Real Estate

NAR: Rising home prices push prospective buyers out of market

Low inventory persists in suppressing housing market
Home prices increased in the third quarter due to the continued low levels of housing inventory, keeping many potential homebuyers out of the housing market. While national family median income increased to $76,608 in the third quarter, due to rising home prices and mortgage rates, affordability is down.
Read More

Home builders: Baby Boomer home sales disappoint

Data suggests more Boomers are staying put
Builder confidence in the housing market for those 55 years of age and older is slipping, highlighting a recent trend showing that Baby Boomers staying put rather than downsizing. According to the latest Housing Market Index from the National Association of Home Builders, sales of single-family homes to those 55 and older declined seven points the third quarter.
Read More

Construction spending holds ground

September sees 7.2% year-over-year gain
The U.S. Census Bureau of the Department of Commerce announced that construction spending during September 2018 was estimated at a seasonally adjusted annual rate of $1.330 trillion. Notably, the August figure is 7.2% above the September 2017 estimate of $1.24 trillion.
Read More

Rent just hit an all-time high… again

Rents just keep on climbing
With more and more renters feeling the affordability crunch, there seemed to be some light on the horizon recently with the steady rise in rents appearing to finally slow down over the last few months. Nevermind. As it turns out, rents are still going up and just hit an all-time high, again.
Read More

ADP: Economy adds 227,000 jobs in October

Construction jobs continue to rise
U.S. employment rates climbed further, rising in every sector in October, according to the ADP and Moody's Analytics National Employment Report. ADP Research Institute Vice President and Co-Head Ahu Yildirmaz said despite a significant shortage in skilled talent, the labor market continues to grow.
Read More

Millennials drive homeownership rate increase in Q3

First-time homebuyers transition from renting
The homeownership rate increased slightly in the third quarter, both month-over-month and annually. This increase was driven primarily by first-time homebuyers as more Millennials opted out of renting, and entered into the homeownership market.
Read More

Redfin: Housing demand climbs 5.1% in September

Driven by growth in early-stage homebuying activity
Housing demand increased in September, climbing 5.1%, according to new data from Redfin’s monthly Housing Demand Index. According to the analysis, housing demand still remains double digits below last year’s levels.
Read More

Case-Shiller: Home price gains keep slowing down

Retreat below 6% for the first time in a year
For the first time in a year, annual gains have now fallen below 6%, according to the latest Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic. S&P Dow Jones Indices Managing Director and Chairman of the Index Committee David Blitzer said following reports that home sales are flat to down, price gains are beginning to moderate.
Read More

Lennar to sell Rialto investment business to Stone Point Capital for $340 million

Stone Point to purchase Rialto Investment and Asset Management business
Homebuilder Lennar announced it has agreed to sell its Rialto Investment and Asset Management business to Stone Point Capital in a deal worth $340 million. The news of the sale shouldn't come as too much of a surprise. Rumors about Lennar offloading Rialto to Stone Point surfaced in early October.
Read More