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

+5.23% YoY

At 274.69 (+0.38% 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

Liberty Home Equity unveils proprietary reverse mortgage

Jul 19, 2019 via housingwire.com Five months ago, word circulated that Liberty Home Equity was on the brink of releasing a proprietary reverse mortgage product, looking to take part in the explosive growth this market has seen in the last year. And now the talk appears to be true, as the reverse mortgage division of Ocwen Financial announced the launch of EquityIQ on Friday, making it the sixth HECM lender to bring a non-agency reverse mortgage to market in the last 18 months.

Mayor Sadiq Khan calls for new powers to impose rent controls in London

Jul 19, 2019 via cnbc.com The mayoral office says renting a one bedroom flat in London is now as expensive as a three bedroom house in other parts of England.

Homeowners refuse to tap into massive equity. Is that a mistake?

Jul 19, 2019 via themortgagereports.com Home equity is up and rates are down. But homeowners refuse to tap into equity for major financial goals like a college education or home improvements. Is that a mistake?

10 Most Affordable Markets for Renters

Jul 18, 2019 via zillow.com See 10 major metros where people spend less than 25 percent of their area's median income on the rent. The post 10 Most Affordable Markets for Renters appeared first on Zillow Research.

Fewer Millennials are seeking mortgage help from parents

Jul 18, 2019 via housingwire.com Millennial homebuyers are less likely to take extraordinary measures to be able to afford their mortgage payments in 2019, according to a study from Redfin, which says that more Millennials are leaving roommates and renting in the past.

State Farm, Quicken Loans announce massive mortgage partnership

Jul 18, 2019 via housingwire.com For years, State Farm agents could offer mortgages to their customers through State Farm Bank, the company's banking arm that offers home loans, auto loans, checking accounts, savings accounts, credit cards and other traditional banking services to State Farm customers. But that won't be the case for much longer. Soon, State Farm will begin using Quicken Loans to originate mortgages for its customers thanks to a significant new partnership between the two companies.

Mortgage Tech Rundown: Anow, LoanScorecard and FormFree

Jul 18, 2019 via housingwire.com This week's mortgage tech rundown highlights the latest news in mortgage technology, featuring product updates, integrations and announcements.

SoFi appoints Aaron Webster as chief risk officer

Jul 18, 2019 via housingwire.com Almost immediately following the departure of former chief risk officer Kevin Moss in June, Aaron Webster has been named the chief risk officer at online lender SoFi. Webster will be responsible for risk, fraud, and credit management frameworks, as well as leading its credit risk and underwriting activities.

U.S. homeowners have never stayed put for this long

Jul 18, 2019 via housingwire.com American homeowners are staying put longer than ever before, with the average tenure reaching a record high of 8.09 years in the second quarter of 2019. This stands in stark contrast to the years leading up to the recession, as tenure from 2001-2007 averaged just 4.21 years. Here's why homeowners may be holding off on a move, and what it might mean for the market.

Expert: Tech firms are slow to develop appraisal technology

Jul 18, 2019 via housingwire.com Technology providers are slow to enter and develop new tech for the home valuations space, leaving appraisers lacking when it comes to new technology options.

Average home seller saw 34% return on their investment in Q2

Jul 18, 2019 via housingwire.com Homes may be appreciating more slowly than before, but homeowners are still rolling in the equity, realizing significant returns when they opt to sell. On average, home sellers saw a 33.9% return on their investment in the second quarter of 2010. That translates to a $67,500 profit on the sale of their home, according to the latest report from ATTOM Data Solutions.

First-time homebuyers could snag lower costs for FHA loans under House-passed bill

Jul 18, 2019 via cnbc.com The Housing Financial Literacy Act would provide a discount on upfront mortgage insurance if the borrower goes through financial literacy counseling.

