Didn’t have time to stay up to date on the real estate and mortgage news last month? We’ve got you covered.
We’ve rounded up the top housing market headlines from October. Are you thinking of buying or selling a home in the near future? Catch up on the latest news now.
Mortgage rates dropped.
Average mortgage rates dipped in both of the last two weeks, making homeownership just a smidge more affordable for the average American. Couple that with decreasing home prices and improving inventory levels, and all signs are boding well for 2019 homebuyers.
Rents rose again.
Things got worse for renters in October. According to the Core Logic Single Family Rent Index, national rents have risen 3.1 percent over the year. The biggest jumps were in vacation destinations, with Orlando and Las Vegas experiencing the largest rent increases in the nation. Orlando rents rose 6.1 percent over the year, while Vegas’ increased 5.8 percent.
Millennials made homeownership a priority.
A new survey from Bank of America showed millennials are serious about home buying. According to the survey’s findings, homeownership is more important to millennials than getting married, having children, and traveling the world. Nearly three-quarters of millennials surveyed said buying a home is a top life priority for them. Bank of America’s D. Steve Boland explained, “Millennials are redefining life’s priorities by placing homeownership above nearly all other key milestones, including marriage. Millennials equate homeownership with personal and financial success.”
Luxury home prices jumped.
The price of luxury living got higher last month, with luxury home prices rising in 70 of the country’s largest 90 counties. A full 20 of those counties saw double-digit price growth. Sarasota, Florida, experienced the biggest increase in luxury home prices, which rose 21 percent since June 2017. Queens, New York, saw the second-highest increase in the country at 15.5 percent.
Inventory improved even more.
The housing inventory shortage continued to let up last month, with new listings increasing 8 percent — their biggest jump in 5 years. Danielle Hale, the chief economist for Realtor.com, called it a “key inflection point” for the market. Inventory rose the most in San Jose, California, where listings increased 113 percent over the year. Hale even said these combined changes “will eventually shift the market from a seller’s market to a buyer’s market.”
Make sure to check back next month for another round-up of must-read real estate news!