U.S. apartment rents dropped for the third straight month in November, easing back from this year’s record highs as leasing demand continues to weaken, according to newly released data. While still lofty compared to previous years, effective asking rents for new leases declined 0.59 percent nationally last month, marking the largest cut since the pandemic…
Tech Hubs, Desert Metros See Rents Soften in November: Report
December 7, 2022
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More Than 40 Percent of Americans Expect the Housing Market to Crash Next Year: Survey
December 7, 2022
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A lot of consumers have a very gloomy outlook about the market due to news of mass layoffs, high inflation, and rising credit card debt, according to a new survey that shows 41 percent of Americans believe the housing market will crash next year. The survey was conducted on more than 2,000 American consumers by…
Rents Fall Slightly as Apartment Demand Continues to Cool
The median rent for an apartment in the United States has dipped 2.2 percent since August, pointing to a cooling of the country’s super-heated apartment market as demand slows and vacancy rates rise. Apartment List, an online rental marketplace, observed a 1 percent decline in its national rent index in November, marking the third straight…
Big-City Offices Remain Mostly Empty Amid Remote Work
December 1, 2022
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Offices in America’s biggest cities are still less than half occupied, reflecting the impact of remote work despite an ongoing campaign by many employers to summon workers back to their desks. According to a weekly update by access control company Kastle Systems, offices across 10 cities were just 37.8 percent occupied on average as of…
Mortgage Demand Drops as Potential Buyers Ignore Falling Rates and Stay on Sidelines
November 30, 2022
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U.S. mortgage applications tumbled as potential buyers across the country ignored falling borrowing rates and stayed on the sideline due to still-high home prices. Applications for mortgage loans decreased 0.8 percent from a week earlier, according to data from the Mortgage Bankers Association (MBA) for the week ended Nov. 25, 2022, with an adjustment for the…
Proposed Tax Credit Bill Would Spur Creation of 500,000 Affordable Homes: Nonprofit
A coalition of nonprofits, industry trade groups, and state housing agencies is calling on Congress to pass a federal tax credit that would support the creation of 500,000 starter homes in low-income areas. In a letter (pdf) to U.S. House and Senate leaders dated Nov. 28, the nonprofit Neighborhood Homes Coalition urged lawmakers to pass the Neighborhood…
House Prices Fell in September in All 20 US Cities Tracked by S&P Global
November 29, 2022
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Home prices in 20 major cities across the United States fell in September, according to data from S&P Dow Jones Indices, indicating a deceleration in the housing market. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index fell by 1 percent on a monthly basis in September (before seasonal adjustment), with the 10-City composite…
Homeowners Should Brace for Property Price Drop: Data, Experts
Real estate prices have declined over the past several months, but there could be much more to come, data and some experts indicate. The median home price has dropped by about 7 percent since its peak in June. It is still up by about 6 percent since October last year and more than 35 percent…
Mortgage Rates Drop to 2-Month Low Sending Demand Up
November 23, 2022
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U.S. mortgage rates declined for a second straight week, hitting a two-month low while mortgage applications increased 2.2 percent for the week ending Nov. 18 from a week earlier, according to an industry association, reflecting a slight improvement in the constrained housing market. “The 30-year fixed-rate mortgage fell for the second week in a row…
Gen Z and Younger Millennials Shelve Home Ownership
Maria Thomas and Tabor Loynd are among the millions of young Americans who question if they will ever be able to buy a home. Thomas, 29, is currently renting an apartment in the Bronx, New York, and Loynd, 23, lives in Yarmouth, Cape Cod, Massachusetts. Both are working full-time jobs and trying to save as…
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