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☆ Average age of first-time homebuyers is 38, an all-time high. Here's what that says about the real estate market
▼ + stars: | 2024-11-05 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

'The biggest issue of housing today'The housing shortage in the U.S. is "the biggest issue of housing today," said Orphe Divounguy, senior economist at Zillow. As of mid-2023, there's a housing shortage of 4 million homes, according to the NAR. Rent prices increased faster than tenants' wages during the pandemic. "We're seeing renters staying renters for longer because affordability has been so squeezed," he said. High rent prices not only affect your ability to save money to buy a home, it can affect your ability to pay down any existing debt, Lautz said.

Persons: homebuyer, Jessica Lautz, Orphe Divounguy, Jonathan Scott, Scott, Selma Hepp, Divounguy, Lautz Organizations: National Association of Realtors, NAR, HGTV, CNBC Locations: U.S

☆ It's not a great fall housing market, but this is 'as good as it gets,' economist says
▼ + stars: | 2024-09-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

While housing affordability remains a challenge for many buyers in the U.S., conditions are somewhat improving due to lower mortgage rates. Buyers need to earn $115,000 to afford the typical home in the U.S., according to a new report by Redfin, an online real estate brokerage firm. Both declines stem from lower mortgage rates, said Daryl Fairweather, chief economist at Redfin. "The only reason mortgage payments are down is because of the rate effect," Fairweather said. While housing overall continues to be unaffordable for most buyers, "this is as good as it gets," said Orphe Divounguy, senior economist at Zillow, as the market is generally seeing lower mortgage rates, more inventory and low buyer competition.

Persons: Redfin, Daryl Fairweather, Freddie Mac, Fairweather, Orphe Divounguy Organizations: Finance, Federal Reserve, Vanguard Locations: U.S

☆ How Austin, Texas Cut Home Prices, Built Houses, and Stopped a Crisis
▼ + stars: | 2024-09-25 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

But as other pandemic Zoomtowns continue to see increases in prices and rents, Austin stands alone in its change of fortune. Housing in Austin has been through so many extreme distortions that nobody really knows what "normal" even means anymore. All told, Austin's housing stock has ballooned by more than 76,000 units since 2020, an 8.34% increase that includes single-family homes, condos, and townhomes. Considering the size of the Austin market, moving the stock of homes by nearly 10% is a colossal feat. Related storiesNobody watching the Austin market should be having flashbacks to the Great Recession.

Persons: Austin, homebuyers, homebuilders, Zillow, Elon Musk, Joe Rogan, Homebuyers, Keith Hughes, I'd, That's, Jason Lewris, Lewris, Doreen Sidney, Austin wasn't, Austin's homebuilders, Freddie, Sean Kelly, Rand, Freddie Mac, Jenny Schuetz, homebuilding, Kelly, he's Organizations: Austin, Oracle, Facebook, Google, Elon, Census, Parcl Labs, Federal Reserve, San Antonio —, Austin ., Freddie Mac, Brookings Institution Locations: California, Austin, Real, Texas, Francisco, San Francisco, San Antonio, Boston

☆ Mortgage rates already priced in today's cut and future cuts, says Zillow's Divounguy
▼ + stars: | 2024-09-18 | 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 EmailMortgage rates already priced in today's cut and future cuts, says Zillow's DivounguyOrphe Divounguy, Zillow, joins 'Fast Money' to talk the impact of rate cuts on housing affordability.

Persons: Zillow's

☆ Housing affordability is 'moving in the right direction,' economist says. Here's what to know
▼ + stars: | 2024-07-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

A slight decrease in mortgage rates in the month of June definitely helped buyers, said Yun. Housing affordability is improving ever so modestly, but it is moving in the right direction. While there's still an affordability challenge broadly, conditions are "moving towards a more neutral market," Orphe Divounguy, a senior economist at Zillow. Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from a year ago, according to NAR. Competition is easing fastest in the South, where all major southern markets except Dallas and Raleigh are either neutral or buyer-friendly, according to the June 2024 Zillow Housing Market Report.

Persons: Yun, Freddie Mac, Lawrence Yun, Chen Zhao, there's, Selma Hepp Organizations: Sdi, CNBC, Investors, National Association of Realtors, Zillow Locations: Redfin, Dallas, Raleigh

☆ A $1 million starter home is now the norm in more than 200 US cities
▼ + stars: | 2024-07-26 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

A Thursday report from Zillow indicates that a typical starter home is now worth $1 million or more in 237 cities, up from 84 cities in 2019, underscoring America’s ongoing home affordability crisis. “We see the largest number of million-dollar starter homes in expensive coastal markets. To further complicate things for first-time buyers, the value of starter homes has grown at a faster pace than the average home. According to Zillow, starter home values have grown 54.1% over the past five years, while the average US home has increased by 49.1%. The nationwide average price tag for a starter home is $196,611, according to Zillow.

