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

Market Indexes for December 2018

House Price Index

+5.61% YoY

At 270.24 (+0.30% MoM)
Historical

List Price

+7.06% YoY

At $289,000 (-1.37% MoM)
Historical

List Price Per Sqft

+7.52% YoY

At $143 (0.00% MoM)
Historical

30yr-Fixed Mortgage

+20.85% YoY

At 5.10% (+0.59% MoM)
Historical

Active Listings

+5.30% YoY

At 1,400,810 (-7.57% MoM)
Historical

New Listings

+3.00% YoY

At 282,396 (-26.29% MoM)
Historical

Days on Market

-3.61% YoY

At 80 (+12.68% MoM)
Historical

New Construction

+0.63% YoY

At 95,400 (-5.54% MoM)
Historical

Headlines

MBA investing $2 million in MISMO

Mar 25, 2019 via housingwire.com The Mortgage Bankers Association is investing $2 million in MISMO, it announced Monday morning during the opening session of its 2019 Technology Solutions Conference. The investment allows MISMO to expand resources in order to support key initiatives in the mortgage industry, including a uniform dataset for private label mortgage-backed securities, a standardized closing instructions template, standards for remote online notarization and more.

Spring homebuyers likely to grapple with affordability

Mar 25, 2019 via housingwire.com Spring home-buying season is officially here, and homebuyers across the country are now projected to dominate the market. But as homeownership demand heightens, new survey data from Realtor.com suggests many prospective buyers will grapple with housing affordability.

Gateway Mortgage names new chief banking officer

Mar 25, 2019 via housingwire.com On the brink of its merger with Oklahoma's Farmers Exchange Bank, Gateway Mortgage Group named Joe Siegel chief banking officer. As such, Siegel will oversee commercial, consumer and specialty lending activities, as well as its retail banking services, for the company, which is set to rebrand as Gateway First Bank in the coming months.

Breaking through the Blockchain noise

Mar 25, 2019 via housingwire.com Last year was the year of the blockchain proof of concept. This year, we're kicking it up a notch with real steps toward blockchain implementations. For many, blockchain is still a grand idea. For the forward thinking, it is already a reality in production level systems. Implementing blockchain is not risky or unconventional - it's pragmatic.

With Market Share Near 7% in Phoenix, iBuyers Contribute to the Area's Relatively Strong Home Price Growth

Mar 25, 2019 via redfin.com A local Redfin agent said at least half of her prospective clients ask about iBuyers, which are increasingly common in Phoenix and may be contributing to ongoing price growth. Institutional buyers, known as iBuyers, are taking up a growing share of Phoenix home sales. iBuyers are companies--like RedfinNow, Zillow and Opendoor--that make instant cash offers […] The post With Market Share Near 7% in Phoenix, iBuyers Contribute to the Area's Relatively Strong Home Price Growth appeared first on Redfin Real-Time.

Fannie Mae High Loan-To-Value Refinance Option (HLRO) guildelines, rates, and eligibility for 2019

Mar 25, 2019 via themortgagereports.com The new Fannie Mae High LTV Refinance Option allows homeowners to refinance into today's low rates even if they little or no home equity. No appraisal is required, and borrower documentation has been reduced.

Strong homebuying season is on the horizon, expert says

Mar 25, 2019 via themortgagereports.com Decreasing mortgage rates, rising wages and a finally improving supply of inventory all spell good news for the housing market. In fact, according to one expert, "a stronger than expected" spring homebuying season is ahead.

Home bidding wars down, buyer opportunities up

Mar 23, 2019 via themortgagereports.com Home bidding wars happen when two or more buyers compete for the same property but research indicates that home bidding wars happen much less often nowadays. This is good news for would-be buyers.

Right now is a 'really hard time' for China to introduce a property tax

Mar 23, 2019 via cnbc.com Zhang Xin, chief executive of real estate developer Soho China, said on Saturday that the country's economy is too "soft" for a property tax.

