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

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.

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.

This was the worst week for mortgage rates in 3 years - and it may be just the beginning

Sep 13, 2019 via cnbc.com The average rate on the 30-year fixed is now 13 basis points higher than it was on Monday and 29 basis points higher than its last low on September 4th, according to Mortgage News Daily.

New app aims to add transparency between real estate agents, consumers

Sep 13, 2019 via themortgagereports.com A new app is looking to add more transparency to the homebuying process -- particularly when it comes to real estate agents.

Expert: Alternative valuations could drive up consumer costs

Sep 12, 2019 via housingwire.com While alternative valuation solutions could speed of the lending process, it could also make the mortgage a higher risk product, and drive up interest rates for consumers. Loans employing other valuation platforms will clearly have the perception of higher risk factors than traditional appraisals, one expert explained.

Trump administration to end Fannie/Freddie profit sweep

Sep 12, 2019 via housingwire.com U.S. Department of the Treasury Secretary Steven Mnuchin said the administration is currently looking to end the profit sweep of Fannie Mae and Freddie Mac. Mnuchin explained that not only is President Donald Trump trying to end the profit sweep, but it is looking to do it soon.

Real estate startup Patch Homes announces Series A funding

Sep 12, 2019 via housingwire.com Real estate startup Patch Homes has announced a $5 million Series A funding round, led by Union Square Ventures and investors Tribe Capital, Techstars Ventures, Breega Capital and Greg Schroy. Patch officially launched last year and offers homeowners cash in exchange for a share of the future appreciation on their house.

Freddie Mac: Mortgage rates tick up from last week's 3-year low

Sep 12, 2019 via housingwire.com The average U.S. rate for a 30-year fixed mortgage this week is 3.56%, rising from the three-year low of 3.49% last week, according to the Freddie Mac Primary Mortgage Market Survey. That's more than a percentage point below the year-ago rate of 4.6%, Freddie Mac said.

Treasury Secretary Mnuchin says Trump has approved reform plan for Fannie Mae and Freddie Mac

Sep 12, 2019 via cnbc.com Mnuchin appeared before the Senate Banking Committee Tuesday and refused to confirm that when asked then, but said he had since confirmed it.

Trump: Fed should 'get our interest rates down to zero or less'

Sep 12, 2019 via themortgagereports.com Mortgage rates could be headed lower after mounting pressure on the Federal Reserve to make a historic rate cut.

Teachers have it hard with housing costs, but renting is worse

Sep 12, 2019 via themortgagereports.com Housing costs are hard for teachers. Starting teachers need to spend about 47 percent of their salary to afford a median-priced rental.

California Dreamin': U.S. Home Values Are Highest Where the Weather Is Best

Sep 12, 2019 via zillow.com California markets dominate both the list of places with most pleasant days per year and the list of priciest U.S. housing markets. Additional affordable pleasant places are in the Southeast, if you don't mind some hot summers. Six of the 10 sweet spots for pleasant day weather and low home values are in the Southeast,... The post California Dreamin': U.S. Home Values Are Highest Where the Weather Is Best appeared first on Zillow Research.

Allergic to Your House? How to Prevent Indoor Allergies

Sep 11, 2019 via redfin.com The only thing worse than allergies is indoor allergies. Americans spend about 90 percent of their time indoors, where the concentration of pollutants can actually be two to five times higher than outdoors. Yikes! If you or your family have been sneezing, wheezing, or itching indoors, allergies could be to blame. Common indoor allergens such … Allergic to Your House? How to Prevent Indoor Allergies Read More >> The post Allergic to Your House? How to Prevent Indoor Allergies appeared first on Redfin Blog.

Trump tells "boneheads" at Fed to cut interest rates below 0%

Sep 11, 2019 via housingwire.com In a Twitter rant Wednesday, President Donald Trump said the Federal Reserve should cut interest rates down to zero, or lower. But the president didn't stop with expressing what he wishes the Fed would do. He also called Federal Reserve Chair Jerome Powell "naive" and the Federal Reserve members "boneheads."

