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☆ Renters are being hit harder by inflation than homeowners are
▼ + stars: | 2024-01-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Renters and homeowners experience inflation differently; and right now, renters are taking a much more painful hit. While shelter inflation has come down over the past few months, in December, the shelter index was still 6.2% higher year over year. Inflation divide between renters and homeownersTwo things are driving the divide between how homeowners and renters experience inflation. And 64% of homeowners have a mortgage rate of 4% or lower — more than two and a half percentage points lower than prevailing rates. Even if the typical mortgage payment is higher than a typical monthly rent payment, renters’ incomes tend to be lower than homeowners.

Persons: “, Lisa Sturtevant, Danielle Hale, Realtor.com, ”, Hale Organizations: DC CNN, Bright MLS, Bank of America Institute, BLS, “ Locations: Washington

☆ Mortgage rates fall for fourth week but stay above 7%
▼ + stars: | 2023-11-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Mortgage rates fell again in the most recent week, as inflation showed signs of slowing. It’s the fourth consecutive week of tumbling rates after rising for seven straight weeks. The average rate rose above 7% in mid-August and since then reached as high as 7.79% at the end of October. “In a few short weeks, mortgage rates have largely erased the sharp climb traversed in October,” said Danielle Hale, Realtor.com’s chief economist. Meanwhile, she added, existing home sales slid to their worst reading since 2010 as home prices rose and mortgage rates pushed the cost of buying even higher.

Persons: Freddie Mac, “, ”, Sam Khater, Freddie Mac’s, Danielle Hale, Hale, homebuyers, ” Hale Organizations: DC CNN — Locations: Washington

Sales of existing homes fell by 4.1% in October as a shortage of houses for sale and higher mortgage rates dampened activity, the National Association of Realtors said on Tuesday. The annual level of sales reached 3.79 million, down 14.6% from a year ago when sales were 4.44 million. “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said NAR Chief Economist Lawrence Yun. There is some relief, however, as mortgage rates have fallen in the past week. Some housing industry analysts believe rates could trend under 7% early next year as overall interest rates begin falling amid expectations the Federal Reserve is done raising rates.

Persons: ”, Lawrence Yun, ” Yun, “, Danielle Hale Organizations: National Association of Realtors, Midwest, Federal Locations: “

☆ Worried About Inflation? Move to Alaska, Sell the Car and Become a Vegetarian
▼ + stars: | 2023-11-17 | by ( Tim Smart | ) www.usnews.com time to read: +7 min

The consumer price index for October showed inflation at a 3.2% level, while the producer price index came in with an annual rate of 1.3%. Perhaps the most interesting and relevant facts about inflation are that the overall number means little to the average person. “Although the overall consumer price level was flat in October, shelter inflation continued,” said Danielle Hale, chief economist for Realtor.com. Overall inflation among select urban areas was highest in the Miami to West Palm Beach corridor, up by 7.4% in October. Their inflation rate was 1.1%.

Persons: Jerome Powell, Richard McPhail, Doug McMillon, McMillon, ”, Kayla Bruun, Joe Biden, PublicSquare, Tony Welch, Danielle Hale, Shawn Ashworth, Ashworth, Maxx, Jeff Bezos Organizations: Federal, Walmart, New York Jets, Realtor.com, Berkeley Research, Goods, Auto Locations: U.S, ”, Florida, Miami, West Palm, Anchorage , Alaska

☆ Home sellers are slashing prices in these 13 cities, and there's new evidence that houses will get even cheaper in early 2024
▼ + stars: | 2023-11-02 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

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

☆ New homes are faring better in the housing market, says Realtor.com's Danielle Hale
▼ + stars: | 2023-10-31 | by ( ) www.cnbc.com time to read: 1 min

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

☆ Affordable apartments are getting snapped up quickly — but rental units in these 18 cities are significantly cheaper now than they were last year
▼ + stars: | 2023-10-23 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

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

☆ September home sales drop to the lowest level since the foreclosure crisis
▼ + stars: | 2023-10-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

This is the slowest sales pace since October 2010, during the Great Recession, when the market was in the midst of a foreclosure crisis. As a comparison, just two years ago, when mortgage rates hovered around 3%, home sales were running at a 6.6 million pace. Adding to higher mortgage rates, the median price of a home sold in September was $394,300, up 2.8% year over year. That's because there is more supply at the higher price points and because higher-end buyers can often use cash. Mortgage demand is now at the lowest level since 1995, according to the Mortgage Bankers Association.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, Mortgage News, Federal, Mortgage, Association

☆ 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

☆ The 11 major U.S. cities where home prices have risen the most—No. 1 isn't New York or San Francisco
▼ + stars: | 2023-10-10 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

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

☆ 4 cities in the South where home prices are falling
▼ + stars: | 2023-10-07 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

In four southern metros home prices fell over 1% in September, per Realtor.com. Houston, Memphis, Raleigh, and San Antonio had experienced high home prices as people moved there. Those locations have more homes for sale than in other places, so buyers have more power. AdvertisementAdvertisementFour of the 50 largest metro areas had a drop in home prices last month, compared to September 2022. For example, in San Antonio, where prices dropped most of the four cities, the inventory of homes for sale in September grew 24% compared to a year earlier.

