real estate - Unusual Whales (Page 2)

Zillow posts national median sales price of all homes at $334,269

Per Zillow The Zillow Home Values Index (ZHVI) shared how the average US home value was up by 5.0% over the year, and sat at $334,269. Per a previous article by Market Watch, it was noted by home values fell the most in three housing markets since 2022.

americans

28 million Americans plan to buy homes within 2023

Per Market Watch A report from Market Watch shared the state of Americans when it came to wanting to buy property. The study found that 28 million wanted to purchase a home within the year. The data came from Ned Wallet's annual Home Buyer Report, which tackled how

millennial

Millennial renters need to save 50% more than homeowners to retire

Per Global News A new report trying to find out the retirement readiness of Canadians found that millennials that decide to rent for their whole careers would need to save more than those that own homes. It was found that millennial renters needed to save 50% more than their homeowner

real estate

Sales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009

Per WSJ The real estate market has taken a massive hit as sales of multi-tenant apartment buildings dropped by 74%. The report shared that this happened as the demand for these buildings declined. The report also shared different reasons why sales of multi-tenant apartment buildings dropped. It highlighted three major

millennials

Millennials have been taken over by the Baby Boomers as the top homebuyers of 2023

Per the National Association of Realtors Millennials used to make up the largest chunk of homebuyers, but in 2023, Baby Boomers overtook them, resulting in 39% of homebuyers this year. Gen Z buyers also saw an increase, reaching 4%. In 2022, baby boomers only made up 29% of home buyers,

mortgage rates

Americans think mortgage rates could increase past 8% in the next 12 months

Per NY Feds Americans aren't too optimistic about the future of mortgage rates as they expect it to blow past 8% in the next 12 months. This was compared to the 11.5% in February of last year. Regarding real estate for investment or personal use, the New

bank of america

Bank of America clients pulled $451 million from real estate stocks amid commercial property concerns

Per BI Clients of Bank of America have decided to pull almost half a billion from real estate stocks. Due to fears regarding commercial property concerns, clients have pulled $451 million from real estate stocks. Bank strategists led by Jill Carey Hill wrote in a note that this was the

home

Housing unaffordability is causing banks to lose money

Due to the high housing prices, even banks are losing money on every mortgage they finance. On average, every mortgage that banks originated in 2022 costs the banks $301. A recent MBA report shared how the new losses represented a 113% decrease from how much a bank made last year.

mortgage

Monthly mortgage vs. rent sees the largest gap since 2006, the peak of the housing bubble

Per Business Insider The difference between paying mortgage compared to rent has seen its largest gap since 2006, which was around the peak of the housing bubble. This peak eventually led to the Great Financial Crisis, which saw multiple bankruptcies, foreclosures, and banks collapsing. The National Multifamily Housing Council, which

goldman sachs

Goldman Sachs pours $200 million into 3 Greek hotels with plans to buy more

Per BI Goldman Sachs has decided to venture into Greek hotels, already spending $200 million on three with plans to buy more. Per WSJ, unnamed sources told them that the firm made the purchase in October and is planning to start its renovations. Another possible acquisition by Goldman Sachs is

home prices

Median first-time buyer age reached 36 in 2022 from 29 in 1981, per NAR

Per Bloomberg The median age for first-time homebuyers has increased in the span of almost four decades. In 1981, the median age for first-time buyers was 29 but last year, the median homebuyer age reached 36. The National Association of Realtors released records that showed first-time buyers making up only

real estate

Cash buyers for homes rose closer to 2013 heights

Per Bloomberg The number of buyers in the US that prefer to pay in cash has increased to higher levels, closer to its 2013 numbers. Per Attom, a real estate data analytics firm, there was a retreat in institutional buyers and more regular buyers trying to avoid mortgage rates by

real estate

30-year mortgage rates drop from 6.6% to 6.42% after the second straight week of decline

Per ABC News The 30-year mortgage rates dropped from 6.6% to 6.42% after its second consecutive week of decline. These changes could positively affect homebuyers as the spring buying season is scheduled to start. A year ago, the average rate for 30-year mortgages was at 4.42%, exactly

mortgage

Mortgage loan applications dropped by 6% over the last week, reaching the lowest in almost 30 years