Persons: underscoring, ” Orphe, “, It’s, homebuyer, Zillow, Jeffrey Jenkins, Divounguy, “ That’s, ”, Lawrence Yun Organizations: CNN, Gallup, National Association of Realtors, University of Southern Locations: Zillow, California , New York, New Jersey, University of Southern California, United States

☆ Defining a buyer's market 'is always a bit tricky,' real estate expert says: 4 signs to monitor
▼ + stars: | 2024-07-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Despite those headwinds, some indicators show the housing market is shifting away from a seller's market. That doesn't mean it's a buyer's market — yet: "The term buyer's market is always a bit tricky to work with," said Chen Zhao, the economic research lead at Redfin, an online real estate brokerage firm. There are "rules of thumb" to define a buyer's market, like having more than four months of supply, she said. "We're still nationwide somewhat in a seller's market, not a buyer's market yet," he said. Here are four signs that can help you recognize if the housing market in your area is more in buyers' favor: 1.

Persons: Freddie Mac, Chen Zhao, Zhao, they're, We're, Daryl Fairweather, Redfin, Julie Zubiate, Selma Hepp, Sellers Organizations: National Association of Realtors, NAR, Federal, Zillow, CNBC, Finance, Sdi, San Francisco Bay Area Locations: U.S, Redfin, San Francisco Bay

☆ Some renters may be ‘mortgage-ready’ and not know it. Here's how to tell
▼ + stars: | 2024-07-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

In 2022, 39% of the 134 million families residing in the U.S. did not own the home they lived in, according to Census data. But on the other hand, households might be unaware they can afford a mortgage, said Orphe Divounguy, senior economist at Zillow. "If rental prices are coming up, maybe it's a good time to consider [buying instead]," she said. "The first step is trying to understand whether or not it's worth getting all the paperwork together," she said. Understanding the status of your credit and your debt-to-income ratio is a good place to start.

Persons: Zillow, Orphe Divounguy, Melissa Cohn, Cohn Organizations: American, Survey, U.S . Census, Zillow, Finance, William, Mortgage Locations: U.S

☆ Selling a home is expensive, too: Homeowners typically spend nearly $55,000, report finds
▼ + stars: | 2024-06-27 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +6 min

It typically costs $54,616 to sell a house in 2024, according to a June 17 report from Clever Real Estate. In May, Clever Real Estate polled 1,014 Americans who sold a home between 2022 and 2024 about their attitudes related to the home-selling process. "Ultimately, [with] many of these fees, there's no harm in trying to negotiate, and that includes real estate commissions," Hamrick said. But the highest expenses an owner will face when selling a home are the real estate agent commission fees, Ahmed said. Sell without a real estate agent: Homeowners could try to sell the house themselves and potentially drop real estate services altogether, said Dunaway-Seale.

Persons: Jaime Dunaway, Seale, they're, that's, Dunaway, Mark Hamrick, Hamrick, Kashif, Ahmed, Daryl Fairweather, Orphe, Sellers, brokerages, Claudia Cobreiro, Cobreiro Organizations: Finance, Wealth, Redfin, CNBC, U.S, The National Association of Realtors, Cobreiro, MLS, Realtors, Homeowners Locations: Bedford , Massachusetts, Coral Gables , Florida, Miami

☆ Here's how bad housing affordability is now
▼ + stars: | 2024-06-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Home prices set another record in April, even as mortgage rates rose and the supply of homes for sale increased. Usually, under those circumstances, prices would weaken, but today's housing market is unlike any other in recent history. The housing cost burden has hit a record, according to a new report from Harvard's Joint Center for Housing Studies. Housing supply was already low before the Covid pandemic hit, because homebuilders had yet to recover from the 2008 financial crisis. Then there was a pandemic-induced run on housing, causing supply to drop to record lows for several years.

