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☆ I sold my house in Austin for full price in 2 months thanks to patience and some homework
▼ + stars: | 2024-01-18 | by ( Cork Gaines | ) www.businessinsider.com time to read: +8 min

Selling a house in this market can be tricky with high mortgage interest rates and steep prices. AdvertisementSelling a home for a good price in this housing market can be challenging but not impossible. What's more, mortgage interest rates remain high compared to several years ago but have dropped slightly recently. Buyers can still beat current interest ratesMeanwhile, some potential buyers are finding creative ways to avoid high interest rates and purchase homes. While nothing is guaranteed with interest rates, this is exactly what the Fed is projected to do, holding interest rates steady in the first part of 2024 before starting to lower rates later in the year.

Persons: —, Cork, there's, Gary Miller, Austin Organizations: Austin, Service, Cork Gaines, Brigade, National Association of Realtors Locations: Austin

☆ 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

☆ These are the 10 best U.S. metros to buy a house in 2024—none of them are in Florida
▼ + stars: | 2024-01-12 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

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

☆ Mortgage rates inch up for the second week in a row, landing at 6.66%
▼ + stars: | 2024-01-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked up this week for the second week in a row, but remain more than a full percentage point lower than their high last year. The 30-year fixed-rate mortgage averaged 6.66% in the week ending January 11, up from 6.62% the previous week, according to data from Freddie Mac released Thursday. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Lower mortgage rates expected to bring new inventoryWhile mortgage rates trending lower is welcome news for homebuyers, those in the market are still dealing with the double whammy of low inventory and high home prices that continue to rise. But, she added, the pace of mortgage rates declining is likely to be slower going forward than the dramatic nine-week drop at the end of 2023.

Persons: Freddie Mac, who’ve, ”, Sam Khater, Freddie Mac’s, That’s, Jiayi Xu, Xu Organizations: DC CNN —, “, Federal, Treasury Locations: Washington

☆ Home prices are surging in these 20 cities — including 6 with median prices under $240,000 — as buyers rush to snap up properties at faster rates than the rest of the country
▼ + stars: | 2024-01-09 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

While poor affordability is dampening demand, buyers are still snapping up homes in some cities. Realtor.com recently listed 20 cities where demand is highest. In the December 21 report, Jones listed 20 cities where demand is picking up the most over last year. To create the list, Jones looked at the average number of viewers per listed property in individual cities relative to the national average. In her final list of 20 cities, houses in all locations saw higher visitor traffic than the national average, and all but Columbus, Ohio saw their median days on the market drop year-over-year.

Persons: Hannah Jones, Jones Organizations: Business Locations: Realtor.com, Erie , Pennsylvania, Canton , Ohio, Boston, Columbus , Ohio

☆ A new tiny-home community near San Antonio is raising eyebrows for marketing pint-sized houses for over $140,000
▼ + stars: | 2024-01-05 | by ( Maria Noyen | ) www.businessinsider.com time to read: +4 min

Elm Trails is a nearly finished tiny-home community near San Antonio. AdvertisementA tiny-home community near San Antonio, Texas, is raising eyebrows for marketing pint-sized houses for over $140,000. Elm Trails is the first tiny-home community built by Lennar, a home construction company based in Florida. He also suggested that Elm Trails skeptics don't know what a good property deal is in today's housing market. "Lennar San Antonio is very innovative about how they are thinking."

Persons: —, Rhonda Ober, Ober, I'm, Billy Rojo, Billy, Rojo, Realtor.com, Lennar Organizations: Service, Forbes Locations: San Antonio, San Antonio , Texas, Florida, Texas, Elm Trails, Elm, Henley, South Carolina, Lennar San Antonio

☆ US pending home sales fell to their lowest level in 20 years last month
▼ + stars: | 2023-11-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US pending home sales fell to their lowest level in 20 years in October as mortgage rates surged to their highest levels of the year, according to a report released Thursday. Pending home sales dropped 1.5% last month from September, monthly data from the National Association of Realtors showed. The pending home sales index — a forward-looking indicator based on contract signings rather than closings — was down 8.5% from a year ago. Completed sales of existing homes and sales of new construction homes, which are also based on contract signings, also fell in October. In October, existing home sales fell to the lowest level in 13 years, remaining below 4 million for the first time since October 2010.

