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Buyers have had it rough, but some experts think 2024 will see improvement in mortgage rates, home prices and availability of both new and existing homes for sale.
Census Bureau: Weakness in multifamily starts pushed overall housing starts down 14.8% in January. Single-family building permits rose 1.6%; multifamily dropped 7.9%.
NAR: Despite gains, racial minorities still faced disparities. Black homeownership lagged at 44.1%; rates for Asian (66.3%) and Hispanic Americans (51.1%) were records.
The U.S. office vacancy rate ended 2023 at a record high of 19.6%, partially due to remote work from the pandemic solidifying for many workplaces and occupations.
As home affordability continues to challenge buyers, builders are now testing the market for smaller, more affordable starter homes – some just 400 square feet.
For 25 years now, NAR has honored Realtors who strengthen their communities through their volunteer service. Five winners receive $10K grants for their cause.
Attom: Home sellers made a $121K profit on the typical sale in 2023, generating a 56.5% ROI. While still near record levels, it was the 1st decline in over a decade.
Panhandle residents with housing issues caused by the Jan. 9 severe weather are urged to apply for the RRF grant money to help their recovery efforts.
The popular program should resume taking applications on July 1, but it may be more difficult to secure the home hardening grants of up to $10,000.
Farm owners in Polk and Putnam counties have signed deals worth nearly $9M with the Dept. of Agriculture to restrict future residential and commercial development.
Some data shows that global real estate funds operated by private-equity firms held $544B in cash at the end of 2Q 2023, up from $457B at the end of 2Q 2022.
Real estate pros should be aware of indications that a client may not be ready to become a homebuyer, such as an unwillingness to seek mortgage preapproval.
Regulators OK’d a plan for insurer Condo Owners Reciprocal Exchange to assume up to 400 “commercial residential” policies - that cover condo buildings - from Citizens.
Developers in S. Florida and elsewhere are adding annexes to new construction, which let relatives like elderly parents have their own space in the same house.
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