Latest news with #housing market
Yahoo
3 days ago
- Business
- Yahoo
New Castle County home listings asked for less money in June. See the median price here
The median home in New Castle County listed for $424,897 in June, slightly down from the previous month's $425,000, an analysis of data from shows. Compared with June 2024, the median home list price decreased 1.8% from $449,900. The statistics in this article only pertain to houses listed for sale in New Castle County, not houses that were sold. Information on your local housing market, along with other useful community data, is available at New Castle County's median home was 2,001 square feet, listed at $212 per square foot. The price per square foot of homes for sale is up 1.1% from June 2024. Listings in New Castle County moved briskly, at a median 36 days listed compared to the June national median of 53 days on the market. In the previous month, homes had a median of 31 days on the market. Around 588 homes were newly listed on the market in June, a 7.3% increase from 548 new listings in June 2024. The median home prices issued by may exclude many, or even most, of a market's homes. The price and volume represent only single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales. More: Sussex County home listings asked for more money in June. See the median price here More: Kent County home listings asked for less money in June. See the current median price here Across the Philadelphia-Camden-Wilmington metro area, median home prices rose to $387,450, slightly higher than a month earlier. The median home had 1,644 square feet, at a list price of $233 per square foot. In Delaware, median home prices were $495,000, a slight decrease from May. The median Delaware home listed for sale had 2,097 square feet, with a price of $236 per square foot. Throughout the United States, the median home price was $440,950, a slight increase from the month prior. The median American home for sale was listed at 1,852 square feet, with a price of $233 per square foot. The median home list price used in this report represents the midway point of all the houses or units listed over the given period of time. Experts say the median offers a more accurate view of what's happening in a market than the average list price, which would mean taking the sum of all listing prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high price. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Delaware News Journal: New Castle County home listings asked for less money in June Solve the daily Crossword
Yahoo
4 days ago
- Business
- Yahoo
Gaston County home listings asked for more money in June – see the current median price here
The median home in Gaston County listed for $338,950 in June, up 1.2% from the previous month's $335,000, an analysis of data from shows. Compared to June 2024, the median home list price slightly increased from $338,900. The statistics in this article only pertain to houses listed for sale in Gaston County, not houses that were sold. Information on your local housing market, along with other useful community data, is available at Gaston County's median home was 1,720 square feet, listed at $205 per square foot. The price per square foot of homes for sale is up 2.4% from June 2024. Listings in Gaston County moved steadily, at a median 50 days listed compared to the June national median of 53 days on the market. In the previous month, homes had a median of 45 days on the market. Around 376 homes were newly listed on the market in June, a 1.1% increase from 372 new listings in June 2024. The median home prices issued by may exclude many, or even most, of a market's homes. The price and volume represent only single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales. Across the Charlotte-Concord-Gastonia metro area, median home prices rose to $454,500, slightly higher than a month earlier. The median home had 2,039 square feet, at a list price of $224 per square foot. In North Carolina, median home prices were $425,000, the same as May. The median North Carolina home listed for sale had 1,981 square feet, with a price of $220 per square foot. Throughout the United States, the median home price was $440,950, a slight increase from the month prior. The median American home for sale was listed at 1,852 square feet, with a price of $233 per square foot. The median home list price used in this report represents the midway point of all the houses or units listed over the given period of time. Experts say the median offers a more accurate view of what's happening in a market than the average list price, which would mean taking the sum of all listing prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high price. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on The Gaston Gazette: Gaston County home listings asked for more money in June – see the current median price here Solve the daily Crossword
CBS News
5 days ago
- Business
- CBS News
Worth waiting? This is the mortgage rate homebuyers say will push them to move
The dream of homeownership still feels out of reach for many, as high prices and mortgage rates keep potential buyers and sellers on the sidelines. Home sales nationwide have slowed to their lowest pace in 16 years as the average 30-year fixed mortgage rate hovers close to 7%. If mortgage rates were to drop to 6%, a new National Association of Realtors survey finds an additional 5.5 million households would be able to afford a home, including 1.6 million renters. Rates could dip to that projected homebuying sweet spot of 6% by 2026, NAR forecasters said in the report. Mortgage rates haven't been below 6% in nearly three years. That's contributing to what Bankrate housing market analyst Jeff Ostrowski calls the "lock-in" effect, as many Americans who bought or refinanced at historically low rates during the pandemic are reluctant to buy or sell. "Everyone thinks of 3% mortgage rates as the 'good old days,' but the reason that mortgage rates were so low is because something had gone horribly wrong," he said. "Now the economy is doing pretty well, and so mortgage rates are just kind of reflective of where the economy is." A recent Bankrate survey found that about 40% of homeowners said mortgage rates would need to drop to 6% or below for them to feel comfortable buying this year, while more than half said there is no mortgage rate at which they would be comfortable selling their home and buying another this year. Ostrowski said his advice is always to buy when you can afford it. If you've built up savings, have manageable debt, and plan to stay put for several years, it could be the right time for you, he said. Waiting, he warns, isn't always worth it. "If rates were to plunge by a point or two, that's going to create an influx of buyers, and that's going to push prices up, so it's going to be kind of a double-edged sword," Ostrowski said. "One thing that I would say, in most of the country it's no longer that super intense seller's market, so buyers at least have a little more time." No matter how high or low rates are, Ostrowski recommends always weighing your options before deciding on a lender and comparing at least three mortgage lenders and loan offers. There's enough variation in rates and fees that you could save significantly over the life of a loan by shopping around. Do you have a money question, a consumer issue, or a scam story you want to share? Email InYourCorner@
CNET
6 days ago
- Business
- CNET
Mortgage Predictions: With Fed Cuts on Hold, Where Do Rates Go From Here?
