Welcome to a new week. Here’s your real estate roundup:
- Housing is the most affordable than it’s been in three years, according to data found in the most recent National Association of Home Builders/Wells Fargo Housing Opportunity Index. The national median home price during the third quarter of 2019 was $280,000, and nearly 64 percent of new and existing homes sold during Q3 were affordable to households earning a median $75,500 income.
- Home prices are continuing to climb, increasing 3.5 percent year over year from September 2018 to September 2019, according to the latest data from CoreLogic. The state with the highest home price appreciation compared to last year? Idaho.
- Mortgage rates are still near historic lows, according to Freddie Mac’s Primary Mortgage Market Survey. As of Nov. 7, the average rate for a 30-year fixed-rate mortgage is 3.69 percent, while the average rate for 15-year fixed-rate mortgages is 3.13 percent. During the same week in 2018, mortgage rates for 30-year and 15-year mortgages averaged 4.94 percent and 4.33 percent, respectively.
- National real estate brokerage Redfin released a report that found that homeowners are staying in their homes significantly longer than they used to. The average homeowner stays put for 13 years, which is up from eight years in 2010. This trend helps explain the housing inventory shortage that is characteristic of today’s market.
- And in unsurprising news, national rental rates for one- and two-bedroom apartments increased year over year by 2.5 percent and 2.6 percent, respectively, according to the latest National Rent Report from apartment search platform Zumper.
Do any of these numbers stand out to you? Share your thoughts below!