Fifty-one percent of homes sold in July were on the market for less than a month, according to the National Association of REALTORS®’ existing-home sales report, released Thursday.Properties typically stayed on the market for 30 days in July, down from 36 days a year ago.“Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pr
Half of the 20 hottest housing markets in August were located in California. Vallejo, Calif., held on to its top spot in realtor.com®’s “hot list” this month. Realtor.com® ranks the top 20 medium-to-large metro markets where homes are selling the fastest and where buyers are searching the most on realtor.com®.Detroit also made a comeback on realtor.com®’s list this month, entering the top five for the first time since October 2013. Ne
The prices of newly built homes are rapidly rising, which may have caused the plunge in new-home sales last month, CNBC reports. Sales of newly built single-family homes tumbled 9.4 percent month over month in July to a seasonally adjusted annual rate of 571,000 units, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported Wednesday. This is the lowest reading for new-home sales since December 2016.The media
Upper-level living rooms are becoming a sought-after space among homeowners, The Wall Street Journal reports. Homeowners are finding these second-floor lounges can be cozier spaces than living areas on the first floor—and can offer more privacy, too.Upper-level living rooms—sometimes labeled “pajama lounges”—are usually located right off bedrooms. They may include comfy sofas, a kitchenette, a television, and even a nook to work from.
A string of thefts in Wisconsin is serving as an important reminder for real estate pros to stay on guard during open houses.Wisconsin brokerages are warning their agents about three cases of thefts at open houses and a private showing in Middleton. The suspect allegedly stole laptops and other valuables during the showings.Charlie Wills, a real estate pro with First Weber Realty, told ABC News 18 in Eau Claire, Wis., that his brokerage is rele
Take note, property management professionals: There’s a growing trend among renters who are increasingly amenity-driven, especially if those amenities make residences feel like true homes, according to a report released by Village Green, one of the nation’s largest apartment property management firms.Village Green’s National Renters Index includes data from 1,000 renters of residential properties located in Atlanta, Chicago, Dallas, Detroi
The federal government is expanding its effort to catch people and organizations that use all-cash purchases of high-end real estate to launder money. Under the expansion, Honolulu will join several other areas in which title agents are required to report purchaser information for specific transactions. The expansion also adds certain wire transfers to the list of reportable real estate transactions, specifically to help the government identify i
The interest rate for jumbo loans—those greater than $421,100—dropped five basis points last week, averaging 3.99 percent for the week. That is now 13 basis points lower than the conforming rate, which is the largest spread between jumbo rates and the conforming rate since March 2016, according to the Mortgage Bankers Association."A strong appetite for jumbo loans and a highly competitive jumbo market has led to increased availability and lo
The Federal Housing Finance Agency announced that it is extending HARP, a popular government refinancing program, through Dec. 31, 2018. The Home Affordable Refinance Program was to expire on Sept. 30. While the FHFA has once again extended the deadline by another 15 months, this time it plans to introduce a new loan program to eventually take HARP's place.HARP, which was introduced during the housing crisis, helps homeowners refinance their mor
Renters are more likely to experience a burglary than homeowners, according to data from the Bureau of Justice Statistics. Apartment buildings with two to four units are the most at risk of theft.“This is probably because plenty of people come and go from apartment complexes daily, while homes only have a few family members who enter or leave,” according to ADT, a security firm, which recently analyzed data on burglary risks across the countr
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