Fewer people are applying for mortgage loans, according to the Mortgage Bankers Association. Almost 6% fewer applications have been filed over the previous week, meaning mortgage demand has reached a 28-year low. Specifically, mortgage loan applications dropped by 5.7% over the previous week since March 2, when the report

amazon

Amazon employees get the option to use stock as equity to finance homes with Better.com

Per Tech Crunch Amid employees' struggles with buying property, Amazon has provided a solution that lets employees use their vested equity as collateral to buy a home. The retailer achieved this through a partnership with Better.com, an online mortgage lender. This comes at a time when housing has

housing crisis

Housing is now at almost four-decade-high unaffordable levels, with first-time buyers needing to earn as much as $90,000 in 2022

Per Bloomberg The average American buyer faces one of the most unaffordable housing markets, where first-time buyers would need to earn as much as $90,000 in 2022. Now, housing prices sit at an almost four-decade-high unaffordable level. In 2019, first-time buyers needed to earn about $70,000, but in

austin

Austin's 10% home purchase deposits in 2019 only took eight years to save, but in 2022, it took 13 years

Per Go Banking Rates For an average homebuyer in Austin, Texas, to save up the 10% needed for a downpayment, it would now take longer before coming up with the amount. In 2019, they only needed to save up for eight years, but last year, the number of years they

home sales

US home sales were down by 36.9% YOY in January, reaching their 12th consistent monthly decline

Per CNBC US home sales reportedly dropped by 36.9% in January year-over-year after the 12th consistent month of the decline in sales for the US homes market. This resulted in a new all-time low in over 12 years. The National Association of Realtors shared how there could be a

real estate

US housing market dropped by $2.3 trillion in the 2nd half of 2022, just 0.9% less than the 2008 housing crisis decline

Per Bloomberg The US housing market has reportedly shrunk by a significant 4.9% during the second half of 2022, meaning it dropped by $2.3 trillion in the total value of homes, per Redfin data. During the housing crisis, this drop was just 0.9% shy of its historical

renters

The number of $150K-earning renters increased by 82% from 2015 to 2020

Per Forbes A recent report by RentCafe found that the number of American renters that earn at least $150,000 annually increased by 82%. However, the increase in the number of renters with a $150K and above income showed that homeownership is no longer a priority for many people. The

zillow

Zillow reveals that Americans cohabitating or living together pay $7,000 less on rent compared to singles living alone

Per Zillow On Valentine's Day, Zillow discovered that Americans who cohabitate or live together pay $7,000 less than singles. Cities deemed "more expensive" saw singles having to pay as high as $19,500 more in New York City, per StreetEasy. An analyst at Zillow found

real estate

Pantheon Macroeconomics founder says home prices could fall 15% in 2023, citing the price-to-income gap

Per Yahoo Finance US economist Ian Sheptherdson shared his thoughts on how he sees a potential 15% drop in home prices in 2023. Sheptherdson is the founder and chief US economist of Pantheon Macroeconomics. The US economist also gave a statement in 2005 that predicted the housing crash of 2008.

real estate

Median home prices spiked 10.2% in 2022, but KPMG economists say there could be a 20% drop in home prices in 2023

Per Business Insider Home prices significantly increased in 2022, and KPMG economists say that home prices could drop by 20% this year. The National Association of Realtors revealed that median home sale prices in 2022 rose by 10.2%, per CNN. In December 2022, sales dropped by 34% year-over-year, with

real estate

Home Sales Reach Lowest Pace Since Nov 2010, Dropping for the 11th Month in a Row in Dec

Per CNBC With rising interest rates and people wanting to be more frugal about their money, home sales have dropped to their lowest pace since Nov 2010. Sales were down for 11 consecutive months in a row in Dec 2022. With real estate sales down, US commercial real estate investors

real estate

US Commercial Real Estate Investors Withdrawal Requests Pile Up to $20 Billion, Second Largest Since Great Recession

Per Bloomberg Some of the largest investors in commercial real estate are filing massive withdrawal requests in fear of a potential slide back in property value. Despite the slowdown of the Fed rate hike, wealthy individuals and retail investors are pulling out from real estate. Blackstone Inc. noticed an outflux