Oregon's Proposed Ban on Single-Family Zoning Could Nearly Triple For-Sale Housing Supply in the Portland Metro

Jul 18, 2019 via redfin.com The upzoning bill could increase the for-sale housing supply from 8,000 to 22,000 and curb price growth in Portland. The post Oregon's Proposed Ban on Single-Family Zoning Could Nearly Triple For-Sale Housing Supply in the Portland Metro appeared first on Redfin Real-Time.

Trump's business allies and over 400 bundlers give his 2020 war chest a boost

Jul 18, 2019 via cnbc.com The strengthening of Trump's formidable campaign war chest has led his organization and the RNC to raise over $100 million in the second quarter.

Barry lost some bite, but these 10 cities could lose billions in housing to floods by 2050

Jul 18, 2019 via cnbc.com Within three decades more than 386,000 homes in U.S. coastal areas will be at risk of permanent submersion or regular flooding due to climate change, according to a study by real estate website Zillow and nonprofit weather news site Climate Central.

Here's the education level you need to afford a home in most U.S. cities

Jul 18, 2019 via themortgagereports.com Higher degrees generally come with higher incomes, but it turns out they're not a requirement for buying a home. In fact, according to a new analysis, a high school degree offers enough income to afford a home in nearly three-quarters of the country's biggest cities.

Median home price climbs to all-time high

Jul 17, 2019 via housingwire.com The median price of single-family homes in the U.S. has climbed to a record high, reaching $266,000 in the second quarter. That's up 10.8% from the previous quarter and up 6.4% from a year ago, according to the latest from ATTOM Data Solutions.

One in 10 Millennial Homebuyers Say They'll Rely on Parents for Mortgage Help, Down From 17% Last Year

Jul 17, 2019 via redfin.com In only eight months, millennial homebuyers plan to rely less on their family to afford their mortgage The post One in 10 Millennial Homebuyers Say They'll Rely on Parents for Mortgage Help, Down From 17% Last Year appeared first on Redfin Real-Time.

TurboTenant raises $6.5 million to support multifamily housing

Jul 17, 2019 via housingwire.com In funding led by Real Estate Technology Ventures, TurboTenant has raised $6.5 million in an effort to expand its marketing and development teams, and to fuel customer growth and product innovation.

In the Aftermath of Last Year's Wildfire Devastation in Malibu, New Residents Face Sky-High Insurance Premiums, While Many Who Lost Homes are Starting Fresh Elsewhere

Jul 17, 2019 via redfin.com With rising insurance premiums, empty lots, and a shifting focus for clients, the impact of the deadly Woolsey Fire on LA's coastal canyon housing market can be felt, eight months later. The post In the Aftermath of Last Year's Wildfire Devastation in Malibu, New Residents Face Sky-High Insurance Premiums, While Many Who Lost Homes are Starting Fresh Elsewhere appeared first on Redfin Real-Time.

Ben Lane named Managing Editor of HousingWire

Jul 17, 2019 via housingwire.com Ben Lane has been named Managing Editor of HousingWire, the nation's leading source of news and information for the mortgage, real estate and fintech markets. In this leadership role, Lane will be responsible for HousingWire's editorial strategy and execution. He will also play a highly visible role within the company and the housing industry in support of HousingWire's mission of Moving Markets Forward.

Sierra Pacific hires Amy Mahar to lead third-party originations

Jul 17, 2019 via housingwire.com Mortgage executive and 2018 HousingWire Woman of Influence Amy Mahar has been named the executive vice president, third party originations of national lender Sierra Pacific Mortgage.

Sierra Pacific hires Amy Mahar to lead third-party organizations

Jul 17, 2019 via housingwire.com Mortgage executive and 2018 HousingWire Woman of Influence Amy Mahar has been named the executive vice president, third party originations of national lender Sierra Pacific Mortgage.

Sierra Pacific hires Amy Maher to lead third-party organizations

Jul 17, 2019 via housingwire.com Mortgage executive and 2018 HousingWire Woman of Influence Amy Mahar has been named the executive vice president, third party originations of national lender Sierra Pacific Mortgage.