Here's how many people tapped their retirement plan to buy a house

Sep 11, 2019 via cnbc.com Some prospective homeowners will do just about anything to buy their first house. Borrowing from a 401(k) plan, selling their belongings and borrowing from family are all possibilities, according to data from Bankrate.com

Fintech company Total Expert adds 3 to leadership team

Sep 11, 2019 via housingwire.com Fintech software company Total Expert is continuing to expand its leadership team. The 2018 and 2019 HW Tech 100 Winner company added three new executives to their leadership team this week.

Nextdoor raises $47 million to continue growth

Sep 11, 2019 via housingwire.com Neighborhood social network Nextdoor announced this week that it raised $47 million in new funding. Earlier this year, the company raised $123 million at a valuation of more than $2 billion. This latest injection of capital closes the company's growth round of funding at $170 million.

No 'floor' for mortgage rates: how low rates could actually go

Sep 11, 2019 via themortgagereports.com How low is too low for mortgage rates? It’s a common assumption that mortgage rates can go only so low. In other words, there’s a “floor” below which home purchase […]

Survey says: Homeownership brings happiness -- way more than renting

Sep 11, 2019 via themortgagereports.com Homeownership equals happiness. A new survey says 93 percent of homeowners say having a house makes them happier than renting did.

Weekly mortgage applications rise as buyer's market takes hold

Sep 11, 2019 via cnbc.com Homebuyers are taking advantage of lower mortgage rates and a slow summer for sellers, and that is driving mortgage applications higher. Total mortgage application volume rose 2.0 % last week compared with the previous week.

Fannie Mae provides Hurricane Dorian aftermath assistance

Sep 10, 2019 via housingwire.com Hurricane Dorian ripped its way through the Bahamas, then making its way as a Category 5 hurricane across the U.S. East Coast last week. Now, homeowners are stuck with what's left of their properties.

These lenders are dominating multifamily servicing in 2019

Sep 10, 2019 via housingwire.com The Mortgage Bankers Association released its mid-year data showing who is ahead of the pack when it comes to multifamily servicing in 2019. Here are the top five multifamily servicers for the first half of 2019.

California real estate billionaire George Marcus prepares to host Joe Biden for 2020 fundraiser

Sep 10, 2019 via cnbc.com It's a sign that the prominent Democratic donor is opening his network to the former vice president.

Fed almost certain to cut rates in September

Sep 10, 2019 via housingwire.com The Federal Reserve is expected to cut rates once again when the Federal Open Markets Committee meets in September. Federal Reserve Chair Jerome Powell responded that the Fed would act "as appropriate" in order to maintain the current economic expansion.

As mortgage rates fall into the 3s, a record 11.7 million homeowners have become refinance-eligible

Sep 10, 2019 via themortgagereports.com Mortgage rates have dropped to new lows, putting a record number of homeowners "in the money" to refinance and cut their rates by at least 0.75%, says a new report.

Mnuchin considers appealing Fannie Mae, Freddie Mac investor lawsuit to the Supreme Court

Sep 10, 2019 via cnbc.com A federal appeals court last week overturned a prior ruling that had favored the government's collection of the mortgage giants' profits.

Millennial refinances jump -- especially on conventional loans

Sep 10, 2019 via themortgagereports.com Low mortgage rates are pushing more and more Millennials to refinance. Overall refinances jumped 9 percent for Millennials in the last month.

Experts: It May Take Years for Home Building to Get Back to Historic Levels

Sep 10, 2019 via zillow.com Today's slow pace of single-family home building isn't expected to get back to historic norms until 2022 or later, according to a Zillow survey of experts. The post Experts: It May Take Years for Home Building to Get Back to Historic Levels appeared first on Zillow Research.

