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

Want to get cash out of your home? Here's what to look out for

Aug 22, 2019 via cnbc.com Is taking out a home equity loan a good idea or should you refinance your house? Top advisor Ric Edelman lays out the pros and cons.

Here are the top destinations for movers in the U.S.

Aug 22, 2019 via housingwire.com While most people who move tend to stay relatively close to where they were before, that doesn't mean that others aren't willing to pack up and move to a whole new city or state. New data from Realtor.com shows that the typical homebuyer may only move up to 15 miles away from home, but others are attracted to metros that offer housing affordability, strong employment and other factors.

Self-fulfilling prophecy? One expert says fear of a recession could lead to one

Aug 22, 2019 via housingwire.com Increasing anxieties over a recession could be the cause of the next recession, according to Analyticom President Dan Geller, developer of the theory of money anxiety. Geller's theory explains that an increase in money anxiety can lower consumer confidence and cause a recession by reducing consumer consumption by just 5%.

Here are the 25 costliest places to live in the U.S.

Aug 22, 2019 via housingwire.com In some markets, you can get a lot for your money. In others, well, it's the opposite. Here are the 25 housing markets where buyers have to pay the largest percentage of their income to afford a house.

LeaseLock hires new CRO to lead its next phase of growth

Aug 22, 2019 via housingwire.com LeaseLock recently hired Ed Wolff as the company's new chief revenue officer. In his new role as CRO, Wolff will help lead all of LeasLock's enterprise sales, account management and marketing functions. Reichen Kuhl, founder and CEO of LeaseLock, said Wolff's vast experience uniquely positions him to accelerate the company's overall growth.

The inverted yield curve is doing something weird to mortgage rates

Aug 22, 2019 via cnbc.com It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.

Multifamily borrowing surges 10% in Q2

Aug 22, 2019 via housingwire.com Mortgage originations in commercial and multifamily surged 10% annually in the second quarter, according to the Mortgage Banker Association. Not only did multifamily and commercial originations increase from the previous year, they also rose by 29% from the first quarter of 2019.

Freddie Mac: Mortgage rates hit another 3-year low

Aug 22, 2019 via housingwire.com This week, the average U.S. rate for a 30-year fixed mortgage fell to another three-year low, averaging 3.55%, according to the latest Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said the drop continues to stimulate the real estate market and the economy as lower mortgage rates shore up home sales and provide support to homeowners' balance sheets.

Toll Brothers, the bell that tolls for luxury market

Aug 22, 2019 via housingwire.com Toll Brothers, the largest U.S. luxury homebuilder, reported purchase agreements fell 3% nationally in the third quarter from a year earlier, and in California, where some of its priciest developments are located, contracts plummeted 36%. Toll's average home price was $882,648 in the quarter, the company said.

HOAs and Condo Inspections: What Buyers Need to Know

Aug 22, 2019 via redfin.com If you are considering buying a unit in a condominium building, you may be wondering what kind of inspection you should conduct. Here's what you need to know before buying and inspecting a condo. The post HOAs and Condo Inspections: What Buyers Need to Know appeared first on Redfin Blog.

Homebuying trends: Generation Z is off to a slow and steady start

Aug 22, 2019 via themortgagereports.com The number of Generation Z members holding a mortgage is up 112 percent over the last year. The group accounted for 2 percent of mortgages.

Mortgage prepayments jump 58% as refinancings surge

Aug 21, 2019 via housingwire.com Mortgage prepayments jumped 58% in July from a year ago as cheap rates drove refinancings, according to Black Knight. The prepay volume was up 26% from the prior month. The lowest mortgage rates in almost three years drove more Americans to refinance home loans. The average U.S. rate for a 30-year fixed mortgage fell to 3.6% in the first two weeks of August, the lowest level since November 2016, according to Freddie Mac.

Drought-Resistant Terms Doubled in California, Arizona Listing Descriptions

Aug 21, 2019 via zillow.com Mentions of drought-resistant features in home listing descriptions roughly doubled in California and Arizona during the recent drought, and have yet to return to pre-drought levels. The post Drought-Resistant Terms Doubled in California, Arizona Listing Descriptions appeared first on Zillow Research.

Southwest sees fastest single-family rent increase

Aug 21, 2019 via housingwire.com Last month, we reported that Phoenix led the nation in multifamily rent growth. Now, according to a recent report from CoreLogic, single-family homes are following suit as rent prices are increasing the fastest in the Southwest. Phoenix had the highest year-over-year rent growth for the seventh consecutive month this June, with an increase of 7.1%.