Charles Manson murder house lists for $1.98 million

Jul 17, 2019 via housingwire.com The Los Angeles home where Charlie Manson and accomplices murdered Leno and Rosemary LaBianca has hit the market for $1.98 million, three weeks short of the 50th anniversary of the grisly crimes.

L.A. Times: Charles Manson murder house lists for $1.98 million

Jul 17, 2019 via housingwire.com The Los Angeles home where Charlie Manson and accomplices murdered Leno and Rosemary LaBianca has hit the market for $1.98 million, three weeks short of the 50th anniversary of the grisly crimes.

Foreign purchases of American homes plunge 36% as Chinese buyers flee the market

Jul 17, 2019 via cnbc.com Challenging conditions in the U.S. housing market and tighter currency controls by China cause a stunning drop in foreign demand for American homes.

June Housing Starts: Still Sluggish

Jul 17, 2019 via zillow.com A sluggish first half of 2019 indicates that builders have so far not been as willing or able to put up as many new homes as the strong economy and milder summer weather might otherwise suggest. The post June Housing Starts: Still Sluggish appeared first on Zillow Research.

London house prices slump at fastest rate in almost 10 years

Jul 17, 2019 via cnbc.com Property price gains across the wider U.K. have been slowing since 2016, according to the U.K.'s Office for National Statistics.

Housing market confidence is high; will it stay there?

Jul 17, 2019 via themortgagereports.com Confidence in the housing market remains near an all-time high. According to new data, consumers are especially optimistic about mortgage rates and home prices.

Weekly mortgage applications drop as rates rise and homebuyers pull back

Jul 17, 2019 via cnbc.com Mortgage interest rates surged last week to their highest level in a month, and consequently homebuyers turned on their heels.

Bad sign for commercial real estate: The architecture business is slowing down

Jul 16, 2019 via cnbc.com A key read on the industry, the Architecture Billings Index, fell into negative territory in June, according to the American Institute for Architects. Inquiries for new projects hit a decade low, while design contracts also fell.

China may slip back into its old habits as growth slows. That could raise debt levels

Jul 16, 2019 via cnbc.com As China's economic growth declines, some analysts say Beijing may have to spend more on infrastructure, adding to concerns about high debts.

MoxiWorks hires two new directors of business development

Jul 16, 2019 via housingwire.com Real estate technology company MoxiWorks has taken on two new recruits with extensive backgrounds in the mortgage and housing industry. Kirsten "Kiki" Wanshura and Heather Glass are the two new directors of business development at MoxiWorks.

Quarter of homeowners can't define a HELOC

Jul 16, 2019 via housingwire.com Nearly half of homeowners say they have plans to renovate their home in the next two years, and a third of those intend to drop $50,000 to do it. This is according to a recent survey from TD Bank, which highlights a major opportunity for lenders: A sizable number of homeowners can't define a HELOC.

Quicken Loans logs best quarter in company history

Jul 16, 2019 via housingwire.com The mortgage business has been a bit rocky in recent years, but that doesn't appear to be holding back Quicken Loans. The Detroit-based lender logged its best quarter ever, raking in $32 billion in mortgage originations in the second quarter of 2019 - the most in its 34-year history.

LenderClose adds to sales, software development team

Jul 16, 2019 via housingwire.com Iowa-based fintech startup LenderClose is expanding its team yet again, announcing three new hires Tuesday. Joining the team are sales reps Troy Allen and Kathy Bell, and software developer Caleb Salt, who bring LenderClose's total number of new hires so far in 2019 to 15.

Homebuilder sentiment ticks up slightly, as housing shortage intensifies

Jul 16, 2019 via cnbc.com Builder confidence for single-family homes rose just one point to 65 in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

Fed interest rate cuts to usher in new era for home buyers

Jul 16, 2019 via themortgagereports.com Home prices are high but there's hope for home buyers. Falling rates should make homeownership more affordable as the Fed seeks to cut rates in 2019.

