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The Federal Housing Finance Agency on Nov. 30 announced that the conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2022 will be $647,200 for single-family homes and increase to $970,800 for homes in higher-cost areas. Loan limits are adjusted annually to reflect changes in the average U.S. home price.
After a year of dramatic rent growth, November data indicates that seasonal patterns and rent growth might begin to normalize, Zumper reported Nov. 22 in its National Rent Report. West Coast cities, which saw rents drop significantly amid the coronavirus pandemic, reported dramatic rebounds. A one-bedroom apartment in San Francisco averages $2,800, second only to New York City at $3,180.
The housing market momentum is expected to continue through the winter, making the season’s sales activity unusually hot, the National Association of Realtors reported Nov. 24. Cold-weather home sales are expected to be higher than they’ve been since 2006, aided by a low inventory of available houses and the fast pace at which properties are selling.
Sales of existing homes rose 0.8% between September and October, marking two consecutive months of growth, the National Association of Realtors reported Nov. 22. The sales prices of existing homes in October increased 13.1% year-over-year to a median of $353,900.
More than 60% of homebuyers said they didn’t consider climate change an important factor when purchasing their property, according to a survey from PropertyNest, Mortgage Professional America reported Nov. 24. Of that group, 33% said the thought didn’t occur to them, while 19% said they didn’t see how the issue related to a home purchase.
The Appraisal Institute regrets the passing of the following Designated Members, as reported to the organization in November.
The Department of Veterans Affairs announced Nov. 19 that it will raise appraisal fees and extend turnaround times in certain markets in response to “unprecedented demand,” HousingWire reported. The fee increases, which take effect Dec. 1, will vary by state and county; for example, $25 in Minnesota and $400 in select parts of California.
The multifamily sector was strong during the third quarter, with growing demand and low vacancy rates pushing rents 13.9% higher than at the same point a year ago, according to a report from Walker & Dunlop, Benzinga reported Nov. 24. New completions are 20% below the average pace of the past four years, and new construction costs are up 11%.
Despite fears of inflation and supply chain disruptions, retail demand in October was strong, which bodes well for retail real estate, Marcus & Millichap reported Nov. 22. Brick and mortar sales were 9.3% higher than at the same point a year ago and 13.8% higher than pre-COVID levels, which indicates growing demand for retail properties.
Home prices reached a record high of $359,975 in November, up 14% from the same point a year ago and the largest increase in two months, Redfin reported Nov. 24. The surge is primarily attributed to consumers viewing a home purchase as a hedge against inflation and rising rents.
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