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

+5.35% YoY

At 274.82 (+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

Residents complain of rats, mice in Kushner-owned buildings before Trump, Cummings feud

Aug 16, 2019 via cnbc.com President Donald Trump ignited a firestorm of criticism when he tweeted that the Baltimore-area district of Rep. Elijah Cummings, D-Maryland, was "a disgusting, rat and rodent infested mess."

Mortgage Tech Rundown: Calyx, LoanLogics, and Visionet Systems

Aug 16, 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 Calyx, LoanLogics and Visionet Systems.

HUD proposes changes to fair housing rules

Aug 16, 2019 via housingwire.com The Department of Housing and Urban Development on Friday proposed making changes to the nation's fair housing rules, a move that fair housing advocates claim is part of a Trump administration effort to "gut" federal protections against housing discrimination. The changes to the disparate impact rule will likely make it more difficult to prove unintentional housing discrimination. Click the headline for the full story.

KB Home CEO says confidence matters more than mortgage rates, and confidence just took a hit

Aug 16, 2019 via cnbc.com Mortgage rates have been falling sharply over the last three months, which should be incredibly positive for the housing market, but so far reaction has been muted in both home sales and new home construction.

Average rental prices rise as nation faces multifamily housing shortage

Aug 16, 2019 via housingwire.com RentCafe indicates that the nation's average rent rose $48 month over month to $1,469 in July. Not only is this a 0.2% increase from the previous month, but it is also 3.4% higher than the same time period in 2018. Doug Ressler, Manager of Business Intelligence at Yardi Matrix, said rents continue to rise partly because more and more Americans are looking for apartments while too few are being built.

Housing starts fall for third consecutive month

Aug 16, 2019 via housingwire.com Housing starts fell 4% in July to a seasonally adjusted annual rate of 1.191 million, led by a 17% plunge in multifamily starts, according to the Department of Housing and Urban Development and the Department of Commerce. TIAA Bank Executive Vice President John Pataky said the number missed expectations for the third month in a row, extending what has been a disappointing run for the housing market.

July Housing Starts: Still Languishing

Aug 16, 2019 via zillow.com Consumers stand ready to snap up new homes, particularly at the entry level, and mortgage rates are cooperating -- but new construction is not. The post July Housing Starts: Still Languishing appeared first on Zillow Research.

Home Value Growth Continues Steady Normalization as Inventory Creeps Up (July 2019 Market Report)

Aug 15, 2019 via zillow.com The annual pace of U.S. home value growth slowed for the seventh straight month in July as the market continues to normalize and slowly find more balance between home buyers and sellers. The post Home Value Growth Continues Steady Normalization as Inventory Creeps Up (July 2019 Market Report) appeared first on Zillow Research.

Methodology: Zillow Rent Index (2019 Update)

Aug 15, 2019 via zillow.com The Zillow Rent Index methodology was changed in 2019 to better reflect the true rental stock and to account for small changes in the market. The post Methodology: Zillow Rent Index (2019 Update) appeared first on Zillow Research.

NAR: Cheap mortgage rates are improving home affordability

Aug 15, 2019 via housingwire.com The cheapest financing in almost three years is making it easier for Americans to buy homes. The Housing Affordability Index from the National Association of Realtors increased to 151.9 in June from 137.7 a year earlier in June. That's a jump of 10 percent. A higher reading means homes are getting more affordable, per NAR's magic sauce that measures prices, incomes and financing costs.

CPC brings on Jaime Tuozzolo to serve as VP, mortgage officer

Aug 15, 2019 via housingwire.com Community Preservation Corp., a nonprofit affordable housing and community revitalization finance company, announced the hire of real estate finance veteran Jaime Tuozzolo. In her new role as vice president and mortgage officer, Tuozzolo will be responsible for sourcing and originating business in the region across all loan products, as well as monitoring projects through construction and conversion.

Forget waiting on Millennials, Gen Z is starting to buy homes

Aug 15, 2019 via housingwire.com Despite the general narrative surrounding the Millennial generation and home buying (that they would rather rent because they don't want to be tied down by a mortgage), Millennials have officially entered the housing market. And now that the housing market is done waiting for Millennials, the focus shifts to what's next, or more aptly, who's next. Generation Z is who's next, and there's good news for the housing economy on that front, because new data from TransUnion shows that home buying among Gen Z is skyrocketing.