LoanCare appoints new chief information officer

Mar 22, 2019 via housingwire.com LoanCare, a ServiceLink company, recently announced Sudhir Nair joined the company as its executive vice president and chief information officer. LoanCare President Dave Worrall said given Nair's expertise, the company is confident that he will help take the business to the next level.

Yardi reports rent growth steadily increasing

Mar 22, 2019 via housingwire.com Average multifamily rents increased $2 in February to $1,426, according to the latest Yardi Matrix national multifamily report. The report noted that demand for rentals isn't showing any signs of slowing down, bolstered by low unemployment and growing wage growth.

Mortgage rates are now breaking to new lower territory, and they could stay there for months

Mar 22, 2019 via cnbc.com The average rate on the 30-year fixed mortgage is falling again today, as investors rush into the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury. Lower rates area already igniting home buying.

Study reveals generational divide in HELOC use

Mar 22, 2019 via housingwire.com Most of the time, when a homeowner takes out a HELOC, the plan is to use the proceeds to fund home renovations. But a recent survey of 1,003 HELOC or future HELOC borrowers by Citizens Bank revealed that younger borrowers are much more open to using the loan for things other than home renovation, shedding light on a generational divide in the way homeowners utilize their home equity.

CRE firm Savills Studley announces rebrand

Mar 22, 2019 via housingwire.com New York-based commercial real estate firm Savills Studley Inc. announced this week it has shortened its name and rebranded as Savills. The change aligns the U.S. arm of the company's business with the global platform of parent company London-based Savills plc, it explained in a press release.

In Microsoft's Hometown of Redmond, WA, Just 22% of Homes Are Affordable to Its Own Engineers--The Company's Affordable Housing Pledge Could Help Change That

Mar 22, 2019 via redfin.com Microsoft's $500 million commitment to affordable housing could help ease the Seattle area's affordability crisis and make way for more diverse communities. When Microsoft announced its $500 million commitment to affordable housing at the beginning of the year, the company acknowledged that even tech workers in the Seattle area can have a hard time purchasing […] The post In Microsoft's Hometown of Redmond, WA, Just 22% of Homes Are Affordable to Its Own Engineers--The Company's Affordable Housing Pledge Could Help Change That appeared first on Redfin Real-Time.

Home sales make record jump, proving how sensitive buyers are to interest rates

Mar 22, 2019 via cnbc.com Sales of existing homes skyrocketed a whopping 11.8 percent in February compared with January, according to the National Association of Realtors.

Eliminating Single-Family Neighborhoods in Minneapolis is Less "Revolution," More "Smart Evolution"

Mar 22, 2019 via redfin.com As population has begun to surge in Minneapolis, the city gets ahead of a potential affordability crisis in a way that other cities should emulate. Minneapolis made national headlines in December when the City Council voted to completely eliminate exclusively single-family zoning throughout the city. This means that neighborhoods where new construction was previously limited […] The post Eliminating Single-Family Neighborhoods in Minneapolis is Less “Revolution,” More “Smart Evolution” appeared first on Redfin Real-Time.

February Existing Home Sales: Nothing But Net

Mar 22, 2019 via zillow.com With mortgage rates remaining low and inventory continuing to creep up, it's likely that this newfound zeal will carry into the busy spring season, even as home values continue to grow. The post February Existing Home Sales: Nothing But Net appeared first on Zillow Research.

NAR: Monthly existing home sales reach four-year high

Mar 22, 2019 via housingwire.com In February, existing home sales experienced their largest monthly gain since December 2015, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said a powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.

How to Build a DIY Fire Pit for Your Backyard

Mar 22, 2019 via redfin.com Build one of these six fire pits in your backyard to keep the fun going long after the sun goes down. The post How to Build a DIY Fire Pit for Your Backyard appeared first on Redfin Real-Time.

