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By Susanne Dwyer

New-home sales heated up to a seven-month high in February at 592,000, a 6.1 percent increase, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The average new-home sales price was $390,400, while the median was $296,200. New-home listing inventory was 266,000—5.4 months supply.

New-home sales sizzled compared to a tepid January, when activity was stifled by limited new supply.

“This growth was likely spurred by several factors, including a warm winter that allowed builders to stick to construction schedules, last year’s strong home construction starts, and a gradual shift from building apartments to individual homes,” says Joseph Kirchner, senior economist at realtor.com®.

“While this growth is encouraging, it’s important for house hunters to keep in mind that builders have been focusing on the more pricey part of the market; affordable options are still in short supply. That’s a key reason why existing-home sales dropped in February while sales of new homes went up—existing home sales include both affordable and premium homes. During that month, sales of existing homes under $100,000 plummeted 15 percent and sales of homes in the $100,000 to $250,000 range fell 2 percent, while sales of more expensive existing homes soared.”

Source: U.S. Census Bureau

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From:: Real Estate News

By Susanne Dwyer

Millennial homebuyers are struggling against a tide of too-high prices—but not in every market.

Realtor.com®’s recently released Top Cities for Millennials ranks the markets with double the draw for millennials: (relatively) affordable housing and employment. The top 10:

1. Salt Lake City, Utah
2. Miami, Fla.
3. Orlando, Fla.
4. Seattle, Wash.
5. Houston, Texas
6. Los Angeles, Calif.
7. Buffalo, N.Y.
8. Albany, N.Y.
9. San Francisco, Calif.
10. San Jose, Calif.

Aside from being twice as nice, the markets in the ranking already have tracts of millennial residents, setting them up as home-buying hot spots.

“High job growth in markets such as Orlando, Seattle, and Miami, and the power of affordability in places like Albany and Buffalo, are making these markets magnets for millennials,” says Javier Vivas, manager of Economic Research for realtor.com. “But what really stands out is that all these markets already have large numbers of millennials, which translates into strong populations of millennial homebuyers.”

Breaking down the top 10:

1. Salt Lake City
   

Millennial Hot Spot: Sugar House
Millennial Share of Population: 15.8 percent
Share of Income Spent on Housing: 30 percent
Unemployment Rate: 2.9 percent

2. Miami
   

Millennial Hot Spots: South Beach, Wynwood
Millennial Share of Population: 13.1 percent
Share of Income Spent on Housing: 49 percent
Unemployment Rate: 5.1 percent

3. Orlando
   

Millennial Hot Spot: Thornton Park
Millennial Share of Population: 14.6 percent
Share of Income Spent on Housing: 34 percent
Unemployment Rate: 4.4 percent

4. Seattle
   

Millennial Hot Spots: Belltown, Capitol Hill
Millennial Share of Population: 15.2 percent
Share of Income Spent on Housing: 35.6 percent
Unemployment Rate: 4.2 percent

5. Houston
   

Millennial Hot Spots: The Heights, Oak Forest, Timbergrove
Millennial Share of Population: 14.5 percent
Share of Income Spent on Housing: 36.1 percent
Unemployment Rate: 5.4 percent

6. Los Angeles
   

Millennial Hot Spot: Silver Lake
Millennial Share of Population: 15 percent
Share of Income Spent on Housing: 64.1 percent
Unemployment Rate: 4.7 percent

7. Buffalo
   

Millennial Hot Spots: Buffalo, North Buffalo
Millennial Share of Population: 13.4 percent
Share of Income Spent on Housing: 22.7 percent
Unemployment Rate: 5.6 percent

8. Albany
   

Millennial Hot Spot: Downtown Albany
Millennial Share of Population: 12.7 percent
Share of Income Spent on Housing: 27.3 percent
Unemployment Rate: 4.5 percent

9. San Francisco
   

Millennial Hot Spots: Mission, North Beach
Millennial Share of Population: 15 percent
Share of Income Spent on Housing: 56.2 percent
Unemployment Rate: 3.7 percent

10. San Jose
    

Millennial Hot Spot: Downtown San Jose
Millennial Share of Population: 14.2 percent
Share of Income Spent on Housing: 53 percent
Unemployment Rate: 3.7 percent

Salt Lake City takes the lead in the top 10 for not only having the highest millennial share in its population (15.8 percent), but also having the third most affordable housing costs as a share of income (30 percent) and the lowest unemployment rate (2.9 percent). Seattle (15.2 percent) and San Francisco (15 percent) have similarly high shares of millennials in their populations.

Albany and Buffalo, on the other hand, win when it comes to affordability, with Buffalo’s housing costs taking up the lowest share of income (22.7 percent) and Albany taking up the second lowest (27.3 percent).

Seattle and San Francisco round out the top three for their low unemployment rates, both at 3.7 percent.