Persons: Brian Luke, Dow, HJCH, homebuilders, Homebuilders couldn't, Orphe Divounguy Organizations: Mortgage News, Dow Jones, Harvard's, for Housing Studies

☆ Competition in the housing market is cooling off. Here's why
▼ + stars: | 2024-06-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"You have an increase in sellers coming back on the market," said Orphe Divounguy, a senior economist at Zillow. "Homes are staying on the market for a bit longer because the sales are not keeping up with the flow of homes coming on the market," Divounguy said. watch nowYet despite the recent jump in supply, "we're still starved for inventory in the for-sale market," said Divounguy. Homebuyers are waiting on lower mortgage ratesAs mortgage rates have remained high and housing affordability has strained household finances, buyers have been unable to jump in the market, Divounguy explained. While mortgage rates could "change pretty quickly" or "on a dime," said Fairweather, buyers are unlikely to see big movement in the near term.

Persons: Orphe Divounguy, Zillow, Divounguy, Redfin, Daryl Fairweather, We're, Fairweather, Freddie Mac, homebuyers, It's, there's Organizations: Zillow, Finance, Biden, Trump, Federal Reserve, Fed Locations: U.S, Dallas , Texas, Fort Lauderdale , Florida, Florida, Tampa, Jacksonville

☆ Housing costs are clouding an otherwise glowing economy
▼ + stars: | 2024-06-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Despite all the good news, there’s one giant, inescapable reason why people don’t feel like the economy is as good as it actually is. Shelter costs — which include rent and an estimated cost of homeownership — were up 5.4% from a year ago. There are some early signs that the housing market is becoming a bit less stuck. At the same time, the one-two punch of inflation and high borrowing costs have discouraged first-time buyers, reducing competition for houses. Of course, as Powell noted in his speech Wednesday, it may take “years” for housing inflation to normalize.

Persons: CNN Business ’, We’re, supercore, doesn’t, —, “, ”, Jay Parsons, Jerome Powell, It’s, Orphe Divounguy, Zillow, ” Divounguy, Powell, There’s, Douglas Duncan, Fannie Mae Organizations: CNN Business, New York CNN, “ Locations: New York, Madera, Texas

☆ What to expect from the housing market in the second half of 2024, according to real estate experts
▼ + stars: | 2024-06-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

While the market is seeing more listings, the boost in supply is not enough to attract buyers, according to Doug Duncan, senior vice president and chief economist at Fannie Mae. "Mortgage rates are down a bit from May highs, but that hasn't spurred a surge of competition among buyers in the housing market," Divounguy said. Many experts believe the Federal Reserve will likely hold interest rates in the upcoming board meeting on June 12. However, the National Association of Realtors forecast a potential interest rate cut by the fall of this year, according to Jessica Lautz, the NAR's deputy chief economist. 'It's hard to foresee prices really cooling'While the housing market has slowed in terms of the number of transactions, prices haven't soften despite broader expectations, Ostrowski explained.

Persons: Orphe Divounguy, Realtor.com, Kelman, Doug Duncan, Fannie Mae, Duncan, Freddie Mac, hasn't, Divounguy, Jessica Lautz, Ostrowski Organizations: Realtor.com, CNBC, Federal Reserve, Reserve, National Association of Realtors Locations: U.S

☆ Homebuyers need to earn 80% more than in 2020 to afford a house in this market. It's not just due to high mortgage rates
▼ + stars: | 2024-03-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Factors beyond high mortgage rates are affecting housing affordability for many Americans, according to experts. Almost four years ago, a household earning $59,000 annually could afford a new mortgage without spending more than 30% of their monthly income and with a 10% down payment, according to a recent report by Zillow Group. While the typical household in 2024 makes about $81,000 a year, up from $66,000 in 2020, wages have not kept up with housing costs. "Since January of 2020, the typical mortgage payment on the typical home in the U.S. has nearly doubled," said Orphe Divounguy, a senior economist at Zillow. Nowadays, potential homebuyers need to make about $106,500 a year in order to afford the typical home today, an 80% increase from January 2020, according to Zillow.

Persons: Orphe Divounguy, Kirabo Jackson, Jackson Organizations: Zillow Group, Finance, White House Council, Economic Advisers Locations: U.S, Zillow

☆ Why it’s so hard to find an apartment you can afford
▼ + stars: | 2024-02-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Washington, DC CNN —Finding a new apartment to rent can be a slog. In New York City, the rental vacancy rate, which is the share of habitable unoccupied units, has dropped to a record low 1.4%. In Boston, the rental vacancy rate was a very tight 2.6% at the end of last year, according to the Census Bureau. However, the most recent vacancy rate is also lower than the more typical 3.6% from prior to the pandemic. In the fourth quarter of 2023, the rental vacancy rate was 6.6%.