HousingWire opens nominations for 2019 Vanguards

Sep 9, 2019 via housingwire.com HousingWire Vanguards represent some of the top influencers in the housing space. It is one of the highest awards housing professionals can earn. And now, we are accepting nominations. Nominations open today, and close September 27, 2019.

Multifamily originations to hit all-time high in 2020

Sep 9, 2019 via housingwire.com Multifamily originations are set to hit yet another all-time high in 2019 and again in 2020, according to the Mortgage Bankers Association. This year, the MBA forecasted that commercial and multifamily mortgage bankers will close a record $562 billion in loans backed by income-producing properties this year, an increase of 14% from last year's $574 billion.

Using rapid analytics to find and keep customers

Sep 9, 2019 via housingwire.com At Black Knight, our data scientists faced the challenges of organizing vast data sets on a daily basis. In fact, we scoured the marketplace to find a tool that would help us wrangle the terabytes of mortgage and housing data we work with into useful information. Such a tool simply did not exist, but that didn't change our needs - so we built one instead. The result is our Rapid Analytics Platform (RAP) - a "virtual lab" for organizations working with big data and complex analytics specifically around housing-related assets - and which we now offer to clients.

Realogy denies merger talks with Compass

Sep 9, 2019 via housingwire.com Realogy, the biggest U.S. real estate brokerage, on Monday took the unusual step of disclosing to the Securities and Exchange Commission an internal memo sent by CEO Ryan Schneider to his employees outlining something that wasn't going to happen. "We want to be clear with you that we have never had discussions to sell or merge Realogy with Compass," Schneider told his employees.

Zillow to begin buying and selling homes in San Diego

Sep 9, 2019 via housingwire.com Zillow Offers is continuing its expansion, announcing Monday it will be buying and selling homes in San Diego. This comes after Zillow announced in August it would be buying and selling in Nashville, Cincinnati; Oklahoma City; Jacksonville, Florida; and Tucson, Arizona.

RealPage: These cities have the most Opportunity Zones

Sep 9, 2019 via housingwire.com Opportunity Zones have been the talk of the real estate investor community for the better part of the last year, but given that the program is still so new, there's still lot of unknown about Opportunity Zones. A new report from RealPage shows that the markets with the most Opportunity Zones are large cities.

Fall housing shifts quickly to a buyer's market

Sep 9, 2019 via cnbc.com Mortgage rates are around the lowest in three years, but buyers are suddenly much more cautious about purchasing a home. Competition is cooling, and consequently sellers can no longer command any price.

Waiting until spring to buy a house? You could miss out on low mortgage rates, cheaper prices say experts

Sep 9, 2019 via themortgagereports.com Many home buyers assume spring or summer is the best time to buy a house. Experts disagree. Buying in the fall of 2019 can yield huge mortgage rate and home price savings.

Homebuyers are seeing longer house hunts; here's what they plan to do about it

Sep 9, 2019 via themortgagereports.com Active homebuyers are seeing longer house hunts than they were a year ago. More than half have been searching for at least three months or longer.

Here are the best and worst US cities for retirement

Sep 6, 2019 via cnbc.com Here's a look at the top and bottom five U.S. cities in terms of retiree-friendliness, as ranked by personal finance website WalletHub.

New poll: Few Americans are looking to buy a home soon

Sep 6, 2019 via themortgagereports.com Homebuying competition should be low for the next year. Only a small fraction of adults are planning to buy a home in the coming 12 months.

Rochester, Buffalo and Hartford Least at Risk of a Housing Downturn in the Next Recession

Sep 6, 2019 via redfin.com Whether it happens this year, next year, or in 10 years, another recession is inevitable. Regardless of when it comes, it's unlikely to have a large negative impact on the real estate market. The post Rochester, Buffalo and Hartford Least at Risk of a Housing Downturn in the Next Recession 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: 275.57 (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: 118,800 (July 2019), MoM change: +7.03%, YoY change: +3.76%

Source: U.S. Census Bureau

24dash.com is now part of HomeArea.com