Falling mortgage rates boost homebuilder confidence, but not new construction

Aug 15, 2019 via cnbc.com The nation's homebuilders are feeling better about their business, as falling mortgage rates help more buyers afford homes. They are still not, however, building enough homes to meet demand.

Freddie Mac: Mortgage rates remain near 3-year low

Aug 15, 2019 via housingwire.com This week, the 30-year, fixed-rate mortgage held steady from one week prior, averaging 3.6%. This rate sits significantly lower than its 2018 average of 4.53%, according to the Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said the sound and fury of the financial markets continue to warn of an impending recession, however, the silver lining is that mortgage demand reached a three-year high this week.

Here's why the yield curve inversion could lead to the lowest mortgage rates ever [CHART]

Aug 15, 2019 via themortgagereports.com Mortgage rates are low, but they could go much lower after the August 2019 yield curve inversion. Here's why.

LEED-certified homes on the rise, offering serious savings on energy bills

Aug 15, 2019 via themortgagereports.com More buyers can take advantage of the energy savings an LEED home provides. The number of LEED-certified homes has jumped nearly 20 percent since 2017.

Home Prices Up 3 Percent in July as Supply Fell 3 Percent--The Largest Decline in a Year

Aug 15, 2019 via redfin.com U.S. home-sale prices grew at a steady 3.3 percent rate year over year to a median of $318,100 across the metros Redfin tracks. Home prices have been growing in the healthy 3 percent range since May. The post Home Prices Up 3 Percent in July as Supply Fell 3 Percent--The Largest Decline in a Year appeared first on Redfin Blog.

CIT buying Mutual of Omaha Bank, but not its mortgage business

Aug 14, 2019 via housingwire.com CIT Bank is set to grow its operation by acquiring Mutual of Omaha Bank, the banking arm of insurance giant Mutual of Omaha, for $1 billion. But one area where CIT won't be growing is in its mortgage business. Much of Mutual of Omaha Bank's business is focused on HOA banking, but the company does have a growing mortgage arm, and the company likes its mortgage business so much that it won't be included in the sale to CIT.

ATTOM Data Solutions add Martha Notaras to board of directors

Aug 14, 2019 via housingwire.com ATTOM Data Solutions has appointed Martha Notaras to its board of directors. This announcement comes after ATTOM was acquired earlier this year by Lovell Minnick Partners, a private equity firm.

WeWork doesn't have a single woman director, according to IPO filing

Aug 14, 2019 via cnbc.com WeWork's parent known formally as the We Company is going public with an all-male board of directors.

Home buyers are taking advantage of falling rates, says housing market analyst Ivy Zelman

Aug 14, 2019 via cnbc.com Housing market analyst Ivy Zelman, known for predicting the 2005 housing peak and the 2012 housing bottom, spoke to CNBC's Power Lunch on Wednesday.

Keller Offers teams with Offerpad to expand iBuying presence

Aug 14, 2019 via housingwire.com Keller Offers, the iBuying arm of real estate giant Keller Williams, is partnering with Arizona-based iBuyer Offerpad, the company announced Wednesday. Under what Keller described as a mutually beneficial agreement, KW agents can submit a request for a cash offer to Offerpad, and will then review the deal with the seller.

FHA brings back condo spot approvals

Aug 14, 2019 via housingwire.com The Federal Housing Administration has finally issued a long-awaited update to its condominium rules, announcing Wednesday that it is bringing back spot approvals and taking other steps to loosen requirements that make these properties eligible for FHA financing. The agency said it expects the updated guidelines to qualify up to 60,000 more condo units a year for financing.

FHA to make financing easier for condo owners

Aug 14, 2019 via housingwire.com The Federal Housing Administration has finally issued a long-awaited update to its condominium rules, announcing Wednesday that it will now allow individual unit approval and is taking other steps to loosen requirements that make these properties eligible for FHA financing. The agency said it expects the updated guidelines to qualify up to 60,000 more condo units a year for financing. Click the headline for details.

