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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe housing market is 'pretty dire' for younger Americans, says Realtor.com's Danielle HaleDanielle Hale, Realter.com chief economist, joins 'Squawk Box' to discuss the housing crisis facing young Americans, impact of interest rates on the housing market, and more.
Persons: Danielle Hale Danielle Hale
Rents fell for a sixth straight month in January, though the declines aren't moving the needle much. Here are 27 metropolitan areas where rent is more affordable now than last January, per Realtor.com. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The pace of year-over-year rent declines slowed considerably to -0.3% from December's -0.8% mark, which is a clear sign that apartment prices are stabilizing. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Business Locations: December's
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe housing market is very undersupplied right now, says Realtor.com's Danielle HaleDanielle Hale, Realtor.com chief economist, joins 'Squawk Box' to discuss the state of the housing market, supply and demand imbalance, and more.
Persons: Danielle Hale Danielle Hale
A December report from real estate broker Realtor.com ranked the best U.S. cities to buy a house in 2024 based on expected price growth and sales. The annual report analyzed the country's 100 largest metropolitan areas and the final result is a list with half of the top metros in California. "These markets generally fall into two camps: affordable metros in the Midwest and Northeast, and high-priced Western metros," Hannah Jones, Realtor.com's Senior Economic Research Analyst, told Newsweek. Though affordability is still an issue for many. Realtor.com explains that while sales and prices are expected to increase from last year, they will remain below pre-pandemic levels.
Persons: Realtor.com, Hannah Jones, Jones Organizations: Economic Research, Newsweek, The Locations: California, Midwest, Realtor.com's, The Midwest, U.S
Business Insider wants to hear from you. Over 494,000 people left Texas between 2021 and 2022 (though the state gained a net population of 174,261.) "The property tax percentage rate is higher," Marie Bailey, a Texas-based realtor who moved from El Segundo, California, to Prosper, Texas, in 2017, previously told Business Insider. AdvertisementFor Texans, "the Midwest has emerged as popular recently because it is just by and large the most affordable region," Hannah Jones, Realtor.com's economic research analyst, told Business Insider in October. Burse told Business Insider in September that it played a crucial role in her decision to relocate to Texas in 2021.
Persons: , I'm, I've, we've, Marie Bailey, Hannah Jones, they've, Jackie Burse, Burse, Bob McCranie, McCranie, Texas hasn't, Nick Thomas, he's, Thomas, Jules Rogers, hadn't, Rogers Organizations: Texas, Business, Service, Lone Star, Lone, Lone Star State, KXAN News, Austin Locations: Texas, Knoxville, Realtor.com, El Segundo , California, Prosper , Texas, Marie Bailey As Texas, California, Dallas, New York, Florida, Florida and Texas, Austin, Los Angeles, San Francisco, Portland , Oregon, Houston, Pacific, Portland
Home values have held up this year despite historically high mortgage rates, but a new report from Realtor.com suggests that property prices could fall under pressure in the coming months. The firm said that price growth was flat — even as mortgage rates rose to a 23-year-high. Higher borrowing costs dampened demand, though it's possible homebuyers were worried that mortgage rates would soar even higher and wanted to buy before that could happen. Limited supply kept property prices afloat, as Realtor.com found that inventory fell 2% from October 2022. 13 cities where sellers are cutting pricesWhile listing prices are falling across the nation, the trend is especially noticeable in the South and Midwest.
Persons: Danielle Hale, Realtor.com, Hale, it's Locations: West, Midwest, Antonio , Texas, San Jose , California, Memphis , Tennessee, Dallas , Texas, Miami , Florida, South
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew homes are faring better in the housing market, says Realtor.com's Danielle HaleDanielle Hale, Realtor.com chief economist, joins 'Power Lunch' to discuss the health of the housing market.
Persons: Danielle Hale Danielle Hale
Realtor.com has identified the top 10 US cities where homebuyers make the smallest down payments. "A lot of folks just don't have that extra cash," the report's author said of 20% down payments. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Realtor.com has tracked the ten cities where buyers are making the smallest down payments. These are the top 10 cities where homebuyers are making the smallest down payments, according to Realtor.com.
