Market Trends

Did You Know?

- 07/07/22

Did You Know?

- 01/12/22

The average rate for a 30-year loan was 3.22%, up from 3.11% last week, according to Freddie Mac. A year ago, mortgage rates stood at 2.65%. Mortgage rates are still low by historical standards, and with strong buyer demand for homes, housing economists don’t anticipate an immediate or significant pullback in home sales. The average rate on a 30-year fixed-rate mortgage from 2011 through the end of 2021 was 3.85%, (WSJ)

Private job growth totaled 807,000 for the month, well ahead of the Dow Jones estimate for 375,000 and the November gain of 505,000 according to ADP. Hiring was broad-based, though leisure and hospitality led with 246,000 new positions. Businesses with 500 or more employees accounted for the bulk of the gains in December, adding 389,000 jobs. (CNBC)

If home prices escalate...

Did You Know?

- 10/25/21

Demand for single-family rental homes is showing no sign of easing up, and that is pushing rents through the roof, especially for the highest-priced properties. Investors are now flooding into the market again, after falling back a bit during the first year of the Covid pandemic. Nationally, rents rose 9.3% in August, year over year, up from a 2.2% year-over-year increase in August 2020. There are several reasons for the investor demand:

1. Worldwide bond yields are at historic lows, and investors need yield.
2. Inflation is on the rise, and most investors view rental homes as an inflation hedge.
3. Record high rent growth is supported by high occupancy rates.
4. Renters have demonstrated that they are willing to pay a premium to rent in a new home neighborhood managed by a professional landlord.
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Did You Know?

- 09/27/21

The amount of equity in mortgaged real estate increased by $2.9 trillion in Q2 2021, an annual increase of 29.3%. (Corelogic)

U.S. homebuilders started construction on 1.615 million homes in August, up 3.9% from July 2021 and 17.4% higher than a year ago, according to a new report by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Across the country, 1.728 million building permits were pulled, which is 6% above the revised rate from a month prior and 13.5% higher than the August 2020 rate. Additionally, 1.33 million homes were completed, a decrease of 4.5% from July 2021, but this is still 9.4% higher than a year prior. (Housingwire)

U.S. single-family rent growth increased 8.5% in July 2021, the fastest year-over-year increase in 16.5 years. (CORELOGIC)