Self-employed buyers don't have to miss out on homeownership

Aug 14, 2019 via housingwire.com While research shows that a lack of standard income documentation can make it difficult for self-employed homebuyers to fit into traditional mortgage programs, there are plenty of loan products designed for this group - if you know where to look. Working with an independent mortgage broker can alleviate common pain points and make it more likely for a self-employed buyer to be approved for a loan.

Mortgage rate predictions for late-2019

Aug 14, 2019 via themortgagereports.com Mortgage rates are now nearly 2% below where experts thought they would be. What does the rest of 2019 hold for rates?

5 things to know before the stock market opens Wednesday

Aug 14, 2019 via cnbc.com Dow set to drop; bonds flash recession signal; Chinese economic data weakens; China blames the US for Hong Kong protests; mortgage refinances surge

Millennials move to refinance as rates approach three-year lows

Aug 14, 2019 via themortgagereports.com With rates at three-year lows, Millennials are finally hopping on the refinance bandwagon. Refis accounted for 14 percent of all Millennial loans in June.

MBA: Refinances skyrocket as mortgage rates plummet

Aug 14, 2019 via housingwire.com Mortgage applications rose a whopping 21.7% from last week, according to the latest data from the Mortgage Bankers Association. What drove the increase? A massive surge in refinances, as the Refinance Index now sits at its highest level since July 2016.

Weekly mortgage refinances spike 37% in one week as rates fall further

Aug 14, 2019 via cnbc.com Another sharp drop in mortgage rates sent even more homeowners to their lenders, hoping to save money on their monthly payments.

Urban Institute: Gap slowly closing for Hispanic homeownership

Aug 13, 2019 via housingwire.com A recent study by Urban Institute shows that only two U.S. cities have successfully closed the gap between Hispanic and non-Hispanic white ownership. In order to analyze the disparity, Urban Institute studied the 100 U.S. cities with the largest number of Hispanic households. Here's what they found.

Fitch: GSE reform won't hurt Fannie, Freddie ratings

Aug 13, 2019 via housingwire.com With word circulating that a plan for GSE reform is imminent, Fitch Ratings Agency released a review of what might happen to the credit ratings of Fannie Mae and Freddie Mac upon the release of the Treasury Department's anticipated roadmap. The good news for those gunning for an end to the conservatorship? Fannie and Freddie's ratings shouldn't take too much of a hit - at least, not right away, according to Fitch.

Redfin: New home supply sees greatest decline in 6 years

Aug 13, 2019 via housingwire.com The new home market remained soft in the second quarter of 2019, according to the latest from Redfin, which highlighted a number of factors that have played into its weak performance so far this year. Redfin Chief Economist Daryl Fairweather said the data indicates that builders are finally shifting their focus toward smaller, more affordable homes.

More signs point to a softer housing market, even as mortgage rates fall

Aug 13, 2019 via cnbc.com Builders and buyers alike are pulling back, even as mortgage rates fall to multiyear lows. The housing market is simply too pricey.

Multifamily occupancy rates keep rising

Aug 13, 2019 via housingwire.com Apartment occupancy rates climbed in July to their highest level since in since 2000, according to a report from RealPage, which revealed that occupancy rates rose 0.4% from last year to reach 96.2% last month. Meanwhile, average rent prices across the U.S. remain around $1,414, as a number of Millennial renters keep demand strong.

Negative mortgage rates are real -- and they might come to the U.S.

Aug 13, 2019 via themortgagereports.com Denmark is offering negative mortgage rates on 10-year loans. This is iron-clad proof that mortgage rates can go lower, despite a historic run downward.

Buyers see less competition -- especially in hotter markets

Aug 13, 2019 via themortgagereports.com Low mortgage rates haven't caused an uptick in demand just yet. In fact, according to new data, only about one in 10 buyers faces a bidding war in today's market -- a steep drop from last year, when 45 percent of buyers saw competition when bidding on a house.

New-Home Supply Down 1% in the Second Quarter, the Biggest Decline in 6 Years

Aug 13, 2019 via redfin.com The market for new homes is moderating, with prices slightly down as builders adjust inventory to meet demand for affordable homes. The post New-Home Supply Down 1% in the Second Quarter, the Biggest Decline in 6 Years appeared first on Redfin Blog.