Persons: Realtor.com, , Clare Trapasso, Trapasso Organizations: Service Locations: Killeen , Texas, South, Midwest
Rent is steadily sliding in the US, but great deals on apartments are still few and far between. A new report from Realtor.com revealed that rent growth was negative for the fifth straight month in September. That problem is slowly getting addressed as 445,000 new multi-family units come online, though they're selling very quickly. Nearly 70% of new affordable apartments got filled within three months of completion in the second quarter compared to a 57.2% rate for more expensive units, Realtor.com found. The trend was pronounced across all the four major US regions, though less pricey Midwest markets had the most dramatic rise in so-called absorption rates of new rental units.
Persons: Realtor.com, Realtor.com's Jiayi Xu, Danielle Hale, Xu, Hale, shouldn't Organizations: shouldn't Locations: Midwest, Austin , Texas, California, San Francisco, Los Angeles
Home prices in Texas and Florida have increased 30% and 42% since 2019, according to Realtor.com. AdvertisementAdvertisementAs people across the US relocate to Florida and Texas, locals are feeling squeezed — and searching elsewhere for affordable homes. The typical cost of a home in Texas has spiked 30% since 2019, according to Realtor.com, and 42% in Florida during the same time period. These residents are increasingly searching on Realtor.com for homes outside of their state, suggesting they're willing to chase affordability across the country. AdvertisementAdvertisementFloridians are priced out too, and looking elsewhereMeanwhile, Floridians are eyeing homes nearby.
Persons: , Hannah Jones, staters, Realtor.com, Holly Meyer Lucas, who's, Meyer Lucas Organizations: Realtor.com, Texans, Service, Wall Street Journal Locations: Texas, Florida, North Carolina , Tennessee, Georgia, South Carolina, Wisconsin, Minnesota, Tennessee , Colorado, Missouri, Alabama, South Florida
5 Southern cities where houses are shrinking
  + stars: | 2023-10-11 | by ( Kelsey Neubauer | ) www.businessinsider.com   time to read: +1 min
The typical home for sale in the South is smaller than it was pre-pandemic. Builders are constructing smaller homes and many homes for sale are in denser places, like cities. AdvertisementAdvertisementMore smaller homes are on the market in the South than pre-pandemic, Danielle Hale, Realtor.com's chief economist, told Insider. It's driven the median listing price of homes up 35.7%. Below, five cities in the South where homes have gotten smaller as they've gotten more expensive since the start of the pandemic.
Persons: , Danielle Hale, It's, Hale Organizations: Service
Home prices continue to increase in most major U.S. cities, even as rising mortgage costs have discouraged buyers, a Realtor.com report finds. The price gains are most felt in Greater Los Angeles, where home prices increased 23.8% over the 12 months ending in September 2023, according to Realtor.com data released Thursday. California has a longstanding housing shortage — perhaps the worst in the country — so home price growth in L.A. and San Diego isn't overly surprising, especially considering price gains in recent years. Median home prices in L.A. and San Diego have increased by 38% and 48% since January 2020, respectively, based on Realtor.com's active listings data. As for some smaller markets with big price gains — such as Richmond, Cincinnati, Columbus and Rochester — the "commonality is that they're relatively affordable, so demand remains relatively high," says Hale.
Persons: Danielle Hale, Diego isn't, Hale Organizations: Richmond, Boston, Pittsburgh, CNBC, Diego, Homes Locations: U.S, Greater Los Angeles, San Antonio, Los Angeles, Diego, Cincinnati , Ohio, Providence , Rhode Island, Massachusetts, Columbus , Ohio, Rochester , New York, Chicago, Indianapolis, Realtor.com . California, L.A, San Diego, Richmond, Cincinnati, Columbus, Rochester
Lower rent prices and multi-decade-high mortgage rates mean that it's smarter to rent than buy in most large US cities right now, according to Realtor.com. Disparities between buying and renting stemmed from a split in how median costs changed in the last 12 months. "The advantage of renting became more pronounced in all rent-favoring markets," Xu and Hale wrote. But there were three cities where buying was actually cheaper than renting in August, according to Realtor.com: Memphis, Tennessee; Pittsburgh, Pennsylvania; and Birmingham, Alabama. Below are the 10 metro areas where renting makes more sense than buying right now, along with the median rent, the median monthly cost of buying and how it compares to renting, and the year-over-year changes for renting and buying.
