ano - Appraiser News Online

May 31, 2023

Hotel Sector to Have Better Year Than Initially Forecast, CBRE Reveals

The outlook for the hotel sector has been upgraded as revenue per available room is forecast to rise 6% year-over-year to $97.89, an increase of 43 cents from the previous forecast, according to CBRE, MBA NewsLink reported May 26. The greatest RevPAR growth was seen during the first quarter; growth is expected to slowly decelerate throughout the year, ending at around 2% to 3%.

May 31, 2023

New Home Sales Tick Up, Other Economic News Mixed, Fannie Mae Analysis Shows

The sales of new single-family homes rose 4.1% in April to a seasonally adjusted annual rate of 683,000, marking the first annual gain in new home sales since February 2022, according to Census Bureau data, Fannie Mae reported May 25. As for additional interest rate hikes, minutes from the May Federal Open Market Committee meeting showed officials are still divided over further policies to combat inflation.

May 31, 2023

Top 20 Housing Markets in the US are in Northeast and Midwest: Realtor.com

Concord, New Hampshire, topped the list of the nation’s hottest housing markets — its second time atop the list, Realtor.com reported May 23. The 20 hottest housing markets are spread across 11 states, with Connecticut and Massachusetts both landing three metros on the list. No metros in the South or West made the list.

May 31, 2023

Zombie Foreclosures Still Historically Low, but More Anticipated, ATTOM Reports 

Approximately 1.3 million homes are vacant as a growing number of properties enter foreclosure, ATTOM reported May 25. Currently, 8,752 homes are classified as zombie foreclosures (those abandoned by owners), a 7.5% increase from the first quarter and up 15.6% from the same point a year ago. Despite increasing for five consecutive quarters, the overall number of zombie foreclosures remains historically low. 

May 31, 2023

All Major Property Types Post Annual Declines: RCA Index

In April, all major property types posted annual declines — the first time that’s happened in a single month since September 2010, according to the RCA CPPI National All-Property Index, GlobeSt.com reported May 30. The apartment sector saw the largest monthly and annual declines among major property types, down 1.5% and 12.1%, respectively.

May 31, 2023

Home Values Decline in April, Redfin Reports

The median home price fell 4.1% year-over-year in April to $408,031, reflecting a loss of $17,603, the largest drop in dollar value on record, Redfin reported May 22. Pandemic boomtowns experienced the steepest declines, especially Oakland, California, where home values dropped 16.1% from the same point a year ago, and Austin, Texas, where prices dropped 15.3%.

May 31, 2023

Economic Uncertainty Remains High for Commercial Real Estate: JPMorgan Chase  

Commercial real estate will face increased uncertainty for the rest of the year, according to JPMorgan Chase’s Midyear Commercial Real Estate Outlook, MBA NewsLink reported May 24. While most sectors have been resilient the first half of the year, questions loom about the office sector and rising interest rates, which have increased 10 times between March 2022 and May 2023.

May 31, 2023

Investor Interest in Homes Endures: Realtor.com

Investor interest in residential properties remained strong in 2022, with the share of investment home purchases up 0.4 percentage points year-over-year in December, Realtor.com reported May 25 in its Spring 2023 Investor report. The Midwest and South experienced the greatest share of investor activity.

May 31, 2023

US Only Has 4 Metros Where Buying a Home is Cheaper Than Renting: Redfin

Detroit, Philadelphia, Cleveland and Houston are the only U.S. metros where it’s more affordable to buy a home than to rent one, Redfin reported May 19. In the most populous metros, the typical home costs an average 25% more to purchase than to rent.

May 31, 2023

Louisiana Properties at Greatest Risk of Natural Disasters: CoreLogic Analysis

Properties in the Louisiana parishes of Plaquemines and Jefferson are at the greatest risk of natural disasters such as hurricanes and floods, according to CoreLogic, GlobeSt.com reported May 25. Rounding out the top five riskiest areas: Monroe, Florida; McMullen, Texas; and Orleans, Louisiana.

May 31, 2023

Mortgage Rates Increase Despite Economic Uncertainties: Freddie Mac Survey

Mortgage rates rose during the past week as the economy showed resilience as the debt ceiling deadline looms, Freddie Mac reported May 25 in its Primary Mortgage Market Survey. Affordability remains a problem for potential homebuyers, and high rates are keeping current homeowners from listing their homes and buying another.

May 31, 2023

Pending Home Sales Flat, Some Regions See Small Gains: NAR

The National Association of Realtors’ Pending Home Sales Index recorded no change between March and April, although three regions — the South, West and Midwest — notched slight increases while the Northeast saw a decrease, NAR reported May 25. The report noted that the lack of inventory and high home prices are to blame for the stagnant market.