Homeowners and buyers are in for a surprise. Prices for new homes and renovations are set to rise. Why? Tariffs on imported goods from Canada, Mexico, and China are driving up the cost of building materials. This isn't just about lumber. It's about everything from appliances to steel. The National Association of Home Builders predicts that the cost of building a sin...
The housing market faced a tough start in January. Sales of previously owned homes dropped by 4. 9% from December. This means fewer people were buying homes than the month before. The main reasons? High mortgage rates and rising prices. Even though there were more homes available, many people couldn't afford to buy. The good news is that sales were up by 2% ...
Texas has seen a massive population growth in recent years. More than two million people have moved to the state since 2020. In 2024 alone, nearly 563, 000 people made the move to the Lone Star State. Texas now has a population of 31. 29 million people. This population explosion is due to many factors. Affordable housing, a strong economy, and a pleasant climate a...
Bank of America has given D. R. Horton a reality check, downgrading its stock from "buy" to "neutral. " Analyst Rafe Jadrosich now expects the homebuilder to face tough times ahead, with a target price of $150 per share, just a 5% increase from its current value. High interest rates and rising input costs are putting a damper on housing demand and squeezing D. R. Hor...
Last year, Americans bought the fewest homes in nearly 30 years. It's not because people don't want to buy homes; it's because many can't afford to. High housing prices, not enough homes for sale, and rising mortgage rates are making it very hard, especially for first-time buyers. Experts say these issues might not improve soon. The U. S. hasn't been building enough...
In 2024, American home sales hit a new low, falling to numbers not seen since 1995. The reason? Sky-high home prices and high mortgage rates are making it tough for people to buy homes. Previously owned homes, which make up most of the market, saw a total of only 4. 06 million sales last year. That's a real drop! Interest rates on 30-year fixed mortgages peaked at 7...
Ever felt like housing is becoming way too expensive? You're right, and it's not just because of the pandemic. The truth is, it's more about how much land costs these days. Prices have gone up even faster than housing costs, making land about 40% of what we pay for a home. In big cities like San Jose and Los Angeles, land prices take up nearly three-quarters of the p...
LA's rental market is seeing a sudden boost in prices due to the recent fires devastating homes. For instance, a furnished Bel Air home's listed price jumped from $15, 900 to $29, 500 per month in just a few months. Real estate agent Fiora Aston mentioned dozens of displaced families contacting her, implying that there's a desperate need for housing. Such cases sugge...
As 2024 draws to a close, mortgage rates are on the rise again. The average 30-year fixed-rate mortgage is now just below 7%, the highest it's been in six months. This increase comes despite the Federal Reserve's recent rate cut. The central bank, however, is less optimistic about further cuts this year due to persistent inflation and a strong job market. Mortgage ra...
As we wrap up 2024, the housing market has seen a growth in supply, but there's a catch. Many homes have been on the market for quite a while without finding buyers, a trend not seen since 2019. In November 2024, active listings were up by 12. 1% compared to the same month in 2023, hitting the highest level since 2020, according to a report by Redfin. Over half of th...