Persons: Jiayi Xu, Danielle Hale, Xu, Hale, Realtor.com, Freddie Mac Locations: Realtor.com, Memphis , Tennessee, Pittsburgh , Pennsylvania, Birmingham , Alabama
Prices are rising in satellite cities like Trenton, New Jersey, and Fort Wayne, Indiana. Homebuyers are departing larger metros for satellite cities in search of affordability — but as demand increases, so do the home prices that attracted them. Evan Wyloge, a data journalist with Realtor.com, suspects these satellite cities are bringing in new residents as culture around office work changes. Here are the 10 cities where home prices increased the most between August 2022 and August 2023, according to Realtor.com. And don't forget to peek at the list of cities where home prices are falling the most, too.
Persons: , Evan Wyloge, Realtor.com, Wyloge Organizations: Service, metros, US Census Bureau, Boston Locations: Trenton , New Jersey, Fort Wayne , Indiana, Philadelphia, Indianapolis, Manchester , New Hampshire, Boston
The 10 hottest ZIP codes in America right now
  + stars: | 2023-08-24 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +3 min
Leading the pack are ZIP codes in the Midwest and Northeast, where housing remains relatively affordable. Realtor.com reported America's hottest ZIP codes as of June 2023. Using internal listing data from from January to June 2023, the brokerage ranked homebuying demand.in all 29,000 US ZIP codes. Topping Realtor.com's list of 2023's hottest US ZIP codes is 43230, belonging to Gahanna,, a central Ohio city of 35,127 residents. If Ohio isn't your vibe, Realtor.com has identified other popular ZIP codes in states like Connecticut, New York and Pennsylvania.
Persons: Realtor.com, Hannah Jones, Read Organizations: Service, Phoenix, of, Columbus International Locations: Midwest, Northeast, Wall, Silicon, Austin, Boise, Gahanna, Ohio, of Ohio, Downtown Columbus, Columbus, Connecticut , New York, Pennsylvania
REUTERS/Carlo Allegri/File PhotoNEW YORK, Aug 10 (Reuters) - When Valentina Valentini was putting together gift ideas for her wedding, the freelance journalist quickly realized that a traditional registry would not work. While asking for cash gifts makes financial sense, it is tricky. "Put a few traditional gifts on it, which they can purchase for you. PUT IT TO WORKWhatever does get donated to your down payment fund, it likely will not be enough to pull the trigger on a purchase right away. "This is a very practical idea for wedding gifts – and one that we have chosen for my sister-in-law's upcoming wedding."
Persons: Carlo Allegri, Valentina Valentini, Clare Trapasso, Realtor.com, Valentini, Realtor.com's Trapasso, Randy Bruns, , Lauren Young, Richard Chang Organizations: REUTERS, National Association of Realtors, invitees, Thomson Locations: Long Island , New York, U.S, London, California, New England, Realtor.com, Naperville , Illinois
Median rent prices in these cities dropped by 0.5% in the last year, according to an analysis by Realtor.com. For renters, the decrease is a much-needed break after rent prices soared by nearly 25% from 2020 through most of 2021. This, alongside a growing number of newly constructed apartments, has likely driven down rent prices, the study says. At the same time, rent costs have steadily risen in many major Midwest and Northeast cities. In Columbus, Ohio, rent prices grew by 9.3% — the highest increase of all cities.
Persons: Warren Buffett Organizations: Riverside, San Bernardino -, Austin, Dallas, Fort Locations: Austin, Las Vegas, Phoenix, Vegas, San Bernardino, San Bernardino - Ontario, California, Georgetown , Texas, Francisco Bay, Tampa, St, Petersburg, Clearwater , Florida, Fort Worth - Arlington , Texas, Charlotte, North Carolina, Sacramento , California, Atlanta, Denver, Midwest, Northeast, Columbus , Ohio, New York City, Pittsburgh, Boston, Buffalo , New York, Hartford , Connecticut, New Orleans, Providence , Rhode Island, Rochester , New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAffordability 'just isn't there' for homebuyers, says Realtor.com's Danielle HaleDanielle Hale, Realtor.com chief economist, joins 'Squawk Box' to discuss the state of the housing market, second-half forecast, and more.
