ru - Residential Update

February 2020

Past Decade Produced Fewest Houses in 60 Years: NAHB

During the 10-year period from 2010-19, single-family housing production in the U.S. totaled just 6.8 million units compared to 12.3 million units the previous decade, the National Association of Home Builders reported Jan. 6. That level of production was the lowest in 60 years, and is primarily attributed to supply-side headwinds and reduced affordability.

February 2020

Buying is More Affordable than Renting in 53% of Markets: Report

Owning a median-priced, three-bedroom home is more affordable than renting a similar property in 53% of the nation's markets, according to the 2020 Rental Affordability Report released Jan. 9 by analytics firm ATTOM Data Solutions. The report showed that owning is generally more affordable in rural markets while renting is better in urban and suburban markets.

February 2020

Apartments Shrink to Meet Demand for Single-person Households, Research Shows

Apartments are shrinking due to the growth in single-person households, with new units averaging 940 square feet, down from 1,000 square feet a decade ago, according to the National Multifamily Housing Council, National Real Estate Investor reported Dec. 19. New construction is mainly studios and one-bedroom units; the once-popular three-bedroom unit is virtually extinct.

February 2020

US Home Values Reached a Record $29 Trillion In Q3 2019, Federal Reserve Reports

The value of owner-occupied homes in the U.S. hit a record $29.2 trillion in the third quarter 2019, up 4.2% from the previous quarter, according to the Federal Reserve's Flow of Funds report released Jan. 8, HousingWire reported. The overall value of U.S. homes is now 21% higher than the bubble peak in 2006.

February 2020

Multifamily Boom Continues, Completions Rise: Reports

Demand for rental apartments continues to outpace supply, with 2.3 million units completed since 2010 in the nation's top 150 markets — roughly 500,000 more than were completed between 2000 and 2009, according to a report from financial services firm Berkadia and analytics firm Realpage, MBA NewsLink reported Jan. 1.

February 2020

Small Cities Make a Big Impact on Hottest Housing Markets Survey, Realtor.com Reports

Fort Wayne, Indiana, topped the list of hottest housing markets for the sixth consecutive month in December, based on length of time that properties stay on the market and the number of online views they receive, Realtor.com reported Jan. 7. Half the 20 hottest markets are smaller, more affordable cities.

February 2020

Housing Expected to Stay Strong as Market Optimism Continues, Freddie Mac Reports

Home sales this year are expected to reach 6.2 million, up slightly from the 6 million sold last year, and an even better 2021 is expected with sales potentially reaching 6.3 million, Freddie Mac reported Dec. 23 in its Housing Forecast. Home prices also are expected to grow, but at a slower pace.

February 2020

FHFA Seeks Comments on Residential PACE Loan Programs

The Federal Housing Finance Agency on Jan. 16 issued a Request for Input regarding proposed changes to the Property Assessed Clean Energy program, which covers energy retrofitting for residential and commercial properties. This RFI focuses primarily on the residential sector.

February 2020

Home Prices Up and Expected to Grow 5.3% by November 2020, CoreLogic Reports

Home prices rose 0.5% between October and November 2019, and are expected to increase another 5.3% by this November as low mortgage rates continue to bolster the residential sector, according to the Home Price Forecast from analytics firm CoreLogic, HousingWire reported Jan. 14.

February 2020

New Homes with 4 or More Bedrooms Trend Lower as 3 Bedrooms Rise: NAHB

The number of new single-family homes with four or more bedrooms is declining, with three-bedroom homes becoming the new norm and accounting for 45% of home starts, according to the Census Bureau's Survey of Construction, the National Association of Home Builders reported Jan. 13. The change is attributed to millennials entering the market and seeking starter homes.