Renters Need to Work 63 Hours to Pay Rent, Six Hours More Than Before the Pandemic
An average American needs to work about 63 hours to earn enough to pay the typical U.S. rent of $2,040. That is three more hours than they would have needed to work a year ago, and six hours more than in October 2019, before the pandemic.
October Existing Home Sales: Affordability Woes See Largest Drop in Sales in 15 Years
Existing home sales slipped in October, continuing the trend with every month in 2022 seeing a drop in sales, seeing the largest year over year decrease in existing home sales since 2007.
October Housing Starts: Homebuilding Activity Slows Again
October was a challenging month with disappointing inflation data and soaring interest rates, and it is no surprise that home building activity reverted back to a downward trend
Home values inched up 0.1% in October, as tight inventory kept pricing surprisingly resilient. Still, this flicker of demand strength might be a belated response to the late-summer drop in mortgage rates, to an average of 5.22% in August on a 30-year fixed loan, which gave some buyers a reason to jump off the fence and buy then.
Mortgage Rates Fall As Inflation Reports Easing Pressures
Mortgage rates fell sharply this week after a blockbuster report on inflation showed that price pressures may finally be easing.
Midweek Price Cuts Offer Black Friday Bargains for Home Shoppers
With Black Friday coming up, shoppers of all kinds have their eyes peeled for great deals – including home shoppers. While the housing market rebalances, home shoppers who are able to afford today’s market may be wondering when the best time is to look for a discount on their dream home. As the share of listings with a price cut reaches new heights, now may be the best time to find that deal on a house you love.
Two-year Rent Growth Streak Ends in Small Step Toward Normalcy
Asking rents across the U.S. finally ended a non-stop growth streak in October, falling 0.1% month-over-month and marking the first monthly decline in two years. The small step down is reminiscent of a more “normal” rental market, in line with October declines seen in each of the three autumns before the pandemic. The Zillow Observed Rent Index pegs typical national rent at $2,040 in October, still 9.6% above year-ago levels.
Prospective Buyers: Results from the Zillow Consumer Housing Trends Report 2022
A global pandemic, historic economic change and an unprecedented shift in the housing market have been hallmarks of the past year. But while these large-scale changes have shifted the landscape and have the potential to reshape buyers’ preferences over the longer term, many behaviors and attitudes remain the same.
Mortgage Rates Up Slightly Despite Midterms and Job Figures
Mortgage rates were up slightly this week, holding firm near 20-year highs after an eventful seven days filled with key monetary policy, economic and political updates. After rising strongly in response to comments from the Federal Reserve indicating that more rate hikes and policy tightening were likely in the coming months, mortgage rates had a muted reaction to the October jobs figures, which showcased a resilient, but softening labor market.
The typical U.S. home value was nearly flat from September to October (+0.1%), as buyers and sellers potentially settled on a new market equilibrium.
