Posts in category 'Real Estate News'
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Real estate today: Older buyers, more bathrooms
After years of flunking, the American housing market finally merits a B+ grade.
Good news abounds: In August, new home sales are at their highest level since 2008. Homebuilder confidence is back to its best level in a decade and even mortgage applications are climbing again. And data released Tuesday shows construction crews are starting on homes at the fastest pace since the recession. Put all that together and the housing market is finally starting to be a real boost to the U.S. economy -- and stock market -- instead of a drag. But today's real estate market is a very different place than before the recession. American home buyers are getting older and homes are getting bigger. The median age of a homebuyer has gone from 35 to 43 The median age of a homebuyer in 1985 was 35. When the housing boom was nearing its peak in 2005, the median homebuyer's age was 39. Now it's 43, according to U.S. Census data. "We consistently tell that story of people dela...20
Pending home sales rose modestly in July
Slightly more Americans signed contracts to buy homes in July, as pending sales edged up after dipping in June. The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index rose 0.5% to 110.9 last month. This marks a slight recovery from June, when the index fell to 110.4 after reaching 112.3 in May, a level last seen in 2006. Steady job growth coupled with low mortgage rates has improved home sales this year. As the recovery from the Great Recession enters its seventh year, more Americans have rebuilt their savings, increased their home equity and returned to the real estate market. Pending sales are a barometer of future purchases. A lag of a month or two usually exists between a contract and a completed sale. The modest increase in the index last month indicates that sales may soon be peaking after surging this year. Completed sales of existing homes increased 2% in July to a seasonally adjusted annual rate of 5.59 million, the fastes...