Tuesday from about 2% to more than 10% for some borrowers as borrowers were pressured by corporate tax payments and settlements of the newly actioned U.S. Treasuries.

Low mortgage rates bolster existing-home sales to 17-month high

Sep 19, 2019 via housingwire.com Existing-home sales inched forward 1.3% in August from the prior month, reaching a 17-month high, according to the National Association of Realtors. NAR Chief Economist Lawrence Yun said although sales are up, inventory numbers remain low and are thereby pushing up home prices. According to NAR, the median price for an existing-home was $278,800, a gain of 4.7% from last August's rate of $265,600. This marks the 90th straight month of year-over-year gains.

August Existing Home Sales: Gaining Momentum

Sep 19, 2019 via zillow.com This is what low mortgage rates look like in action: Existing home sales rose in August to their highest level since March 2018. The post August Existing Home Sales: Gaining Momentum appeared first on Zillow Research.

U.S. Home Sales Post Biggest Increase in More Than 2 Years in August

Sep 19, 2019 via redfin.com U.S. home-sale prices increased 2.7 percent year over year in August to a median of $312,200 across the 217 metros Redfin tracks. The post U.S. Home Sales Post Biggest Increase in More Than 2 Years in August appeared first on Redfin Blog.

Mortgage rates spiked, but don't cancel your loan search. Here's why

Sep 19, 2019 via themortgagereports.com Mortgage rates are up this week according to Freddie Mac's weekly survey, but house hunters shouldn't lose heart. Here's why.

Crime, commutes, and community: Here are the top concerns for homebuyers

Sep 19, 2019 via themortgagereports.com Affordability is the No. 1 priority for today's homebuyers, but that's not all they want in a house. Research shows crime and commutes matter, too.

Housing starts just hit 12-year high, but the underlying stocks may be getting 'ahead of itself'

Sep 19, 2019 via cnbc.com Homebuilding stocks have made strides, but the latest good news for the group may not help as much as investors hope, strategists warn.

Annual Home Value Growth Continues to Slow, But the Market may be Turning (August 2019 Market Report)

Sep 18, 2019 via zillow.com The annual pace of U.S. home value growth continued to slow in August. But quarterly data indicates the market may have begun to turn over the summer. The post Annual Home Value Growth Continues to Slow, But the Market may be Turning (August 2019 Market Report) appeared first on Zillow Research.

ATTOM: Home flipping returns fall to 8-year low

Sep 18, 2019 via housingwire.com Thanks in large part to continually rising prices, investors are making smaller profit margins on home flips than they have in eight years. According to ATTOM Data Solutions, 59,876 single family homes were flipped in Q2 2019. This is up 12.4% from the previous quarter but down 5.2% from last year. But despite home flipping rising in the second quarter, home flippers' return on their investment is falling.

Mortgage Tech Rundown: Freddie Mac, Realogy, and Groundfloor

Sep 18, 2019 via housingwire.com This week's Mortgage Tech Rundown focuses on the latest product and software developments, integrations and more from companies like Freddie Mac, Realogy, and Groundfloor.

CFPB: Public consumer complaint database is here to stay

Sep 18, 2019 via housingwire.com The Consumer Financial Protection Bureau announced Wednesday the controversial public Consumer Complaint Database is here to stay. The CFPB announced that it will continue the publication of consumer complaints, data fields and narrative descriptions through the bureau's Consumer Complaint Database. But, it will be making several changes to the database.

Mortgage rates benefitting after a divided Fed issues a rate cut: September 2019 Fed Meeting update

Sep 18, 2019 via themortgagereports.com Federal Reserve A highly debated move — both in markets and within the Fed itself — resulted in a 0.25% rate cut to the federal funds rate. It’s just the […]

CFPB's Kraninger agrees her job security is unconstitutional

Sep 18, 2019 via housingwire.com Consumer Financial Protection Bureau Director Kathy Kraninger is siding against her own job security by agreeing with the administration that the CFPB director should be allowed to be fired by the President at will.

