Real Estate, Economy & Market News
MARKET INDICATORS SNAPSHOT
WEEKLY
- Mortgage Rate (30-Year Fixed): 3.27% (as of 12/22)
MONTHLY
- Existing Home Sales: +1.9% (November 2021)
- New Residential Sales: +0.4% (October 2021)
- Median Sales Price for New Houses Sold: $407,700 (October 2021)
- Construction Spending: +0.2% (October 2021)
- New Residential Construction: -0.7% (October 2021)
QUARTERLY
- Homeownership Rate: +65.4% (3Q21)
- Rental Vacancy Rate: +5.8% (3Q21)
Sources: NAR, BLS, Federal Reserve Bank
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PROPERTY MARKET
Real estate market to weather 2022 and Omicron
Despite the speculative wave of home buying competition and property prices hitting through the roof, the real estate industry is going to weather the upcoming year, according to analysts, thanks to strong buyer demand and approval of the anti-COVID pill, Paxlovid.
Single-family housing market rises
Builder sentiment in the single-family housing market rose one point to 84 in December, according to the National Association of Home Builders.
Homebuyer competition lowest in a year
Home offers’ bidding wars in November dropped to only 59.5%, the first time the competition rate was below 60% since December 2020.
November home sales rise due to stronger job market
Sales of previously owned homes in November rose 1.9% from October to 6.46 million units, according to the NAR’s seasonally adjusted count.
MORTGAGE
Mortgage rates fall to 4-week low
The fall in mortgage applications is an indicator of a lower number of homes actively listed for sale matched by rising property prices.
RENTAL MARKET
Single-family accelerate 3x as fast YoY
Single-family rents in October were up 10.9% year-over-year, according to the latest report from CoreLogic.
OTHER FEATURE
Zillow’s Most Popular Cities of 2021
In a year characterized by low interest rates, more remote work arrangements and housing supply shortages, real estate market site Zillow determined its most popular cities in 2021.
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