Persons: Maria Torres, ”, Orphe Divounguy, “, that’s, Lawrence Yun, Yun Organizations: DC CNN, New York City Department of Housing Preservation, Development, Census, New York City, Springer, Real Estate Investment Services, Joint Center for Housing Studies of Harvard University, National Association of Realtors Locations: Washington, Northeastern, New York, Boston, New York City, Yorker, Manhattan, Northeast, Southern, Austin , Texas

☆ A soft landing is now likely. But Americans will still deal with unaffordable housing
▼ + stars: | 2024-02-04 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

In a letter days before the Fed’s decision Wednesday to hold interest rates steady at a 23-year high, Democratic US senators blasted the central bank for America’s housing woes. In 2021 when the Fed’s key interest rate was near zero, home-price growth soared at a historic double-digit pace, according to the S&P CoreLogic Case-Shiller National Home Price Index. Divounguy said that the average 30-year fixed mortgage rate will likely not fall below 6% this year. That way we can actually start heading in the right direction with affordability and have that be sustainable and not just a short-term interest rate phenomenon,” she said. Richmond Fed President Thomas Barkin delivers remarks.

Persons: Valerie Plesch, Orphe Divounguy, Freddie Mac, it’s, Fannie Mae, Divounguy, ” Daryl Fairweather, Trump, Jerome Powell, Donald Trump, Powell, David Goldman, Alexandra Ross, ” Trump, Maria Bartiromo, Joe Biden, Estee Lauder, Tyson, Raphael Bostic, Eli Lilly, Loretta Mester, Walt Disney, Adriana Kugler, Thomas Barkin, Michelle Bowman, Ralph Lauren, Armour Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Democratic, Eccles Federal Reserve, Bloomberg, Getty, CNN, National Association of Realtors, Fox Business, Bureau of Labor Statistics, Trump, Fed, Caterpillar, Tyson Foods, P Global, Institute for Supply Management, Atlanta Fed, Toyota, UBS AG, Chipotle, Cleveland Fed, Walt, CVS, PayPal, Brands, Fox, The Carlyle, News Corporation, New York Times Company, Mattel, Spirit Airlines, US Commerce Department, China’s National Bureau of Statistics, ConocoPhillips, Unilever, Duke Energy, Expedia, Warner Music Group, Tenet Healthcare, Richmond Fed, Pepsico, Honda Locations: Washington, Washington , DC, CAVA

☆ 'Don't blame the Fed' for high mortgage rates, says Zillow chief economist—the real culprit and his predictions for 2024
▼ + stars: | 2024-02-02 | by ( Ryan Ermey | ) www.cnbc.com time to read: +7 min

At a Zillow-sponsored event in October, he said that the Fed's sway on mortgage rates was overstated. Divounguy: Mortgage rates tend to follow the 10-year Treasury yield. We also know that very often there's a spread between mortgage rates and the yield on the 10-year. So a decrease in the Fed policy rate may not cause mortgage rates to decrease that much further. Let's say I have the money for a house, and I expect mortgage rates to come down eventually, if not much this year.

Persons: We've, It's, That's, it's, ’, — Organizations: Federal Reserve, Divounguy, CNBC, Treasury, Fed Locations: U.S

☆ Here are the top 10 hottest housing markets in 2024 — and why you may consider other options
▼ + stars: | 2024-01-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Buffalo, New York, made the top of the list, as the area is slated to see increased job growth compared with the number of approved construction permits for new homes. The list is based on an analysis of home value appreciation, how long it takes to sell a home and job growth relative to housing supply. What a 'hot' market means for buyers"Market heat" refers to the level of competition among buyers; when you have more buyers than sellers, you have a hot market, Divounguy said. "They're looking into warmer areas, favorable tax conditions and better housing affordability." Where the housing market is cooling

Persons: Grace Cary, Orphe Divounguy, Divounguy, Jessica Lautz Organizations: Finance, National Association of Realtors Locations: South, Northeast, Midwest, Buffalo , New York, Florida

☆ 'Housing affordability is reshaping migration trends,' economist says. Here's where people are moving
▼ + stars: | 2024-01-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: 1 min

Homes in those consumers' new metros cost $7,500 less, on average, compared to the places they left. "Housing affordability has always mattered...and you're seeing it across the country," said Orphe Divounguy, a senior economist at Zillow. "Housing affordability is reshaping migration trends." More from Personal Finance:Gen Z, millennials are 'house hacking'Why can’t today’s young adults leave the nest? Blame high housing costsHow to vet HOAs when house hunting

