September New Home Sales: Rapid Reaction
Builders have not been building like they used to for some time now -- and with winter coming, they appear to be in retreat even from those historically low levels.
Market Trends
Home Buyers Need 7.2 Years to Save Down Payments – 1.5 Years More Than in 1988
In San Jose, Calif., buyers would need a whopping additional 13.3 years. In a handful of major metropolitan areas, the time it would take to save a down payment with a constant savings rate of 10 percent is shorter than it was 30 years ago.
Property Tax Exemptions Saved Californians $30 Billion in 2018
Working with reporters at CALmatters – a nonpartisan and nonprofit journalism venture based in Sacramento – Zillow estimated the current gap between what Californians pay in property taxes and what they would owe if property taxes were based on current market values.
September Existing Home Sales: Rapid Reaction
Some of today’s sluggishness in existing home sales can be blamed on the hurricanes that hit the Southeast in September, but there are clearly more fundamental changes at play as well.
Rents Drop Year-Over-Year for the First Time Since 2012 (September 2018 Market Report)
The September drop will come as good news to renters who are on a budget, hoping to save a down payment, or just want a break from rent increases.
Mortgage Rates Remain at Highest Levels in Seven Years Despite Stock Market Commotion
Rates experienced a modest increase on Wednesday, following the release of Federal Reserve minutes detailing its commitment to continued gradual rate hikes into next year.
Forecast for New and Existing Home Sales (September 2018)
Zillow expects September existing home sales to fall 0.2 percent from August, to 5.33 million units at a seasonally adjusted annual rate. New home sales should rise 1.4 percent from August, to 638,000 units (SAAR).
Rising Mortgage Payments Eclipse Home Value Gains
The typical mortgage payment in August was up 15.4 percent, or $118 a month, from a year earlier, even though home values gained just 6.5 percent in that same period.
Love It or Leave It? Americans Prefer Renovations
Given a choice between spending a fixed amount on a down payment for a new home or fixing up their current home, 76 percent of Americans will choose renovation.
