Last month, we reported that Phoenix led the nation in multifamily rent growth. Now, according to a recent report from CoreLogic, single-family homes are following suit as rent prices are increasing the fastest in the Southwest. Phoenix had the highest year-over-year rent growth for the seventh consecutive month this June, with an increase of 7.1%.
Airbnb vacation rentals took over one city in Arizona, frustrating its citizens and causing business leaders to speak out. It is now estimated that about 1,000 homes, or 20% of the city’s total housing inventory, are being used as short-term vacation rentals.
Mortgage Tech Rundown looks at the latest news in mortgage technology, featuring new product updates, integrations and announcements. Today we take a look at the latest fintech news from AIME, LoanScorecard and Shape Software.
Potential existing-home sales fell in July as inventory concerns continued to threaten the market’s overall growth, according to First American’s Potential Home Sales Model. According to the company’s analysis, the market potential for existing-home sales fell by 1.2% from 2018, equating a loss of 63,000 sales. First American Chief Economist Mark Fleming said America’s rising tenure length means that there are both fewer buyers and homes on the market, keeping existing-home sales below market potential.
Existing-home sales rose in July from the prior month, increasing nearly 2.5%, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said falling mortgage rates are improving housing affordability and nudging buyers into the market. However, Yun warns that the supply of affordable housing is severely low, and the shortage of lower-priced homes have pushed up home prices.
Douglas Elliman Real Estate, the top brokerage in the New York metro area, is expanding into Texas. On Tuesday, the brokerage announced a joint venture with Sudhoff, a company based in Houston that specializes in luxury high-rise condominiums. Jacob Sudhoff, president of Sudhoff, was named chief executive officer of Douglas Elliman, Texas.
Zillow was founded in the U.S. in 2006, and began expanding into Canada just last summer. And now, Zillow is partnering with more than 250 Canadian brokerages and franchisors to expand the Canadian real estate listings on its site.
Security costs are making it hard for the Port Authority of New York and New Jersey to make a profit on the World Trade Center, built to replace the towers destroyed in the September 11 terrorists attacks almost 18 years ago.
The Department of Housing and Urban Development announced Tuesday that is providing $27.8 million to 38 Public Housing Agencies across the country to reduce lead-based paint hazards in older public housing units. Although lead-based paint was banned for use in homes in 1978, HUD currently estimates that there are approximately 24 million older homes that still have significant lead-based paint hazards
The era of unusually affordable housing has ended, meaning America’s housing affordability has returned to average historical levels. While this means homes are no longer cheap on a national basis, Redfin’s affordability report suggests the market is still relatively affordable for America’s middle-class families. According to Redfin’s data, in 68 of the 88 most populous American housing markets, a median-priced home is still affordable to families earning the area’s median household income.