U.S. single-family homebuilding fell sharply in January amid disruptions from snowstorms and freezing temperatures, with a rebound likely to be limited by higher costs from tariffs on imports and elevated mortgage rates.The report from the Commerce Department on Wednesday mirrored similar weather distortions that impacted retail sales and job growth last month, and suggested that economic activity slowed early in the first quarter. Part of the de
Existing-home sales fell last month as home prices continued to march upwards. Read more about the state of the market heading into spring in NAR’s latest housing report.Rising home prices and elevated mortgage rates appear to be making prospective home buyers skittish. Existing-home sales—which account for completed transactions for single-family homes, townhomes, condos and co-ops—fell nearly 5% in January compared to the previous month,
U.S. consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed as households feared it may be too late to avoid the negative effects on their purchasing power from President Donald Trump's threatened tariffs.The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index dropped to 67.8 from January's final reading of 71.1, which was also the consensus expectation amon
The Green Street Commercial Property Price Index was essentially unchanged in January, the Newport Beach, CA-based analytics and advisory firm said. Over the past 12 months, the all-property index has increased 4.5% but remains 18% off its most recent peak in 2022.“Property prices were unchanged for a second month,” said Peter Rothemund, co-head of strategic research at Green Street. “Looking forward, we don’t exp
The Fontana City Council held a special presentation about housing funds and homelessness assistance during its Jan. 28 meeting. Fontana Housing Development Manager Valerie Gonzales detailed the statistics and figures with the council and said the current grant total is $14,902,041.“The Fontana housing department is dedicated to supporting housing programs for low and moderate-income families and seniors by managing various grants and collabora
Home prices finished 2024 strong, NAR data shows. But in the last five years alone, median home prices have jumped 50%.Property owners are getting richer as home prices prove resilient against lower home sales. Nearly 90% of metro areas registered home price increases in the final quarter of 2024, according to the latest housing data from the National Association of REALTORS®. Fourteen percent of the 226 metros NAR tracks posted double-digit
U.S. construction spending increased more than expected in December, boosted by single-family homebuilding, but high mortgage rates could curb further gains in new residential construction.The Commerce Department's Census Bureau said on Monday that construction rose 0.5% after an upwardly revised 0.2% increase in November. Economists polled by Reuters had forecast construction spending would advance 0.2% after being previously reported as unchang
Single-family rentals (SFR) are fueling rent growth across the country as homeownership remains challenging due to significant upfront costs and unpredictable mortgage rates.The asking rent for a typical single-family home was $2,174 in December, according to Zillow data. That’s up 4.4% from last year and 40.6% over the past five years. By comparison, multifamily rents grew just 2.4% from last year and 26.2% over the past five years, according
Every major capital source for commercial mortgage debt increased its holdings of mortgages during the third quarter of 2024.The level of commercial/multifamily mortgage debt outstanding increased by $47.7 billion (1.0 percent) in the third quarter of 2024, according to the Mortgage Bankers Association’s latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, released recently.Total commercial/multifamily mortgage debt outstan
Apartment market conditions declined in the National Multifamily Housing Council’s (NMHC’s) most recent Quarterly Survey of Apartment Market Conditions, released Tuesday. All four indices – Market Tightness (40), Sales Volume (41), Equity Financing (48) and Debt Financing (32) – came in below the breakeven level of 50, signaling less favorable conditions this quarter. “Census data show that more apartments were delivere
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