Persons: San Antonio, —, Evan Wyloge, Danielle Hale, there's Organizations: metros, Service, Houston Public Media Locations: Houston, Memphis, Raleigh, San, Houston , Memphis, San Antonio

☆ These are the 10 best cities for apartment dwellers as mortgage rates stay oppressively high — and the 3 housing markets where buying a home is actually cheaper than renting
▼ + stars: | 2023-09-30 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

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

Home prices rose 0.6% in July, holding their own amid high mortgage rates and a low supply of houses for sale, according to the S&P CoreLogic Case-Shiller Index released on Tuesday. On an annual basis, the national index is now up 1% from a year ago. “Areas in the Midwest continue to lead the national gains given their relative affordability. Markets that saw home prices reset following the recent surge in mortgage rates are expected to see stronger gains over the next 12 months, particularly those in the West,” Hepp added. While mortgage rates that have recently topped 8% for a 30-year fixed rate loan are dampening demand, a shortage of homes for sale is keeping prices high.

Persons: ”, Craig J, Lazzara, ” Selma Hepp, ” Hepp, Today’s, Danielle Hale, “ Locations: Chicago, Cleveland, New York

☆ Home sales stick near recent lows in August, but prices continue to climb
▼ + stars: | 2023-09-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of previously owned homes fell 0.7% in August from July to a seasonally adjusted, annualized rate of 4.04 million units, according to the National Association of Realtors. "Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run." There were just 1.1 million units for sale at the end of August, down 0.9% for the month and down just more than 14% year over year. Sales continue to be weakest on the lower end of the market, where there is the least supply. "This is true not only in tech hubs like Austin and San Francisco, but also affordable markets like Columbus, Ohio."

Persons: Lawrence Yun, Yun, Danielle Hale Organizations: National Association of Realtors, NAR, Homeowners, It's Realtors Locations: Arlington , Virginia, Austin, San Francisco, Columbus , Ohio

☆ Higher mortgage rates continue to impact the housing markets
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigher mortgage rates continue to impact the housing marketsDanielle Hale, Realtor.com chief economist, and CNBC's Diana Olick join 'Power Lunch' to discuss housing and mortgage demand stalling and the state of the overall housing market.

Persons: Danielle Hale, Diana Olick

☆ The 20 most attractive US cities for homebuyers and investors seeking affordability in growing economies, according to Realtor.com — 5 of which have median prices below $300,000
▼ + stars: | 2023-09-02 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Danielle Hale says one of the biggest issues in the housing market right now is affordability. Housing supply remains low. As of Friday, the average 30-year fixed mortgage rate was at 6.79%. Between mortgage rates and property appreciation, buying a home takes up a more significant chunk of household budgets than it has over the last several years. And that context is important for the housing market because housing is such an interest rate-sensitive sector of the economy, she added.

Persons: Danielle Hale, Hale Organizations: Trading Economics, Federal Reserve Economic, Wall Street

☆ Home prices may be on the verge of cooling off
▼ + stars: | 2023-09-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The latest read on home prices shows they hit another all-time high in July, rising 2.3% from the same month last year, according to Black Knight. But prices weakened month to month, according to Black Knight. Behind the cooling off: mortgage rates. The jump in home prices since the start of the Covid pandemic, combined with much higher mortgage rates has crushed affordability. It now takes roughly 38% of the median household income to make the monthly payment on the median-priced home purchase, according to Black Knight.

Persons: Knight, That's, Andy Walden, Danielle Hale Organizations: Black, Realtor.com

☆ US pending home sales rose in July for the second month in a row
▼ + stars: | 2023-08-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US pending home sales ticked up in July by 0.9%, rising for the second month in a row despite elevated prices and rising mortgage rates, according to a report released Wednesday by the National Association of Realtors. “However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.”There was regional variation in pending home sales according to the index. Pending sales rose in the South, up 2% from June; and the West, which was up 6.2% from June. Affordability challenges expected to keep sales coolPending home sales or contract signings tend to lead existing home sales by roughly one to two months. Few homeowners with ultra-low mortgage rates of 3% or 4% are willing to sell their home and buy another one at 7%.