Reali continues to expand, launches escrow program

Sep 18, 2019 via housingwire.com Not more than a month after expanding with a home trade-in program, real estate technology company Reali has launched an escrow business in an effort to save homebuyers and sellers time and money.

America's housing starts spike to 12-year high in August

Sep 18, 2019 via housingwire.com Housing starts spiked 12.3% in August to a seasonally adjusted annual rate of 1.364 million and the pace for July was revised downward, according to the Department of Housing and Urban Development and the Department of Commerce. Joel Kan, The Mortgage Bankers Association Vice President of Economic and Industry Forecasting, said low mortgage rates coupled with the strong job market convinced homebuilders to ramp up production in August.

Here's what it's like to live on the 123rd floor of the world's tallest condo

Sep 18, 2019 via cnbc.com Central Park Tower will top off at 1,550 feet, making it the tallest residential building in the world. It may also be the most expensive condo project ever, with up to $4 billion worth of apartments to be sold.

This key construction indicator just tanked

Sep 18, 2019 via cnbc.com The monthly Architecture Billings Index (ABI) from the American Institute of Architects fell to 47.2 from 50.1 in July. Any score below 50 indicates a decrease in architecture firm billings.

About the Federal Reserve, the FOMC, & the Fed Funds Rate

Sep 18, 2019 via themortgagereports.com The Federal Reserve is the central banker of the USA. How "the Fed" works, what it actually does, and how it affects everyday U.S. mortgage rates.

August Housing Starts: Touchdown!

Sep 18, 2019 via zillow.com These new numbers demonstrate that builder confidence -- which recently reached an annual high -- is translating into action. The post August Housing Starts: Touchdown! appeared first on Zillow Research.

Good weather, even better home prices: The nation's sweet spots for buying a house

Sep 18, 2019 via themortgagereports.com Want great weather and affordable housing costs? Then consider buying a house in the Southeast. The region is America's "sweet spot" for both.

Mortgage demand from buyers jumps, just as interest rates spike

Sep 18, 2019 via cnbc.com Mortgage applications to purchase a home increased 6% for the week and were a strong 15% higher annually.

Housing industry calls for end of QM Patch, DTI limit

Sep 17, 2019 via housingwire.com Prominent members of the housing industry are calling for an end to the QM Patch, and reform for Qualified Mortgages. Here are some suggestions housing experts have for the CFPB and the future of the QM Patch.

Life insurance companies to fuel multifamily surge in 2020

Sep 17, 2019 via housingwire.com Life insurance companies are set to create a surge in multifamily lending in 2020, according to a new study from the Mortgage Bankers Association. This should help propel multifamily originations, which are set to hit yet another all-time high in 2020, according to the MBA.

Nearly half of Americans have anxiety over their debt

Sep 17, 2019 via housingwire.com Adults in the U.S. over the age of 18 say they have an average of $29,800 in personal debt (not including mortgages), and 15% of Americans say they think they will be in debt for the rest of their lives. Beyond that, 45% of Americans surveyed said that debt makes them feel anxiety on at least a monthly basis.

Traders get even more bullish on Toll Brothers after homebuilder's 52-week high

Sep 17, 2019 via cnbc.com The "Fast Money" traders share their first moves for the market open.

Fed rate cut is coming, but some market insiders doubt it's really necessary

Sep 17, 2019 via cnbc.com A Federal Reserve rate cut at the end of this week's two-day FOMC meeting is considered a "lock" by the market, but chief financial officers of major corporations still harbor doubts about whether lowering interest rates is necessary.

Homebuilder sentiment surges to highest level of the year, but there are warning signs

Sep 17, 2019 via cnbc.com A sharp drop in mortgage rates in August was clearly behind the confidence in September, but rates have since reversed.

