Realtor News

Aug. report: Rental prices hit double-digit growth for the first time in two years and grew three times faster than in March 2020, prior to the pandemic. Over half of the 50 largest metros reported rents with double-digit gains over last year, including Tampa, Miami and Orlando.

Freddie Mac: It’s down from 2.88% last week and close to the 2.87% the 30-year FRM was at this time last year. The 15-year FRM now stands at 2.11%.

Redfin analysis: In Aug., about 59% of offers on homes written by Redfin agents faced competition, a record low for this year and the lowest level since 2020.

COVID-19’s impact on bed-and breakfasts has prompted some to close, with revenues in 2020 down 43.7% from 2019. But some are being purchased to use as personal homes.

Between now and Oct. 17, most markets across the country will have more homes for sale, lower prices and less buyer competition, according to Realtor.com data.

NAR report: 60% of millennials who aren’t homeowners say student loan debt is delaying their ability to buy a home; 51% of all student loan holders say the same. And 36% of student loan debt holders say student loan debt delayed their decision to move out of a family member’s home.

Survey: Second homes account for 5.4M U.S. housing units. Miami ranks in the top 5 most popular big cities for second homes; Miami Beach is No. 1 for small cities.

CoreLogic: That’s the biggest 12-month gain since the series began 45 years ago. On a month-over-month basis, home prices increased by 1.8% in July from June.

Black Knight: As a result of rising home values, the average homeowner could refinance their mortgage and withdraw $173,000, while keeping 20% equity in their home.

The percentage of built-for-rent land sales is predicted to double or triple in the next few years; in Fla., demand is rising in St. Cloud, Pensacola and Port Charlotte.

Experts say Ida will drive up rates for reinsurance, which is what insurance firms must buy to guarantee they can pay all claims after a disaster. That’s the pipeline that Hurricane Ida’s higher costs will travel to be passed on to Fla. insurance policyholders.

ATTOM: About 1.5M to 2M homeowners are already in some kind of forbearance, and the CFPB has now paved the way for proceedings to begin on vacant homes.

Such cities tend to be medium-sized metros, often near college towns. Riverview, Fla. was in the top 10 most competitive cities for homebuyers in July, says Redfin.

Survey: 30% of buyers said they paid more than expected on their home due to competition; of those who paid more, 32% said it was $52K or more over the asking price.

NAR: Over 50% of real estate clients are interested in sustainability; one-third of agents helped a client buy or sell a property with green features this past year.

Lending Tree: 88% of 2,500 consumers polled said they’d rather own a home than rent; but 48% of renters fear they’ll never be able to buy.

Foreclosure listings will likely only come from owners in trouble before the pandemic because the amount of equity owners can access has risen 40% year-to-year. Of U.S. homeowners in forbearance, 98% have at least 10% home equity; during the Great Recession it was only 40%.

Atlanta Fed: The affordability index hit 92.2 – and any number below 100 means housing is generally unaffordable. If interest rates rise, that number will probably go lower.

NAR ranked five Gulf and Atlantic coastal cities in Fla. as strongest in the U.S. based on all commercial market segments and a range of indicators.

Last month, one in three S. Fla. homes listed for sale on realtor.com was considered small – between 750 and 1,750 square feet – for a 9.1% year-to-year increase.