Persons: ”, Lawrence Yun, Jobs, ” Yun, “, Danielle Hale, ” Hale, Hale Organizations: DC CNN, National Association of Realtors, Realtor.com, Buyers, Mortgage, Association Locations: Washington

☆ Home sales fall again in July, as supply drops to near quarter-century low
▼ + stars: | 2023-08-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Homes sold at the slowest July pace since 2010. This count is for closings, so contracts were likely signed in May and June, when mortgage rates went from around 6.5% to well over 7%. Sales fell month to month in all regions except the West, where they rose 2.7%. Roughly three-quarters of the homes sold were on the market for less than a month, indicating still strong demand. "The housing market is at a pivotal point as we head into fall," said Lisa Sturtevant, chief economist at Bright MLS, noting higher mortgage rates in particular.

Persons: it's, Lawrence Yun, Danielle Hale, Buyers, Lisa Sturtevant Organizations: National Association of Realtors, Homes, Realtor.com, Realtors, Federal Housing Administration, Bright MLS

☆ More people actually moved out of Florida than New York or California in 2021
▼ + stars: | 2023-07-11 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

While out-of-staters were flocking into Florida in 2021, 674,740 residents moved out. That's more than the total number of people that left California or New York that year. Those who moved out previously told Insider the state had become too unaffordable and crowded. An estimated 674,740 people reported their permanent address changed in 2021 from Florida to another state, according to the data. That's more than any other state, including New York or California, two states have gotten the most attention for outbound migration during the pandemic.

Persons: Thomas Barwick, Danielle Hale Organizations: Service, American Community Survey, Sunshine State, Getty, Texans Locations: Florida, California, New York, Wall, Silicon, Georgia . Texas, Texas

☆ Affordability 'just isn't there' for homebuyers, says Realtor.com's Danielle Hale
▼ + stars: | 2023-06-30 | by ( ) www.cnbc.com time to read: 1 min

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 soon as the market faces a decade of undersupply, Realtor.com economy says
▼ + stars: | 2023-06-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

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

☆ Home prices rose for third straight month in April, S&P Case-Shiller index says
▼ + stars: | 2023-06-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in April were still down 0.2% compared with April 2022, according to the S&P CoreLogic Case-Shiller national home price index. A major jump in mortgage rates last summer caused a decline in prices. "The ongoing recovery in home prices is broadly based," Craig Lazzara, managing director at S&P DJI, said in a release. Before seasonal adjustments, prices rose in all 20 cities in April, as they had also done in March. Seasonally adjusted data showed prices rising in 19 cities in April versus 14 in March.

Persons: Ryan Ratliff, Ryan Paredes, Ariadna Paredes, Craig Lazzara, DJI, homebuying, Danielle Hale, Realtor.com, we've Organizations: Estate, Max Advance Realty, Cleveland Locations: Cutler Bay , Florida, Miami, Chicago, Atlanta, Boston, San Francisco

CNN —Home prices rose in April for a third consecutive month, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. After seasonal adjustment, the national index rose 0.5% in April from March. Before seasonal adjustments, the national index rose 1.3% from March. “The US housing market continued to strengthen in April 2023,” said Craig Lazzara, managing director at S&P DJI. Low inventory is keeping prices strongAlthough mortgage rates have risen since last year, prices remain strong in part because there are fewer options available for those who can still afford to buy.

Persons: ”, Craig Lazzara, Danielle Hale, we’ve, ” Hale Organizations: CNN, Federal Reserve Locations: today’s, Realtor.com

☆ Rent is falling in America for the first time in years
▼ + stars: | 2023-06-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —Some welcome news for renters: The US median rent in May fell from May 2022, the first annual rent decline in at least three years, according to a Realtor.com report released Monday. In May, the national median asking rent was $1,739, which was up a skosh ($3) from April but down 0.5% from May 2022. “For renters who maybe have stayed put over the past couple of years and haven’t moved, they might not be at the market rent level,” Hale said in a follow-up interview with CNN. “If they were to move this year, even though market rents are declining, they may see a higher rent payment.”The West and the South recorded year-over-year rent declines in May of 3% and 0.7%, respectively, whereas the Midwest and Northeast are still seeing rents climb higher, according to the report. The metro areas with the largest year-over-year rent jumps include Columbus, Ohio (9.3%); St. Louis, Missouri (7.7%); and Cincinnati, Ohio (7.7%).

Persons: Realtor.com, ” Danielle Hale, Hale, haven’t, ” Hale, —, Anna Bahney Organizations: Minneapolis CNN, CNN Locations: Minneapolis, Midwest, Northeast, Columbus , Ohio, Louis , Missouri, Cincinnati , Ohio, Las Vegas, Riverside, San Bernardino, California

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