Bobby Berk, of Queer Eye, Reveals How He Found His Dream Home with Redfin

Mar 21, 2019 via redfin.com Finding a place to call home has always been a dream for me and my husband, Dewey. It's been a very long time coming, and to finally be in a home that feels like our own is something I am so excited about. We used to walk up and down neighborhood streets, hand-in-hand, looking at […] The post Bobby Berk, of Queer Eye, Reveals How He Found His Dream Home with Redfin appeared first on Redfin Real-Time.

First American: Dwindling inventory threatens potential home sales growth

Mar 21, 2019 via housingwire.com Although potential existing-home sales rose marginally in February, a lack of inventory now threatens future growth, according to First American's Potential Home Sales Model. First American Chief Economist Mark Fleming said the housing market continues to underperform its potential, but shows signs of promise leading into the spring home-buying season.

Zillow pilots app for self-guided house tours

Mar 21, 2019 via housingwire.com Zillow is testing a mobile app that enables users to tour a house for sale without the need for agent or an appointment. The app puts the control in the hands of the consumer, and it's part of Zillow's continued effort to make headway in the iBuying space. Tour it Now provides users directions to the property, unlocks the doors when they arrive, and allows them the opportunity to tour the house on their own time.

Mortgage rates just tanked - and they could go even lower

Mar 21, 2019 via cnbc.com The move in mortgage rates followed Fed Chairman Jerome Powell's announcement that the central bank would end the so-called run-off of bonds from its balance sheet sooner than most expected. That caused the yield on the 10-year Treasury to tumble.

Swanky ski homes could lose value as climate change hurts resorts

Mar 21, 2019 via cnbc.com Snow sport seasons are getting shorter, due to warmer temperatures. That is already having a distinguishable financial impact on residential and resort properties that profit from snow.

Brexit pushes mortgage rates to 13-month lows. What mortgage shoppers should do now

Mar 21, 2019 via themortgagereports.com Brexit drama is pushing down US mortgage rates. Should mortgage shoppers act now or wait for rates to drop even lower?

Bye bye, big down payment: Most homebuyers put less than 10% down

Mar 21, 2019 via themortgagereports.com No money for a down payment? That might not be a problem. According to a new analysis, the majority of recent Millennial and Generation X homebuyers pay either no down payment or down payments of less than 10 percent when purchasing their home.

HousingWire announces engage.marketing agenda

Mar 20, 2019 via housingwire.com When we started planning our second annual engage.marketing event, we invited marketing leaders from 10 lenders to serve on our advisory board, and asked them about the greatest challenges facing mortgage marketers this year. Armed with those insights, we've packed a ton of content into the day-and-a-half summit, covering topics that include referral marketing, personal branding, content marketing, how to build a marketing tech stack, how to use video, podcasts and voice effectively, and so much more.

Opendoor lands $300 million capital infusion

Mar 20, 2019 via housingwire.com Digital real estate disrupter Opendoor has landed yet another massive cash infusion, raising $300 million in a recent investment round and bringing its total equity capital to $1.3 billion. Now, the company - which aims to change the way Americans buy and sell homes by whittling the process down to a few simple online transactions - is valued at $3.8 billion.

Is now a good time to purchase a home?

Mar 20, 2019 via housingwire.com It's almost spring homebuying season, and new data from the National Association of Realtors indicates Americans are ready to purchase homes. According to the group's Q1 HOME survey, 37% of Americans strongly believe now is a good time to buy a home.

Credit Plus hires new VP of Data Solutions

Mar 20, 2019 via housingwire.com Credit Plus has hired Jane House as vice president of Data Solutions. As such, the mortgage industry veteran and mortgage data specialist will support the 2017 Tech100 winner's mission to broaden its application of risk management and portfolio retention tools for mortgage servicers.

Spring isn't only for homebuyers, it's for remodelers, too

Mar 20, 2019 via housingwire.com Spring is just around the corner, and the housing market is gearing up for a hot home buying season. And while data suggest many Americans are likely to purchase homes, a recent survey from Trulia indicates a significant number of current homeowners will choose to remodel their homes instead.