Young Adults See Climate Change Affecting Them and Support More Solutions - But Not Necessarily Taxes

Aug 13, 2019 via zillow.com Young adults and people who live in coastal metros are the most likely to anticipate their lives will be affected by climate change. The post Young Adults See Climate Change Affecting Them and Support More Solutions - But Not Necessarily Taxes appeared first on Zillow Research.

U.S. housing market is "anemic" and "lackluster," says NY Fed

Aug 12, 2019 via housingwire.com The Federal Reserve Bank of New York describes U.S. home sales as "soft" and "anemic" in a Monday report. Fed economists pointed to June's existing home sales level, which was 1.7% below a year ago, as part of the reason for their conclusion: "Home sales remain lackluster."

Price of construction materials up 0.7% in July

Aug 12, 2019 via housingwire.com As prices for imports go up due to trade-war tariffs, it's tougher for builders to afford construction material. Prices for goods used in residential construction increased by 0.7% in July, according to the Bureau of Labor Statistics.

Half of homebuyers with kids base purchase on school district

Aug 12, 2019 via housingwire.com Purchasing a home is one of the biggest decisions a person can make during their lifetime. After all, where you live determines many factors about your life, including where you work, worship or even send your children to school. As back to school season approaches, a report from the National Association of Realtors highlights the different purchasing and selling habits of Americans, revealing that a significant share root their home purchasing decisions in school district quality.

WSJ: The housing market is red-hot in the heartland

Aug 12, 2019 via housingwire.com After years of soaring real estate prices in popular coastal areas, demand has notably slowed in these markets as home prices have far exceeded wage growth. Now, it's smaller, midwestern cities that are gaining all the traction, with real estate in these heartland markets seeing so much interest, prices are rising and bidding wars are commencing.

People Want A/C More Than They Want to Be Near Family and Friends

Aug 12, 2019 via zillow.com More than three-quarters (76%) of home buyers say air conditioning is "very" or "extremely" important, and two-thirds (66.4%) of renters agree. A far smaller share of each group says it's similarly important to be near family or friends: 46.7% of buyers and 36.2% of renters. The post People Want A/C More Than They Want to Be Near Family and Friends appeared first on Zillow Research.

Freddie Mac: It will be another banner year in multifamily

Aug 12, 2019 via housingwire.com It looks like the multifamily sector is set to have another strong year thanks to a combination of factors that will fuel demand for rental housing. According to Freddie Mac's midyear outlook, 2019 will see a robust rental market as the nation's housing shortage, a strong labor market and low interest rates create a potent recipe for multifamily growth

Top vacation home spots aren't where you think

Aug 12, 2019 via housingwire.com While some second-property owners seek warm beach houses in Florida or a home tucked away in a Colorado mountain, most seem to gravitate toward the Northeast. Here are the top three vacation home destination spots, according to a study from Digital Third Coast.

How to tap into today's VA refinance rates with almost no paperwork

Aug 12, 2019 via themortgagereports.com VA refinance rates are hitting new lows. How to capture a rate quickly with very little paperwork and effort.

Looking for a profitable fix-and-flip? Buy near this grocery store chain

Aug 12, 2019 via themortgagereports.com Want high returns on that next fix-and-flip? Then buy a house near an ALDI grocery store.

Millennials drive mortgage refinance boom, and lenders are scrambling

Aug 9, 2019 via cnbc.com Mortgage interest rates have been falling since May, especially sharply this month, so borrowers, especially millennials, are rushing to refinance. Refinance applications were up a stunning 116% this week compared with a year ago.

We Ranked the Most and Least Affordable Metros Based on These 4 Unexpected Costs When Moving to a New City

Aug 8, 2019 via redfin.com These are the 4 most unexpected costs of moving no one warns you about, and the metros where they're the most affordable, and expensive. The post We Ranked the Most and Least Affordable Metros Based on These 4 Unexpected Costs When Moving to a New City appeared first on Redfin Blog.

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: 275.03 (May 2019), MoM change: +0.08%, YoY change: +4.97%

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% (May 2019), MoM change: -100.00%, YoY change: -100.00%

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

Mortgage Initial Fees Latest: 0% (May 2019), MoM change: -100.00%, 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: 120,600 (July 2019), MoM change: +8.65%, YoY change: +5.33%

Source: U.S. Census Bureau

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