Airbnb takes over 20% of housing in Arizona housing

Aug 21, 2019 via housingwire.com Airbnb vacation rentals took over one city in Arizona, frustrating its citizens and causing business leaders to speak out. It is now estimated that about 1,000 homes, or 20% of the city's total housing inventory, are being used as short-term vacation rentals.

Airbnb takes over 20% of housing in one Arizona city

Aug 21, 2019 via housingwire.com Airbnb vacation rentals took over one city in Arizona, frustrating its citizens and causing business leaders to speak out. It is now estimated that about 1,000 homes, or 20% of the city's total housing inventory, are being used as short-term vacation rentals.

Fed minutes show more rate cuts likely through 2020

Aug 21, 2019 via housingwire.com The Federal Reserve released the minutes Wednesday from its July Federal Open Markets Committee meeting, showing that more rate cuts are likely through the end of 2020. But one expert points out the decision was not without its opponents. In fact, the Fed minutes reveal a sharp division between some committee members on the rate cut decision.

New architects' report shows how the trade war is hitting commercial real estate

Aug 21, 2019 via cnbc.com A key indicator for the commercial real estate market is showing signs of weakness, and uncertainty in the economy over the trade war and interest rates may be to blame.

Low mortgage rates spur gain in July's existing home sales

Aug 21, 2019 via housingwire.com Existing-home sales rose in July from the prior month, increasing nearly 2.5%, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said falling mortgage rates are improving housing affordability and nudging buyers into the market. However, Yun warns that the supply of affordable housing is severely low, and the shortage of lower-priced homes have pushed up home prices.

July Existing Home Sales: Far From Stellar

Aug 21, 2019 via zillow.com Despite today's win, sales are falling short of the stellar performance you'd expect from a market with enticing mortgage rates and strong employment. The post July Existing Home Sales: Far From Stellar appeared first on Zillow Research.

Where vacation home investors can reign supreme

Aug 21, 2019 via themortgagereports.com Forget beach towns and ski lodges. Real estate investors looking to cash in on a vacation home rental should apparently look to Tennessee.

Mortgage demand falls as interest rates flatten

Aug 21, 2019 via cnbc.com After a rush on refinances, homeowners took a breather last week, despite still seeing the lowest interest rates in about three years.

Douglas Elliman launches in Texas

Aug 20, 2019 via housingwire.com Douglas Elliman Real Estate, the top brokerage in the New York metro area, is expanding into Texas. On Tuesday, the brokerage announced a joint venture with Sudhoff, a company based in Houston that specializes in luxury high-rise condominiums. Jacob Sudhoff, president of Sudhoff, was named chief executive officer of Douglas Elliman, Texas.

Fitch: No clear LIBOR transition for U.S. lenders

Aug 20, 2019 via housingwire.com The London Interbank Offered Rate is set to expire at the end of this 2021, and U.S. lenders are still unclear on what short-term interest rate benchmark they will transition to. The LIBOR transition could present logistical challenges especially for legacy transactions that represent a significant portion of outstanding issuance.

Forecasts for Existing and New Home Sales (July 2019)

Aug 20, 2019 via zillow.com With the busy spring shopping season come and gone, it's unlikely that we'll see a sharp increase in existing home sales volume. The post Forecasts for Existing and New Home Sales (July 2019) appeared first on Zillow Research.

Zillow expands its coverage in Canada

Aug 20, 2019 via housingwire.com Zillow was founded in the U.S. in 2006, and began expanding into Canada just last summer. And now, Zillow is partnering with more than 250 Canadian brokerages and franchisors to expand the Canadian real estate listings on its site.

Trump tells Fed to cut rates by 100 basis points

Aug 20, 2019 via housingwire.com President Donald Trump called on the Federal Reserve to reduce the federal funds rate by 100 basis points, saying it is purposefully keeping the economy low for the 2020 election. This is not the first time Trump has shared his opinions of the Fed's actions and criticized Federal Reserve Chair Jerome Powell for his leadership, but it is the most specific the president has gotten with what he wants to see.

A Buried Oil Tank Can Be a Money Pit: Here's What to Look Out For

Aug 20, 2019 via redfin.com Here's how to spot a home that might have a buried oil tank, and a few tips on how to protect yourself from costly cleanup fees if oil from the tank were to leak or if oil contamination is found on your property. The post A Buried Oil Tank Can Be a Money Pit: Here's What to Look Out For appeared first on Redfin Blog.

Neighbor is out to disrupt self-storage: It's like Airbnb for your stuff

Aug 20, 2019 via cnbc.com Got extra stuff? Got extra space? A new company is ready to make a match. Neighbor is a barely two-year-old company that connects homeowners online with people who need storage space.