Figure Technologies expands leadership team

Mar 20, 2019 via housingwire.com Figure Technologies announced its intention to shake up home equity lending in the fall, and now it's making key hires to help achieve this goal. The fintech company is the brainchild of former SoFi co-founder and CEO Mike Cagney, who launched the company last March with the goal of leveraging AI, blockchain and advanced analytics to revolutionize home equity lending.

Churchill Mortgage to found new title company

Mar 20, 2019 via housingwire.com Churchill Mortgage announced Wednesday it will enter a joint venture with American Home Title to found a new title company - Churchill Title Solutions. Churchill Mortgage said the new title company will streamline the mortgage origination process and create a secure mortgage experience.

Fannie Mae: Home sales will stabilize in 2019

Mar 20, 2019 via housingwire.com Home sales will stabilize this year, with a solid labor market and strong household formations driving demand, Fannie Mae's Economic and Strategic Research Group stated in its March outlook. But while slowing home price appreciation and lower mortgage rates have improved affordability, it will continue to be a challenge in 2019.

Want Outdoor Space? These Are the Top 10 Cities to Find a Home with a Deck

Mar 20, 2019 via redfin.com It's the first day of spring and Ocean City, NJ tops our list of the most-decked out-metro areas.   Hurray, we made it! It's the first day of spring, and while most of us may still be sporting winter parkas and facing a threat of snow, the end is at least in sight. Slowly but […] The post Want Outdoor Space? These Are the Top 10 Cities to Find a Home with a Deck appeared first on Redfin Real-Time.

Hong Kong is building an $80 billion artificial island to fix its housing shortage

Mar 20, 2019 via cnbc.com Secretary for Development Michael Wong said in a speech Tuesday that around 1,000 hectares of land would be constructed to deal with Hong Kong's "serious shortage of land supply."

Why townhouses are popular with first-time home buyers

Mar 20, 2019 via themortgagereports.com A new townhouse can be an amazing value for first-time home buyers who want the privacy of a single-family home, but--as a first-time home buyer--can't afford the price.

Mortgage lenders: Your digital tools may make or break you

Mar 20, 2019 via themortgagereports.com Digital mortgage solutions are a major priority for today's homebuyers. In fact, according to a new survey, half of all homebuyers choose their mortgage lender based on whether they offered a digital portal or not.

Weekly mortgage applications set a record for the third straight week

Mar 20, 2019 via cnbc.com Lower rates are not giving mortgage demand any sizable boost, except when it comes to higher-end homes.

Saudi Arabia is giving its capital a $23 billion makeover

Mar 20, 2019 via cnbc.com Saudi Arabia will be pumping $23 billion into a massive beautification project for its capital Riyadh, its government has announced.

Together, Lyft's Employees Could Buy Every Single Home for Sale in San Francisco With Their IPO Cash

Mar 19, 2019 via redfin.com San Francisco already has sky-high home prices and a lack of inventory. Public offerings from Lyft and other tech companies is likely to put even more pressure on its real estate market. With the wealth created through Lyft's upcoming IPO, current and former employees of the ridehailing business could purchase every single home listed for […] The post Together, Lyft's Employees Could Buy Every Single Home for Sale in San Francisco With Their IPO Cash appeared first on Redfin Real-Time.

March Madness 2019: Real Estate Edition

Mar 19, 2019 via redfin.com One of the most exciting events in all of sports, March Madness 2019, just began. For those of you who may not know, March Madness--also known as the NCAA Tournament--is a single elimination tournament comprised of 68 men's Division 1 college basketball teams and takes place between March 19 and April 8. For this year's […] The post March Madness 2019: Real Estate Edition appeared first on Redfin Real-Time.

Tampa and Three California Metros Have the Smallest Gaps in Homeownership by Income Level

Mar 19, 2019 via redfin.com San Jose and San Francisco, among the nation's most expensive housing markets, have two of the smallest gaps between the homeownership rates of low-income families and the overall population. Tampa, Florida has the smallest gap in homeownership rates between low-income families and the overall population. That's followed by three California metros: San Jose, Riverside and […] The post Tampa and Three California Metros Have the Smallest Gaps in Homeownership by Income Level appeared first on Redfin Real-Time.

