Browsing: News

Surge in Refinancing Activity Despite the rise in mortgage rates, refinancing activity saw a significant uptick in February 2024. The Refinance Index experienced a dramatic 37% increase compared to the previous week, and an impressive 83% jump from the same period in 2023. This surge in refinancing was driven by homeowners seeking to take advantage...

Surge in Mortgage Rates Mortgage rates have reached a new peak in February 2024, marking the highest levels seen since late November 2023. The 30-year fixed-rate mortgage has risen to 7.06%, a noticeable increase from 6.87% recorded just the week prior. This uptick has left many potential homebuyers and homeowners looking to refinance in a...

Declining Homeownership Rate The U.S. homeownership rate dropped to 65.7% in the final quarter of 2023, according to the Census Bureau’s Housing Vacancy Survey (CPS/HVS). This represents a 0.3 percentage point decline from the previous quarter, which recorded a rate of 66%. The latest rate is a significant 3.5 percentage points lower than the peak...

European Markets Hit Two-Year High European stocks closed at a two-year high on Friday, as investors processed the European Central Bank’s (ECB) latest decisions, fresh economic data, and fourth-quarter earnings reports. The Stoxx Europe 600 index rose 1.1%, reaching its highest level since January 17, 2022. This surge followed a strong week for the regional...

Population Growth Recovers According to the latest estimates from the U.S. Census Bureau, the U.S. population grew by 1,643,484 people, reaching a total of 334,914,895 residents. The growth rate for 2023 hit 0.49%, the highest level since the pandemic. This rate is slightly above the growth rate of 0.46% in 2019, and just under 2018’s...

Job Openings Decline Across the Economy The overall job market in the U.S. continued to cool in November 2023, with the total number of open jobs dropping to 8.8 million. This is a significant decline from 10.8 million a year earlier, signaling a shift toward a more balanced economy. This drop is part of the...

A New Era for Modular Homes Modular construction, which has its roots in early 20th-century “kit homes,” is making a potential comeback as a solution to America’s growing housing affordability crisis. While modular homes still make up less than 4% of U.S. housing stock, they are garnering renewed attention due to the increasing demand for...

Property Tax Revenue Growth In the third quarter of 2023, U.S. property owners paid $129 billion in property taxes, according to NAHB analysis of the Census Bureau’s state and local tax data. Over the four quarters ending in Q3 2023, state and local governments collected a total of $757 billion in property tax revenue, marking...

Price Trends in Building Materials According to the latest Producer Price Index (PPI) report, the price of inputs to residential construction—excluding energy—rose by 0.2% in November 2023. This follows a 0.4% decline in October. Year-to-date, building materials prices have increased by 0.8%, marking the smallest year-to-date gain since 2019, when prices fell by 0.2% during...

Record High Housing Affordability in 2023 2023 has officially marked the least affordable year for homebuyers in Redfin’s history, with buyers having to spend a staggering 41% of their earnings on housing costs. This increase is a result of rising home prices, soaring mortgage rates, and stagnant wage growth. Homebuyers in 2023 faced a median-priced...