Persons: Danielle Hale Danielle Hale
Housing affordability isn't improving anytime soon, Realtor.com economist Danielle Hale said. The tightness in the market can be chalked up to a decade of housing undersupply. In an interview with CNBC on Friday, the chief economist pointed to the precarious state of the housing market, with demand far outstripping supply. "Affordability just isn't there for buyers, especially with mortgage rates remaining as high as they have been," Hale said. Mortgage rates are likely only to ease to 6.1% by the end of the year, per Realtor.com's latest forecast.
Persons: Danielle Hale, Hale, , Realtor.com's Danielle Hale, millennials, Realtor.com, you've, Freddie Mac Organizations: Service, CNBC Locations: underbuilding
Homes are selling like hotcakes in several Northeastern and Midwestern cities. In Rochester, New York, homes were on the market less than two weeks on average last month. Still, it provides some insight into what homebuyers are looking for, and where sellers are most likely to close quickly this summer. To compile the list, Realtor.com considered the total number of days the typical home in the 50 cities was on the market. The only two cities that were not in the Northeast or Midwest on this list were San Jose, California, and Virginia Beach, Virginia.
Persons: , That's, Realtor.com Organizations: Service Locations: Northeastern, Rochester , New York, Midwest, Portland , Maine, Milwaukee , Wisconsin, Jose , California, Virginia Beach , Virginia
Pandemic boomtowns like Austin, Texas; Boise, Idaho; and Phoenix are seeing big discounts. Read on for the top 10 cities and how much home prices have declined in the past year. This has led to some robust price cuts, especially in previously hot pandemic boomtowns — like Austin, Texas; Boise, Idaho, and Phoenix — where prices surged and homebuilders have been adding inventory. The company analyzed the median price per square foot in 100 of the largest US metropolitan areas, and considered the change in prices in the year through May. Take Austin, where the median home price has fallen 7.7% since May 2022 but is still $142,751 above the national median of $441,000.
Persons: Realtor.com, , Mark Zandi, There's, Danielle Hale, Austin Organizations: Service, Phoenix, Moody's Locations: Austin , Texas, Boise , Idaho, Myrtle Beach , South Carolina, North Port , Florida, Myrtle Beach
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're in a shortage situation in the housing market, says Realtor.com's Danielle HaleDanielle Hale, Realtor.com chief economist, joins 'Squawk Box' to discuss the latest housing market trends, why a surge in demand for new homes is in stark contrast to falling sales of existing homes, and more.
Persons: Danielle Hale Danielle Hale
The shortage is hitting some buyers more than others. The lack of affordable homes heated up competition in the market this spring, which reversed the cooldown in home prices that started last summer. At the higher price ranges, too many homes are for sale for the number of Americans who can afford them. Areas in the Midwest continue to have the highest number of affordable homes. The four cities with the largest supply of affordable homes are all in Ohio.
Persons: Noah Herrera, Danielle Hale Organizations: National Association of Realtors Locations: Realtor.com, Las Vegas, El Paso , Texas, Boise , Idaho, Spokane , Washington, Florida, Riverside, Los Angeles , California, Ohio, Syracuse , New York, Pittsburgh , Pennsylvania, Louis , Missouri
Some popular big cities are losing residents, US Postal Service change-of-address requests indicate. Requests made in 2023 also show that smaller spots outside big cities have tended to gain residents. Smaller spots outside larger urban hubs, meanwhile, are attracting more residents than they're losing. Many people move over the summer to avoid pulling kids out of school midyear, so end-of-year change-of-address data may shed light on other patterns. Also, bigger cities are more likely to both lose and gain people because of their larger populations; the USPS doesn't adjust its numbers according to population.
Gulfport, Mississippi, is the most affordable coastal town in the US to buy a house, per Realtor.com. The average price for a house that is located within a mile of the beach in Gulfport is $144 per square foot, making it the cheapest coastal town, per Realtor.com's report. The average cost of a coastal house there was $224,900, it said. Its list is limited to just one beach town per state, and also includes some bayside areas as well as towns next to the ocean. Newport News, a city in Virginia with a population of around 184,000 near Williamsburg, Virginia Beach, and the Atlantic Ocean, comes in second place.
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