Mortgage rates so low that nearly 10 million homeowners could save $267 per month by refinancing

Aug 20, 2019 via themortgagereports.com Refinance rates are so low that nearly 10 million people, conservatively, can save hundreds per month. Are you among those who could save?

5 things to know before the stock market opens Tuesday

Aug 20, 2019 via cnbc.com Dow set to drop; White House denies payroll tax cut report; China tweaks interest rates; Home Depot worries about trade war; Beyond Meat gets an upgrade

New homes see price decline, though inventory remains low

Aug 20, 2019 via themortgagereports.com If you're looking to buy a new construction home, then you're in luck. According to new data, prices are down on new homes.

In Detroit, a Family Needs to Earn $27,000 to Afford the Typical Home. In San Francisco, It's More Than $265,000.

Aug 20, 2019 via redfin.com In San Francisco, a family needs to earn more than $265,000 to afford a median-priced home. See how other metros stack up. The post In Detroit, a Family Needs to Earn $27,000 to Afford the Typical Home. In San Francisco, It's More Than $265,000. appeared first on Redfin Blog.

This unusual strategy could be the 'sweet spot' for investors in a wild market

Aug 20, 2019 via cnbc.com An exchange-traded fund based in mortgage-backed securities may provide just the kind of stable income investors need in this market, says ETF.com's Dave Nadig.

Citi enters non-qualified mortgage market

Aug 19, 2019 via housingwire.com Citigroup Global Markets Realty is entering the non-qualified mortgage space by issuing its first non-mortgage backed security.

MBA lowers rate forecast and boosts lending outlook

Aug 19, 2019 via housingwire.com Mortgage Bankers Association issued a new forecast that predicts the U.S. rate for a 30-year fixed mortgage will average 3.7% in the third and fourth quarters of 2019, down from the 3.9% the group predicted for the same periods a month ago. Lower mortgage rates will boost loan originations 15% compared to last year, according to the forecast issued on Friday.

CFPB offers financial relief to harmed veterans

Aug 19, 2019 via housingwire.com In a proposed settlement with several lenders allegedly offering high-interest credit to veterans, the Consumer Financial Protection Bureau offered redress to harmed veterans and consumers. The CFPB and the Office of the Arkansas Attorney General filed a proposed settlement with Andrew Gamber, Voyager Financial and SoBell. The lenders are accused of brokering contracts offering high-interest credit to veterans, many of whom are disabled, and other consumers.

These are the housing market's most expensive small towns

Aug 19, 2019 via housingwire.com While housing affordability has fallen across the board, reports often suggest that metropolitan cities are experiencing the most dramatic declines. However, a report from LendingTree indicates that homeowners living in America's small towns are also feeling the burn. According to the company, Vineyard Haven, Massachusetts; Summit Park, Utah and Breckenridge, Colorado are the now the nation's most expensive towns.

Zillow begins buying and selling houses in South Florida

Aug 19, 2019 via housingwire.com Zillow is expanding its direct buying program again, announcing Monday that it is now buying and selling houses in the South Florida area. Starting Monday, Zillow Offers is going to be live in Miami, Ft. Lauderdale, and the surrounding area, the company announced.

Here is How Many Posts it Takes an Influencer with 1 Million Instagram Followers to Buy a Home

Aug 19, 2019 via redfin.com Typically earning $10,000 per post, influencers (even dogs!) with a million followers can buy a home sooner than most people if they command a serious social following. Here's how many posts it takes. The post Here is How Many Posts it Takes an Influencer with 1 Million Instagram Followers to Buy a Home appeared first on Redfin Blog.

Arlington and Alexandria are the Nation's Most Competitive Housing Markets

Aug 19, 2019 via redfin.com According to the latest national housing market data from Redfin, the most competitive cities in the country are the two cities closest to Amazon HQ2 in Virginia: Alexandria and Arlington. The post Arlington and Alexandria are the Nation's Most Competitive Housing Markets appeared first on Redfin Blog.

With mortgage rates this low, is late-2019 a good time to buy a house?

Aug 19, 2019 via themortgagereports.com Mortgage rates are running about 2% below levels that experts expected. In that light, is late-2019 a good time to buy a home?

Keller Williams partners with Offerpad, merging iBuyer and brokerage options

Aug 19, 2019 via themortgagereports.com Keller Williams and Offerpad have partnered up. The brokerage's real estate agents can now give home sellers cash-offer options.

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."

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.

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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