ru - Residential Update

February 2021

Essential Worker Status May Help Appraisers Get Vaccination

The Appraisal Institute on Jan. 20 advised its professionals to check with state and local government agencies where they reside to see if the real estate valuation profession falls into an essential workforce category that will give them early access to a COVID-19 vaccine

February 2021

FHFA Seeks Input on Appraisal Policies, Practices and Processes

The Federal Housing Finance Agency on Dec. 28 issued a Request for Input on policies and processes related to appraisal modernization, the Uniform Appraisal Dataset, automated valuation models, appraisal waivers and valuation differences by borrower and neighborhood ethnic makeup. Feedback is due to the FHFA by Feb. 26.

February 2021

Supreme Court Denies Further Stay in FTC Case Against Louisiana Appraiser Board

The U.S. Supreme Court on Dec. 18 declined to intervene or issue a further stay of the administrative proceedings brought by the Federal Trade Commission against the Louisiana Real Estate Appraisers Board, making it the first case concerning real estate appraisers to reach the Supreme Court in almost 60 years.

February 2021

Housing Starts Finish 2020 Strong, but Trouble Could be on the Horizon: NAHB

Single-family home starts in December rose 12% year-over-year, but rising lumber prices and increasing regulatory burdens could dampen future construction, the National Association of Home Builders reported Jan. 21. Multifamily starts decreased 13.6% during the same period.

February 2021

Washington State has 6 of the Top Housing Markets: Redfin

Six of the 10 most competitive housing markets are in Washington state, online real estate broker Redfin reported Dec. 29. Spanaway, Washington, tops the list, with 68.9% of homes there selling above list price and the typical home staying on the market for only five days. Other hot markets are in California, Maine and Michigan.

February 2021

Number of Homes for Sale Hits All-time Low After Active Holiday Season: Realtor.com

The inventory of homes for sale dropped below 700,000 in December — an all-time low — as homebuyers remained active throughout the holiday season, Realtor.com reported Jan. 7. Home prices in 2020 grew 13.4% year-over-year, and properties sold in an average 66 days, which is 13 days faster than in 2019.

February 2021

Owning a Home More Affordable than Renting in Nearly Two-thirds of US Counties: Data

Owning a median-priced three-bedroom home is more affordable than renting an equivalent-sized property in 63% of U.S. counties, despite home prices rising faster than both rents and wages in a majority of the nation, analytics firm ATTOM Data Solutions reported Jan. 7.

February 2021

Milwaukee Home Prices Appreciated Most in 2020: Report

Milwaukee topped the list of cities with the greatest home price appreciation last year, with prices up 17.9% for the year, buoyed by buyers leaving expensive cities for more affordable ones, WealthManagement reported Jan. 20. Memphis, Tennessee, and Detroit were second and third, respectively, for home price appreciation.

February 2021

New Home Listings Drop for First Time Since July; Buying Frenzy Expected: Redfin

New listings of homes for sale this month were down 3% from last January, marking the first decline since July and likely leading to a housing frenzy that will rival that of 2020, online real estate marketplace Redfin reported Jan. 15. Pending home sales increased 35% year-over-year, while active listings were down 33% to an all-time low.

February 2021

New York City Tops List of Markets with Most Expensive Luxury Homes, Data Shows

Manhattan is the nation’s most expensive luxury home market, with properties in this pricey category starting at $6.5 million, according to a Realtor.com report, WealthManagement.com reported Jan. 5. Los Angeles and San Diego were second and third on the high-end list, respectively.