First-time homebuyers are having a hard time; here's what they struggle with

Jul 16, 2019 via themortgagereports.com Housing might be looking up, but that doesn't mean today's homebuyers have it easy -- especially not first-timers. In fact, according to new data, more than half of first-time homebuyers have been searching for six months or more to find that dream house.

Realogy slapped with class-action suit for securities fraud

Jul 15, 2019 via housingwire.com For nearly six months, the ongoing debate over buyer broker compensation has loomed large over the real estate industry, with two lawsuits taking the practice to task. Now, a third lawsuit has been filed that touches on the issue. This time, it's a class-action suit against Realogy alleging that investors purchased securities at inflated prices because of the brokerage's failure to disclose "anticompetitive" behavior.

Rental prices hit a median of $1,465 in June

Jul 15, 2019 via housingwire.com As rent prices continued to climb in June, RentCafe indicates that the nation's mid-year average rent spiked $37 from the previous year. According to the company's Mid-Year Rent Report, the national average rent in June totaled $1,465. Not only is this a 0.8% increase from the previous month, but it is also 2.6% higher than the same period in 2018.

Hispanic buyers are boosting the housing market

Jul 15, 2019 via housingwire.com The homeownership rate for Hispanics has jumped in recent years, a fact that could buoy the housing market for years, according to a recent Wall Street Journal article. Just three years ago, the homeownership rate for this group had fallen to a 50-year low. But now, recent Census data shows that it has risen 3.3% since then, surpassing the overall homeownership growth rate of 1.3%.

Kanye West investing in Star Wars-themed low-income housing

Jul 15, 2019 via housingwire.com Now that he's got the sneaker market thoroughly cornered, Kanye West is apparently moving on to his next project: affordable housing. A recent profile of the rapper-turned-designer revealed that West is working on designing prefabricated, low-income housing with a Star War's aesthetic, shopping

Who are the HousingWire Tech Trendsetters?

Jul 15, 2019 via housingwire.com Who are the HousingWire Tech Trendsetters? Actually, that has yet to be decided. The 2019 Tech Trendsetter award is HousingWire's brand new awards program, and we're waiting on you to help shape the list of the first Tech Trendsetter award winners.

Homeowners have big renovations this year -- but paying for them? That's another story

Jul 15, 2019 via themortgagereports.com Nearly one in two homeowners is planning to renovate in the next two years. Though HELOCs offer a good source of funding for these projects, according to a new survey, many homeowners don't even know what these financial products are.

Bidding wars are heating up. Here's how to win your dream home

Jul 12, 2019 via cnbc.com The dull days of summer may be over sooner than expected in the nation's housing market. The supply of homes for sale, which had been increasing earlier this year, could turn lower again soon, and that will likely mean the return of bidding wars.

It's easier to get a mortgage than you think

Jul 12, 2019 via themortgagereports.com Renters stay renters often because they overestimate the difficulty of qualifying for a mortgage. Many are surprised that they can buy a home immediately.

Fed's Powell says US homebuilders hit by 'a perfect storm' of Trump's immigration policy, tariffs

Jul 11, 2019 via cnbc.com Powell says homebuilders are suffering from a labor shortage and material costs, aggravated by the Trump administration's policies.

Opendoor and Redfin Partner to Provide More Options to Home Sellers

Jul 11, 2019 via redfin.com Program gives home sellers in Phoenix and Atlanta the ability to request an Opendoor offer through Redfin The post Opendoor and Redfin Partner to Provide More Options to Home Sellers appeared first on Redfin Real-Time.

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: 274.69 (April 2019), MoM change: +0.38%, YoY change: +5.23%

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: 4.50% (April 2019), MoM change: -4.05%, YoY change: -5.86%

Mortgage Contract Rate Latest: 4.39% (April 2019), MoM change: -4.77%, YoY change: -5.39%

Mortgage Initial Fees Latest: 1.12% (April 2019), MoM change: +5.66%, YoY change: -4.27%

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: 110,100 (June 2019), MoM change: -11.42%, YoY change: -10.71%

Source: U.S. Census Bureau

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