Recent Rent Hikes on 1 in 15 California Rentals Would Have Exceeded Newly Passed Cap

Sep 17, 2019 via zillow.com About 6.7% of properties listed for rent in California last year saw rent hikes larger than what would be allowed under a new rent-cap measure. The post Recent Rent Hikes on 1 in 15 California Rentals Would Have Exceeded Newly Passed Cap appeared first on Zillow Research.

Here's why the Fed is relentlessly pushing rates lower - and how it affects you

Sep 17, 2019 via themortgagereports.com The Fed is feeling pressure to lower bank rates at this week's meeting. Learn how Trump and others are influencing the Fed, and how this might affect you.

Cabinets, counters, and appliances: What the dream home looks like by generation

Sep 17, 2019 via themortgagereports.com The American dream home has white cabinets, stainless steel appliances, and granite countertops. For Millennials, it's also in the suburbs.

For Some, it Literally Pays to Shop Around for A Mortgage

Sep 16, 2019 via zillow.com Shopping for the best mortgage rate generally matters more for homebuyers with lower credit because there is more variation in the quotes they receive. The post For Some, it Literally Pays to Shop Around for A Mortgage appeared first on Zillow Research.

Dispose distress early to minimize loss severity

Sep 16, 2019 via housingwire.com A new study of distressed property dispositions between 2003 and 2017 by Fannie Mae and academic researchers finds loss severity on nonperforming loans is lower when properties are disposed of early, before a lender takes ownership.

16 Essential Tools for Any DIY Home Project

Sep 16, 2019 via redfin.com Looking to take on home projects and repairs? We put together a list of essential tools every DIYer should have in their toolbox. The post 16 Essential Tools for Any DIY Home Project appeared first on Redfin Blog.

Mid America Mortgage to offer HECM, private reverse products

Sep 16, 2019 via housingwire.com Mid America Mortgage will soon be offering HECM and private reverse mortgage products. However, rather than developing a proprietary reverse origination solution in-house, Mid America Mortgage is partnering with ReverseVision, the two companies announced.

Average FICO score stands at record high

Sep 16, 2019 via housingwire.com The average FICO score stands at a record high, said Ethan Dornhelm, vice president of scores and predictive analytics at FICO. One of the key drivers is the economic expansion, but the purging of Great Recession credit events is also helping, FICO said.

Expert: The greatest hurdle for mortgage technology is culture

Sep 16, 2019 via housingwire.com We are in the adapt or die moment for mortgage technology, and lenders must quickly move from doing digital to being digital, one expert explained. Leaders in the lending space need to understand that the greatest hurdle for technology in the housing industry isn't technical. It's cultural.

Average U.S. rent climbs to $1,472 in August

Sep 16, 2019 via housingwire.com America's rental prices continued to grow in August, as RentCafe indicates the nation's average rent increased $47 from the previous year. According to the company's Apartment Market Report, the national average rent in August totaled $1,472. This is a 0.1% increase from the previous month, and also represents a 3.3% increase from the same time period in 2018.

Apartment occupancy climbs to highest point since 2000

Sep 16, 2019 via housingwire.com Renting an apartment hasn't been this popular in nearly 20 years, as the rate at which people are renting apartments hasn't been this high since 2000. According to new data from RealPage, apartment occupancy was the highest in August that it has been at any point since the tech boom in 2000. August also marked the seventh consecutive month that apartment occupancy has risen.

Here's how the September 2019 Fed Meeting will affect your wallet

Sep 16, 2019 via themortgagereports.com If the Fed decides to cut the federal funds rate at this month's meeting, consumers could see savings reflected in mortgage rates and elsewhere.

These are the best cities for Generation Z around the world

Sep 16, 2019 via themortgagereports.com According to a new analysis, the U.S. is home to three of the world's best cities for Generation Z -- Los Angeles, Boston, and New York.