ComplianceEase shakes up its leadership team

Mar 19, 2019 via housingwire.com ComplianceEase recently announced the promotion of former Senior Vice President of Sales and Client Success Dan Smith, as well as the appointment of Shelia Meagher to assume his position. ComplianceEase Executive Chairman John Vong said not only has Smith played a pivotal role in ComplianceEase's growth, but he is confident that his and Meagher's combined experience will take the company to the next level.

Job Relocation Assistance: Should You Take a Cash Bonus or Get Expenses Covered?

Mar 19, 2019 via redfin.com If your new job offers the choice of a relocation package, here's everything you need to know about the costs of relocating, according to Redfin's Chief Economist, Daryl Fairweather.   With tech giants opening campuses in new places like Crystal City, Nashville and Austin, and the rising costs of living in many coastal cities, the […] The post Job Relocation Assistance: Should You Take a Cash Bonus or Get Expenses Covered? appeared first on Redfin Real-Time.

Modern homes: The style Millennials love

Mar 19, 2019 via themortgagereports.com Easily customized and designed to reduce energy and maintenance costs, modern homes are a popular choice for Millennial home buyers.

New home construction lags -- but not in these four cities

Mar 19, 2019 via themortgagereports.com Thinking of buying a new house in 2019? Chicago's your best bet. According to new data, the city saw the biggest surge in new home construction last month, with a 60 percent uptick year over year.

Older First-Time Buyers Lean Suburban/Rural, Have Lower Incomes, More Likely to Pay With Cash

Mar 19, 2019 via zillow.com About a third (32.5 percent) of first-timer buyers are 40 and older. Some may have been financially able to purchase a home but continued renting into midlife and beyond for lifestyle reasons, such as wanting to move frequently or not be tied to a mortgage. The post Older First-Time Buyers Lean Suburban/Rural, Have Lower Incomes, More Likely to Pay With Cash appeared first on Zillow Research.

'Lazy' Millennials Do More Work When Buying & Selling Homes

Mar 19, 2019 via zillow.com They go on more tours, give more open houses, do more research on real estate professionals, and fix up their homes at higher rates than older generations. The post 'Lazy' Millennials Do More Work When Buying & Selling Homes appeared first on Zillow Research.

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: 270.24 (December 2018), MoM change: +0.30%, YoY change: +5.61%

Source: Federal Housing Finance Agency

List Prices

Median List Price Latest: $294,800 (February 2019), MoM change: +1.90%, YoY change: +7.22%

Average List Price Latest: $496,800 (February 2019), MoM change: +1.66%, YoY change: +3.94%

Source: Realtor.com

Median List Price Per Square Foot

Latest: $146 (February 2019), MoM change: +1.39%, YoY change: +7.35%

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: 4.90% (January 2019), MoM change: -3.92%, YoY change: +15.29%

Mortgage Contract Rate Latest: 4.78% (January 2019), MoM change: -4.02%, YoY change: +14.08%

Mortgage Initial Fees Latest: 1.18% (January 2019), MoM change: +0.85%, YoY change: -2.48%

Source: Federal Housing Finance Agency

Listings

Active and New Listings

Active Listings Latest: 1,326,190 (February 2019), MoM change: +1.08%, YoY change: +5.81%

New Listings Latest: 404,514 (February 2019), MoM change: +1.35%, YoY change: -4.09%

Source: Realtor.com

Median Days on Market

Latest: 83 (February 2019), MoM change: -4.60%, YoY change: 0.00%

Source: Realtor.com

Price Changes

Price Decreases Latest: 248,178 (February 2019), MoM change: -0.98%, YoY change: +16.39%

Price Increases Latest: 25,804 (February 2019), MoM change: +7.13%, YoY change: -11.03%

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: 94,400 (January 2019), MoM change: -1.05%, YoY change: -2.38%

Source: U.S. Census Bureau

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