ru - Residential Update

November 2020

Sales of Luxury Homes Skyrocket, Redfin Data Reveals

Sales of luxury homes during the third quarter increased 41.5% over the some point last year, which is the biggest jump since 2013, real estate marketplace Redfin reported Oct. 12. However, sales of affordable properties (the bottom 5% of the market by price) dropped 4.2%, which indicates the coronavirus pandemic is disproportionally affecting lower-income Americans.

November 2020

Northeast Housing Markets Most Vulnerable, Report Shows

Housing markets in the Northeast are most vulnerable to the effects of the coronavirus pandemic, with counties in Connecticut, Delaware, Maryland, New Jersey, New York and Pennsylvania most at risk due to the percentage of homes there facing foreclosure and those with mortgage balances exceeding property values, analytics firm ATTOM Data Solutions reported Oct. 8.

November 2020

Apartment Rents Drop in Tech Hubs, Rise in Fast-growing Secondary Markets: Data

Apartments rents in many of the nation’s 100 largest metros showed year-over-year declines in September across studio, one-bedroom and two-bedroom units, Realtor.com reported Oct. 13. Rents declined the most in large tech hubs like San Francisco, Manhattan, Boston and Seattle. Rents increased the most in fast-growing cities, like Rochester, New York, and Colorado Springs, Colorado.

November 2020

Data Shows Marin County, California, is Nation’s Least Affordable Housing Market

The median single-family home price in 63% of U.S. counties is less affordable than historical averages, but in Marin County, California, just outside of San Francisco, a home purchase requires 105.7% of annualized weekly wages, analytics firm ATTOM Data Solutions reported Sept. 25. Conversely, homes in Baltimore County, Maryland, require only 12% of annualized weekly wages.

November 2020

Summer Housing Boom Continues into Fall: Realtor.com

The active summer housing market remains strong heading into the fall, with the inventory of available homes in September down 39% compared with the same point a year ago, Realtor.com reported Oct. 1. The median home price climbed to $350,000 in September, an 11.1% increase from last September.

November 2020

Green Homes Sell for Premium, but Data Needed to Boost Prices Often Insufficient: Study

High-performance homes in the Midwest sold for a premium when data was available to market them as green; however, critical data is often missing or incorrect, according to a study released Oct. 12 by economic development agency Elevate Energy. Sandra Adomatis, SRA, was a key contributor to the study, along with Samuel Adesiji, SRA; Timothy Evans, SRA; Rachel Massey, SRA, AI-RRS; T.J. McCarthy, SRA; and Kern Slucter, MAI, SRA.

November 2020

400,000 Homeowners ‘Needlessly Delinquent’ on Their Mortgages, Researchers Say

Around 400,000 homeowners are “needlessly delinquent” on their loans because they have failed to take advantage of mortgage forbearance programs, researchers at the Urban Institute reported Oct. 5. The Coronavirus Aid, Relief, and Economic Security Act allows homeowners with federal mortgages to defer their payments for up to six months if necessary.

November 2020

Data Shows Foreclosure Filings at All-time Low During Q3

Foreclosure filings fell 12% between the second and third quarters, and are down 81% from the same point a year ago, analytics firm ATTOM Data Solutions reported Oct. 15 in its Q3 Foreclosure Market Report. Filings are now at their lowest level since the quarterly report began tracking such data in 2008.

November 2020

Sales of Existing Homes Up 9.4% in September; Median Home Price Also Grows: NAR

Sales of existing homes in September were up 9.4% from August, and were 21% higher than at the same point a year ago, the National Association of Realtors reported Oct. 22. The median price of existing homes rose to $311,800, a 15% year-over-year increase.

November 2020

Lot Sizes for Single-family Homes Smallest on Record: NAHB

The median lot size for single-family homes dropped to a record low of 8,177 square feet last year, according to data from the U.S. Census Bureau, the National Association of Home Builders reported Oct. 7. More than one third of single-family detached homes sit on lots smaller than 0.16 acres, and 24% occupy lots between 0.16 and 0.25 acres.