Persons: —, ”, Lawrence Yun, Yun, Hannah Jones, October’s, Jones, — Jones, ” Jones, “ Organizations: DC CNN, National Association of Realtors, Northeast, NAR, Realtor.com, “ Locations: Washington, Midwest, South, West

☆ Mortgage rates drop for fifth straight week
▼ + stars: | 2023-11-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

It’s the fifth straight week rates have moved lower. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. According to a forecast from Realtor.com, the average mortgage rate is projected to be 6.8% in the next year. “As mortgage rates are expected to remain elevated, current homeowners with low mortgage rates are expected to stay put, leading to a decline in for-sale inventory,” said Xu.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Khater, Jiayi Xu, Xu, ” Xu, Joel Kan, ” Kan Organizations: DC CNN —, Inflation, Federal, Realtor.com, Treasury, Mortgage, Association Locations: Washington

☆ US home prices hit another record high in September, rising for the eighth straight month
▼ + stars: | 2023-11-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home prices continued to rise in September, hitting a new record high and marking the eighth consecutive month of increases, according to data released Tuesday. Even as mortgage rates lingered above 7% in September, historically low inventory continued to push up the price of a home. Prices rose 0.7% in September from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index. Compared to a year ago, the national composite index also rose, with prices up 3.9% from September 2022, the data shows. Higher prices and higher mortgage rates led to crushing affordability challenges for homebuyers in September, bringing existing home sales to 13-year lows.

Persons: ”, Craig Lazzara, Dow, Charlotte ,, Hannah Jones, Jones Organizations: DC CNN, Dow Jones, Las, Realtor.com, homebuyers Locations: Washington, Atlanta, Boston, Charlotte, Charlotte , North Carolina, Chicago, Cleveland, Detroit, Miami ; New York, Tampa , Florida, San Diego, New York, Las Vegas, Portland , Oregon, Northeast, Midwest

☆ People are leaving Texas over rising costs, partisan politics, and a sense of disenchantment
▼ + stars: | 2023-11-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

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

☆ It's never been harder to build wealth. Blame high interest rates and the US housing market.
▼ + stars: | 2023-11-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

That's largely because it's become much harder to buy a home, the "big ticket" to wealth for most Americans. Less wealthy Americans have also been slammed by high inflation, high borrowing costs, and meager wage gains. An inaccessible housing market spells trouble for those looking to build up their nest eggs, according to BankRate senior industry analyst Ted Rossman. With ever-more Americans priced out of the housing market, that gap could grow wider. The struggle to build wealth — by way of the housing market or other means — has been reflected in the latest economic data.

Persons: It's, it's, —, Ted Rossman, Rossman, aren't, Fannie Mae, Michael Neal, Neal, Bankrate's Rossman Organizations: Service, Federal Reserve, Business, Federal, National Association of Realtors, Realtor.com, Urban Institute Locations: –

☆ A financially independent investor shares the strategy he used to buy a NYC apartment for 'about 20% cheaper than I would have bought it last year'
▼ + stars: | 2023-11-23 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

"A, people have less access to capital and less purchasing power because interest rates are so high. People don't want to leave their lower interest rates to enter into a higher interest rate mortgage." This is a strategy that California-based real estate investor Mike Zuber refers to as " learning your buy box ." To pick your buy box, spend time walking through different neighborhoods, going to open houses, and looking at rental listings. He had a major advantage in that he could make all-cash offers, he noted, but anyone can use the "buy box" strategy to find deals right now when there are less buyers.

Persons: Grant Sabatier, it's, don't, Sabatier, they're, Mike Zuber, seasonality, It's Organizations: Rolex, Business Locations: Ohio, Indiana, New York City, California, Park Slope, New York

☆ 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

☆ This is the most expensive neighborhood in the U.S.—see how the priciest ZIP code in your state compares
▼ + stars: | 2023-11-22 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

In contrast to California, the most expensive ZIP code for North Dakota is found in Fargo, where median-priced homes are relatively affordable, costing $439,900. Upscale vacation destinations and exclusive coastal towns dominate the most expensive ZIP codes for many U.S. states. Median-priced homes in these ZIP codes cost more than $4 million. In more rural states like Alaska, Iowa, Nebraska and West Virginia, homes in the most expensive ZIP codes cost less than $1 million. Below are the most expensive ZIP codes in all 50 states and Washington, D.C., listed in alphabetical order.

Organizations: Bel Air, U.S, Hamptons, D.C Locations: Los Angeles, California, North Dakota, Fargo, Bel, Water, , New York, Telluride , Colorado, Wilson , Wyoming, Jackson, Alaska , Iowa , Nebraska, West Virginia, U.S, 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: “

☆ A boomer moved from San Diego to a West Virginia town with 1,500 residents. She outlined the pros and cons of small-town life.
▼ + stars: | 2023-11-20 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

A boomer moved from a suburb of San Diego to Shepherdstown, West Virginia, which has 1,500 residents. This time, to a small town of 1,500 residents in West Virginia called Shepherdstown. Of the approximately 818,000 former Californians who moved to other states from 2021 to 2022, just 879 moved to West Virginia. AdvertisementWeighing the pros and consPfrimmer's move from California to West Virginia was so smooth she suspected it may be "preordained." In West Virginia, she bought a 1,700-square-foot townhouse for $285,000, and she installed a new roof for only $5,000.

