Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

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Luxury home prices drop for the first time in three years

Sign of slowing home price growth?

The luxury housing market witnessed its first drop in home prices in three years, sending a potential sign that home prices might start to slow down across the housing market, the latest Redfin luxury home price report said.

The online real estate brokerage explained that a decline in luxury values could indicate that wealthy buyers and foreign investors are stepping out due to volatility in the global markets and fears that prices have climbed too high, too quickly.

It also added that a bigger supply of luxury products might also be pushing prices down.

According to the report, home prices in the luxury market fell 2.2% year over year, while prices in the rest of the market increased 3.8%. This is the first decline since 2012.

Redfin defines the luxury market as the priciest 5% of home sales.

“High-end buyers are usually not weighed down by rates, mortgages or competition from other buyers, but they do look for deals,” said Redfin chief economist Nela Richardson.

“The luxury market was the first to recover from the housing downturn, and now it’s a bellwether of slowing price growth for the rest of the market. Sales at the top end of the market continue to soar, but prices are downshifting,” she added.

Prices fell the most in Scottsdale, Arizona and Boca Raton, Florida, decreasing 15% year over year.

However, not all markets experienced a slowdown, with Washington, Denver, Delray Beach, Florida, and Bend, Oregon posting double-digit, year-over-year price gains in the third quarter. 

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