That outpaced a 41% drop in overall home purchases. Investors retreated as rising interest rates and falling home values shrank potential profits. Still, investors bought up 18% of homes that sold. That’s down from a peak of 20% a year earlier but is higher than pre-pandemic levels. Investors gravitated toward low-priced homes and condos; starter
Pandemic boomtowns and pricey coastal markets are seeing historic home-price declines. Nationwide, the median home sale price dropped nearly $18,000 from a year earlier in April as elevated mortgage rates dampened homebuyer demand. The median U.S. home sale price fell 4.1% ($17,603) year over year in April to $408,031. That’s the biggest drop on record
Buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston. The largest homeownership premium is in the Bay Area, where it’s twice as expensive to buy than rent. Nationwide, the typical home costs an estimated 25% more per month to own than rent. A drop in mortgage rates would cause the homeownership premium
A rise in new rentals hitting the market coincided with a slowdown in tenant demand, causing rent growth to cool for the 11th-straight month. The Sun Belt saw the biggest declines, allowing some renters to sign leases at more affordable rates than a year ago. The median U.S. asking rent rose 0.3% year over year
Homebuyers and sellers are unlikely to face another large mortgage rate jump after the Federal Reserve indicated it intends to pause interest rate increases following a year of aggressive hikes. Elevated mortgage rates are prompting many homeowners to stay put, resulting in bidding wars as buyers compete for a small pool of homes. But buyers
Some homebuyers in pandemic boomtowns and expensive coastal markets have lower monthly housing costs than they would have a year ago. That’s because home prices have come down enough to offset rising mortgage rates in many of those places. Nationwide, just 7% of for-sale homes cost less than a year ago. One-quarter of homes for
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