Persons: boomer, she's, —, Jan Pfrimmer, Pfrimmer, you've, West Virginia it's, Pfrimmer's Organizations: Service, West Virginians, Pfrimmer Locations: San Diego, Shepherdstown, West Virginia, Mexico City, Reno, Tahoe, California, Texas , Tennessee, Kentucky, Santee

☆ From construction workers to electricians, these are the infrastructure jobs set to boom in the next few years
▼ + stars: | 2023-11-20 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Insider looked at employment projections for work related to construction and infrastructure. Both white-collar and blue-collar jobs are poised to boom, with demand for construction laborers and truck drivers, as well as business services. President Joe Biden is also behind the need for more infrastructure construction. Construction and infrastructure jobs are growingConstruction laborers are projected to see employment growth of 61,900 from 2022 to 2032. This job typically requires a postsecondary nondegree award for entry and long-term on-the-job training for competency.

Persons: —, Hannah Jones, Joe Biden, Kit Dickinson, Ed Brady, remodelers, Carpenter, Dickinson, Nela Richardson, Brady, Organizations: Service, Law, Georgetown University Center, Education, Workforce, Bureau of Labor Statistics, Home Builders Institute, National Association of Home Builders, BLS

☆ 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

☆ Mortgage rates fall for third straight week, bringing some homeseekers off the sidelines
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Mortgage rates have cooled in recent weeks as markets absorbed the latest economic indicators, including an improving inflation picture. “For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The gap between the 10-year Treasury yield and the 30-year fixed rate mortgage rate is historically around 180 basis points,” she said. “While the gap has narrowed somewhat, the 30-year mortgage rate remains 280 basis points higher than the bond yield.”By historical norms, she said, mortgage rates should be under 6.5%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Price, Jiayi Xu, Jerome, Powell, ” Xu, Bob Broeksmit, Lawrence Yun, ” Yun, “, Lisa Sturtevant, ” Sturtevant Organizations: DC CNN —, Mortgage, Association, Federal Reserve, Treasury, Consumer, “, National Association of Realtors, Bright MLS Locations: Washington

☆ A boomer moved from Silicon Valley to a small city in Texas' Hill Country. He said the people are friendlier and his community is much more peaceful.
▼ + stars: | 2023-11-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Bill Ross moved from the mountains of Silicon Valley to a city half an hour north of San Antonio. Leaving Silicon Valley behindRoss was born in Philadelphia and was raised in northern New Jersey. He worked at large companies and startups in Silicon Valley, and he tried starting his own company. He got married, had kids, and raised them in a home 20 minutes from the heart of Silicon Valley in the Santa Clara Mountains. By comparison, a study by Joint Venture Silicon Valley released in October found Silicon Valley's median home price was $1.53 million in 2022.

Persons: Bill Ross, —, Ross, Boerne, — Ross, he's, couldn't, didn't, Dallas, Austin, Realtor.com Organizations: Service, Oaks, Boerne Independent, . Census, Texans, Northeastern University, Texas Hill Country, Joint Venture Locations: Silicon, San Antonio, Texas, Silicon Valley, California, Boerne , Texas, Philadelphia, New Jersey, Boston, Santa Clara, Florida, North Carolina, South Carolina, Galveston, Texas Hill, Boerne, San Francisco, Bay, Antonio

☆ In This Pricey Texas Enclave, Prospective Buyers Should Be “Okay With Buying Ugly”
▼ + stars: | 2023-11-12 | by ( Jessica Flint | Photographs Tyler Dane Hansen For The Wall Street Journal | ) www.wsj.com time to read: 1 min

In Texas Hill Country, about a 10 to 15 minute drive from downtown Austin, is the 78746 ZIP Code, which locals refer to as Westlake. With a median house listing price of $2.65 million in September, Westlake has the second priciest residential real estate in Texas, according to data from Realtor.com. Known for its rolling hills, trees, lakes and trails, Westlake encompasses a handful of neighborhoods that feed into the coveted Eanes Independent School District. Here are some of the area's highlights:

Persons: Westlake Organizations: Westlake, Realtor.com, Eanes Independent School Locations: Texas, Austin, Westlake

☆ 15 cities where U.S. homebuyers make the largest down payments—the top 5 are in California
▼ + stars: | 2023-11-12 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Homebuyers put down an average of 13.8% of the home price in 2023, according to a Realtor.com analysis of the 150 largest real estate markets for the quarter ending in September. Here's a look at the 15 most expensive real estate markets, based on the median cost for a typical down payment on a home. In Killeen, Texas, median down payment is only $2,182. This includes Fayetteville, North Carolina; Shreveport, Louisiana; and El Paso, Texas, where median down payments are $5,000 or less. U.S. Department of Agriculture loans also require no down payment, which might lead to low down payments in relatively rural areas.