For more information, please visit www.realtor.com.

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The post Realtor.com: Not Every Market Is a No-Go …read more

From:: Finance and Economy

By Susanne Dwyer

Millennial homebuyers are struggling against a tide of too-high prices—but not in every market.

Realtor.com®’s recently released Top Cities for Millennials ranks the markets with double the draw for millennials: (relatively) affordable housing and employment. The top 10:

1. Salt Lake City, Utah
2. Miami, Fla.
3. Orlando, Fla.
4. Seattle, Wash.
5. Houston, Texas
6. Los Angeles, Calif.
7. Buffalo, N.Y.
8. Albany, N.Y.
9. San Francisco, Calif.
10. San Jose, Calif.

Aside from being twice as nice, the markets in the ranking already have tracts of millennial residents, setting them up as home-buying hot spots.

“High job growth in markets such as Orlando, Seattle, and Miami, and the power of affordability in places like Albany and Buffalo, are making these markets magnets for millennials,” says Javier Vivas, manager of Economic Research for realtor.com. “But what really stands out is that all these markets already have large numbers of millennials, which translates into strong populations of millennial homebuyers.”

Breaking down the top 10:

1. Salt Lake City
   

Millennial Hot Spot: Sugar House
Millennial Share of Population: 15.8 percent
Share of Income Spent on Housing: 30 percent
Unemployment Rate: 2.9 percent

2. Miami
   

Millennial Hot Spots: South Beach, Wynwood
Millennial Share of Population: 13.1 percent
Share of Income Spent on Housing: 49 percent
Unemployment Rate: 5.1 percent

3. Orlando
   

Millennial Hot Spot: Thornton Park
Millennial Share of Population: 14.6 percent
Share of Income Spent on Housing: 34 percent
Unemployment Rate: 4.4 percent

4. Seattle
   

Millennial Hot Spots: Belltown, Capitol Hill
Millennial Share of Population: 15.2 percent
Share of Income Spent on Housing: 35.6 percent
Unemployment Rate: 4.2 percent

5. Houston
   

Millennial Hot Spots: The Heights, Oak Forest, Timbergrove
Millennial Share of Population: 14.5 percent
Share of Income Spent on Housing: 36.1 percent
Unemployment Rate: 5.4 percent

6. Los Angeles
   

Millennial Hot Spot: Silver Lake
Millennial Share of Population: 15 percent
Share of Income Spent on Housing: 64.1 percent
Unemployment Rate: 4.7 percent

7. Buffalo
   

Millennial Hot Spots: Buffalo, North Buffalo
Millennial Share of Population: 13.4 percent
Share of Income Spent on Housing: 22.7 percent
Unemployment Rate: 5.6 percent

8. Albany
   

Millennial Hot Spot: Downtown Albany
Millennial Share of Population: 12.7 percent
Share of Income Spent on Housing: 27.3 percent
Unemployment Rate: 4.5 percent

9. San Francisco
   

Millennial Hot Spots: Mission, North Beach
Millennial Share of Population: 15 percent
Share of Income Spent on Housing: 56.2 percent
Unemployment Rate: 3.7 percent

10. San Jose
    

Millennial Hot Spot: Downtown San Jose
Millennial Share of Population: 14.2 percent
Share of Income Spent on Housing: 53 percent
Unemployment Rate: 3.7 percent

Salt Lake City takes the lead in the top 10 for not only having the highest millennial share in its population (15.8 percent), but also having the third most affordable housing costs as a share of income (30 percent) and the lowest unemployment rate (2.9 percent). Seattle (15.2 percent) and San Francisco (15 percent) have similarly high shares of millennials in their populations.

Albany and Buffalo, on the other hand, win when it comes to affordability, with Buffalo’s housing costs taking up the lowest share of income (22.7 percent) and Albany taking up the second lowest (27.3 percent).

Seattle and San Francisco round out the top three for their low unemployment rates, both at 3.7 percent.

For more information, please visit www.realtor.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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From:: Real Estate News

By Susanne Dwyer

The average 30-year fixed mortgage rate slumped seven percentage points this week to 4.23 percent, the steepest drop in more than two months, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®).

The 15-year fixed mortgage rate made a similarly sharp decline at an average 3.44 percent; the average 5-year Treasury-indexed hybrid adjustable mortgage rate, at the same time, slipped to 3.24 percent.

The downtrend follows the Federal Reserve’s decision to hike the key interest rate. Mortgage rates hit a 2017 peak in the week leading up to the Fed’s announcement, with the 30-year at 4.30 percent.

Source: Freddie Mac

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From:: Finance and Economy

Experian, one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that lenders used to make credit decisions, the Consumer Financial Protection Bureau said Thursday. And for that deception, the CFPB is fining Experian $3 million. Click the headline for the full story. …read more

From:: Real Estate Wire