Homeownership investment startup Landed launches in Portland

Sep 13, 2019 via housingwire.com Public school teachers and faculty in the Portland area may be eligible to have half of the down payment on a home paid for them, thanks to the recent partnership of Landed and Multnomah County. The startup pays half of the standard down payment (up to $120,000), in exchange for a return on its investment: 25% of the appreciation gain when the property is sold.

HUD watchdog clears Carson in $31,000 furniture fiasco

Sep 13, 2019 via housingwire.com Department of Housing and Urban Development Secretary Ben Carson was cleared by HUD's independent watchdog for the order for a $31,000 custom hardwood dining set that was to be installed in his office. Actually, it seems Carson's wife had more of a hand in picking out the furniture than the secretary himself. And on top of that, the order was canceled after all.

Priced out? More renters are seeking out lower cost metros

Sep 13, 2019 via housingwire.com Perhaps the rent is "too damn high" in some places after all. Renters in Los Angeles, Boston, New York and Seattle are more likely to search for housing in more affordable areas, according to a new survey from HotPads.

California nears statewide rent control

Sep 13, 2019 via housingwire.com California is one step away from enacting statewide rent control after the state's two legislative bodies both approved the measure. The bill was approved this week by the California State Senate and the California State Assembly. The bill now moves to the desk of California Gov. Gavin Newsom, who is expected to sign the bill into law.

Mortgage Tech Rundown: HomeLight, Asurity, and Homebot

Sep 13, 2019 via housingwire.com Mortgage Tech Rundown looks at the latest news in mortgage technology, featuring new product updates, integrations and announcements. Today we take a look at the latest fintech news from HomeLight, Asurity, and Homebot.

Housing Prices

Monthly House Price Index

A weighted, repeat-sales index which measures average price changes on the same properties for single-family homes whose mortgages go through Fannie Mae or Freddie Mac.

Latest: 275.57 (June 2019), MoM change: +0.15%, YoY change: +4.76%

Source: Federal Housing Finance Agency

List Prices

Median List Price Latest: $310,000 (April 2019), MoM change: +3.33%, YoY change: +6.93%

Average List Price Latest: $515,800 (April 2019), MoM change: +1.34%, YoY change: +4.65%

Source: Realtor.com

Median List Price Per Square Foot

Latest: $150 (April 2019), MoM change: +0.67%, YoY change: +6.38%

Source: Realtor.com

Mortgage Rates

30-Year Fixed-Rate Loans

Only includes single-family, non-jumbo loans. For the past several decades, more than half of consumers choose 30-year, fixed-rate mortgages.

Mortgage Effective Rate Latest: 0% (June 2019), MoM change: 0%, YoY change: -100.00%

Mortgage Contract Rate Latest: 0% (June 2019), MoM change: 0%, YoY change: -100.00%

Mortgage Initial Fees Latest: 0% (June 2019), MoM change: 0%, YoY change: -100.00%

Source: Federal Housing Finance Agency

Listings

Active and New Listings

Active Listings Latest: 1,415,510 (April 2019), MoM change: +4.88%, YoY change: +4.44%

New Listings Latest: 540,856 (April 2019), MoM change: +13.21%, YoY change: +2.69%

Source: Realtor.com

Median Days on Market

Latest: 58 (April 2019), MoM change: -10.77%, YoY change: -1.69%

Source: Realtor.com

Price Changes

Price Decreases Latest: 308,530 (April 2019), MoM change: +14.24%, YoY change: +15.16%

Price Increases Latest: 27,684 (April 2019), MoM change: +0.14%, YoY change: -9.65%

Source: Realtor.com

New Construction

Housing Units Authorized by Building Permits

Only includes new, privately owned housing units in roughly 20,000 permit issuing places in the U.S. According to the Census Bureau, permit issuing places account for 98% of new construction. The data is not seasonally adjusted.

Latest: 127,000 (August 2019), MoM change: +6.90%, YoY change: +7.45%

Source: U.S. Census Bureau

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