Rents rose 9% year over year in September—the first single-digit increase in a year and a marked slowdown from 18% growth in March. Inflation and economic uncertainty are prompting Americans to hold off on significant financial decisions like moving. The median U.S. asking rent rose 9% year over year in September to $2,002, the slowest
62% of people who plan to buy or sell a home in the next year are reluctant to relocate to a place at risk of natural disasters, extreme temperatures and/or rising sea levels. 40% of buyers and sellers say climate risk played a role in their decision to move. Still, disaster-prone areas including Florida have
A house hunter looking for a $500,000 home saw their potential total mortgage payment fall by $64,000 from July to August, and then jump by $118,000 from August to September. Seesawing mortgage rates, which have swung from nearly 6% to below 5% to above 6% in the last three months, are causing headaches for homebuyers.
Sun Belt cities including Phoenix, Tampa and Las Vegas attracted scores of house hunters during the pandemic, driving up home prices. Now their housing markets are among the fastest-cooling in the nation, giving buyers the flexibility to bow out. Nationwide, roughly 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went
The decline was roughly twice as severe in the Bay Area. High-end homebuyers are backing off as rising interest rates, inflation, a tepid stock market and economic uncertainty make it less feasible to purchase luxury goods. Sales of luxury U.S. homes fell 28.1% year over year during the three months ending Aug. 31, 2022, the
Some Americans are hesitant to sell their homes as mortgage rates soar because they have a low interest rate locked in. That’s contributing to a nearly-20% slump in new listings. Roughly six of every seven (85%) U.S. homeowners with mortgages have a mortgage interest rate far below today’s level of 6%. With rates now at
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