Persons: Orphe Divounguy, Gen, HOAs Organizations: Van Lines, Finance

☆ Why the housing market is going from tough to terrible
▼ + stars: | 2023-10-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

The current housing market offers a crushing affordability picture for would-be-homebuyers and is keeping many out of the market. The monthly payment on an average-priced home now requires 40% of the median household income, making housing the least affordable it’s been since 1984, according to ICE. “Longer term Treasury yields — which mortgage rates tend to follow — depend on expected economic growth and inflation expectations,” said Orphe Divounguy, senior economist at Zillow. The median household income was $74,580 in 2022, according to the US Census Bureau. “Good news in the economy causes rates to stay higher for longer — but the longer rates are higher, the more likely something in the market goes ‘boom.’”

Persons: Freddie Mac, ”, Andy Walden, ” Walden, Orphe Divounguy, Nicole Bachaud, Bachaud, John Toohig, Raymond James, ” Toohig, “ Organizations: DC CNN —, ICE Mortgage Technology, Black, ICE, “, Zillow, Census Bureau Locations: Washington

☆ Zillow offers a 1% down payment loan program
▼ + stars: | 2023-08-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Zillow Home Loans pays an additional 2%, bringing the total down payment to 3%, which is typically the minimum payment required for a conventional home loan. Currently the program is only available to buyers in Arizona, according to Zillow, with plans to expand. With mortgage rates crossing over 7% in recent weeks and home prices rising, home sales have plummeted over the past year. Offering a low down payment program is in line with Zillow’s return to its core business after a short-lived expansion into the ibuying business. Zillow also offers a down payment assistance tool to see if you are eligible for other programs.

Persons: Zillow, Rich Barton, haven’t, Orphe Divounguy, ” Organizations: DC CNN, Mortgage, Association, US Department of Agriculture, Department of Veterans Affairs, Consumer Financial Locations: Washington, Arizona, homeownership, Phoenix

☆ Zillow rolls out new 1% down payment program in Arizona
▼ + stars: | 2023-08-25 | 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 EmailZillow rolls out new 1% down payment program in ArizonaOrphe Divounguy, Zillow home loans senior economist, joins 'The Exchange' to discuss America's housing affordability crisis, Zillow offering a one percent down payment loan program in Arizona, Zillow's plan to roll out the home loan plan beyond Arizona.

Locations: Arizona

☆ Demand still exceeds supply in the housing market following a rebound in home value, says Zillow
▼ + stars: | 2023-08-21 | 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 EmailDemand still exceeds supply in the housing market following a rebound in home value, says ZillowOrphe Divounguy, Senior Economist at Zillow, discusses the outlook for housing demand and mortgage rates.

Persons: Zillow Orphe Divounguy Organizations: Zillow

☆ Mortgage rates are going up again but home prices aren’t coming down: Why the housing market is out of whack
▼ + stars: | 2023-07-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

But after 10 rate hikes, the housing market — traditionally one of the most interest-rate-sensitive areas of the economy — is anything but predictable. Mortgage rates then continued to climb in tandem with the Fed’s hikes until November, when mortgage rates peaked at 7.08%, despite four subsequent rate hikes since then. Higher mortgage rates have reduced home inventoryIn theory, when mortgage rates go up, home prices should fall since it raises the cost of homeownership, thereby reducing demand. That’s partly because the higher mortgage rates that came after the Fed hiked rates created a major lock-in effect, said Kiefer. “That tells the crux of the story for why the housing market seems a bit odd right now,” Divounguy said.

Persons: ”, Orphe Divounguy, Banks, Freddie Mac, Charles Dougherty, Dougherty, “, Len Kiefer, ” Kiefer, Kiefer, Divounguy, Zillow’s Divounguy, ” Divounguy Organizations: New, New York CNN, Federal Reserve, Zillow, Fed, National Association of Realtors, “, CNN, homebuying Locations: New York, That’s, Wells Fargo, Realtor.com

☆ What the banking crisis means for mortgage rates
▼ + stars: | 2023-03-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation. Neither the actions of the Federal Reserve nor the bank failures directly impact mortgage rates. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Following the Fed’s announcement on Wednesday, bond yields — and the mortgage rates that usually follow them — fell. “Homebuyers in 2023 have shown themselves to be quite sensitive to any changes in mortgage rates,” Fratantoni said.

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