Persons: Homebuyers, That's, Freddie Mac, Warren Buffett Organizations: PMI, Santa, Thousand Oaks, Seattle, Boston, Cambridge, Fort, Stamford -, U.S . Department of Veterans Affairs, U.S . Department Locations: California, U.S, San Jose, Sunnyvale, Santa Clara , California, Francisco, Oakland, Berkeley , California, Santa Maria, Santa Barbara , California, Angeles, Long, Anaheim , California, Santa Rosa, Petaluma , California, Oxnard, Ventura , California, Tacoma, Bellevue , Washington, Diego, Chula Vista, Carlsbad , California, Newton , Massachusetts, New Hampshire, Fort Collins , Colorado, Sacramento, Roseville, Folsom , California, Naples, Marco Island, Florida, York, Newark, Jersey City , New York, New Jersey, Pennsylvania, Portland, Vancouver, Hillsboro , Oregon, Washington, Bridgeport, Stamford, Stamford - Norwalk , Connecticut, U.S . California, Killeen , Texas, Killeen, Fayetteville, North Carolina, Shreveport , Louisiana, El Paso , Texas

☆ Biden’s economic scorecard touts fragile advantage
▼ + stars: | 2023-11-09 | by ( Ben Winck | ) www.reuters.com time to read: +11 min

And if the political strategist James Carville was right that “it’s the economy, stupid,” the next several months could make or break Joe Biden’s economic record. As things stand, the current ruler of the free world touts a fragile advantage. Households’ disposable income after adjusting for inflation hit a record $20 trillion in the month that Biden’s measure was approved, according to the Bureau of Economic Analysis. STUDENT LOANSForgiving swaths of student debt was another of Biden’s campaign promises, but his efforts have so far failed. And with higher interest rates making debt service more expensive, Biden’s spending could come back to bite him on election day.

Persons: Joe Biden, Ken Cedeno, James Carville, Joe Biden’s, “, aren’t, Breakingviews, it’s, Biden, Donald Trump, Mitch McConnell, ”, Realtor.com, Congressional Republicans haven’t, haven’t, WALL, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Edmond's Catholic, REUTERS, Rights, Reuters, House, Republican, AMERICAN, ACT, Brookings Institution, Analysis, Walmart, Nordstrom, Deere, Caterpillar, Republicans, Commerce Department, Micron, Bank of America, Gallup, Federal Reserve, United Auto Workers, RSM, Congressional Republicans, Biden, Reuters Graphics Reuters, Conservative, Thomson Locations: St, Rehoboth Beach , Delaware, U.S, New York, Arizona, West Virginia

☆ Mortgage rates plummet by largest amount in a year
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates tumbled this week in the biggest one-week drop since last November. “Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. But while mortgage rates remain relatively high, the difference between rates now and what they were a year ago has narrowed, said Lisa Sturtevant, chief economist at Bright Multiple Listing Service. “We are in a new era for mortgage rates, where prospective homebuyers can expect rates to settle above 6%,” said Sturtevant.

Persons: It’s, Freddie Mac, ”, Sam Khater, Freddie Mac’s, Joel Kan, Jiayi Xu, Xu, Realtor.com, Lisa Sturtevant, Sturtevant Organizations: DC CNN —, “, Treasury, Mortgage, Association Locations: Washington

☆ The rise of the McMansion: 11 charts show just how much bigger and fancier American houses have gotten since the 1970s
▼ + stars: | 2023-11-07 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

Data on the characteristics of newly constructed homes for 2022, released in June by the Census Bureau, revealed homes continued to get bigger after shrinking from 2015 to 2020. A higher share of four-bedroom houses were built, most constructed with air conditioning, and more houses are doing away with fireplaces. In 2022, nearly half of all homes constructed had four bedrooms, compared to two-bedroom homes at 9%. Houses have remained relatively the same height, with a slightly higher percentage of one-story homes and slightly fewer percentage of two-story homes compared to 10 years ago. The median are now comes in at around 2,300 square feet for houses built in 2022.

Persons: Goldman Sachs, —, Glenn Kelman, Realtor.com, it's, Brick Organizations: Service, Census, Myrtle Locations: Conway, Myrtle Beach, South Carolina, Las Vegas, Henderson, Paradise, Stockton , CA

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