Buyers should keep an eye on the possibility of rate cuts in the next few months. Tharon Green/CNET The average rate for a 30-year fixed mortgage seems poised to hold near 6.75% for the rest of the year. Yet significant economic uncertainties could still push rates up or down in the coming months. Housing market experts consistently point to two major influences: the economic ramifications of the Trump administration's policies and the Federal Reserve's pace of interest rate cuts. On July 29-30, the Fed plans to keep borrowing rates the same at its fifth monetary policy meeting this year. Though markets currently expect a Fed cut in September, that's not a guarantee given ongoing political and economic instability. "Even a September move may require more definitive evidence that the economy is cooling," said Odeta Kushi, deputy chief economist at First American Financial Corporation. "For the housing market, it means the rate-cutting cycle many were hoping would ignite the 2025 homebuying season is still on hold." Although the central bank doesn't directly dictate mortgage rates, its policy decisions indirectly influence consumer borrowing costs, including for mortgages, over the long term. Mortgage rates, which are primarily tied to 10-year Treasury yields in the bond market, are also sensitive to other factors, including investor sentiment. Ultimately, it's unlikely that mortgage rates will shift significantly outside the 6.5% to 7% range unless the economy slows significantly or unemployment increases sharply. The problems afflicting the housing market will take time to solve. Apart from steep mortgage rates, high home prices and limited inventory have all but barred buyers from purchasing and owners from refinancing or selling. CNET How are tariffs affecting the Fed and mortgage rates? Following signs of slowing inflation in late 2024, the Fed implemented three interest rate cuts but has since adopted a more cautious wait-and-see approach this year. Policymakers have held interest rates steady amid market fluctuations, a stance it's expected to uphold at its Federal Open Market Committee meeting next week Today's complex economic picture presents a challenge for the Fed, which is tasked with maintaining maximum employment and containing inflation. The president has claimed that prices are low and the Fed should cut rates immediately. But tariffs, which are taxes on imported goods, are widely expected to drive up prices. We're already starting to see the effects: In June, inflation ticked up to 2.7%. While lower than markets expected, price growth is still well above the Fed's annual target rate of 2%. As a result, experts say the central bank has good reason to keep rate cuts on pause. "Increased uncertainty about the inflation picture lessens the chances of a cut in rates by the Fed," said Keith Gumbinger, vice president at "Greater inflation would argue against cutting rates, absent any significant deterioration in labor conditions." Fewer interest rate cuts combined with the recently passed budget bill, which is expected to significantly boost government debt deficits, are likely to keep upward pressure on longer-term bond yields and mortgage rates. But Kushi notes that "any changes, delays or confirmations around tariffs could swing investor sentiment and move yields." What would cause mortgage rates to fall? While most forecasts have average 30-year fixed mortgage rates holding above 6.5% through the end of the year, that could always change. The most recent jobs report appeared steady on the surface, yet several underlying indicators, including a rise in jobless claims, point to a weakening labor market. "Small businesses, which are often more vulnerable to shifts in trade policy and borrowing costs, are also dialing back hiring plans amid tariff concerns," Kushi said. If these trends eventually translate into higher unemployment, it would likely prompt the central bank to reduce borrowing costs. A weaker labor market would also drive bond yields and mortgage rates down. But if cheaper mortgages come as a result of an economic downturn, with households facing job losses, tighter budgets and financial instability, it could also keep buyers locked out What's happening in today's housing market? Affordability challenges have kept the housing market frozen for several years. Even as the long-standing housing shortage eases in several local markets and gives those buyers improved negotiating power, the rest remain locked out by steep home prices. Home sales fell to a nine-month low in June as the national median existing-home price jumped to a new high of $435,300. Plus, with recession risks still on the horizon, people who are nervous about finances will be more reluctant to take on mortgage loan debt. Prospective buyers waiting for mortgage rates to drop may soon have to adjust to the "higher for longer" rate environment. While market forces are out of your control, there are ways to make buying a home slightly more affordable. Last year, nearly half of all homebuyers secured a mortgage rate below 5%, according to Zillow. Here are some proven strategies that can help you save up to 1.5% on your mortgage rate. 💰 Build your credit score. Your credit score will help determine whether you qualify for a mortgage and at what interest rate. A credit score of 740 or higher will help you qualify for a lower rate. 💰 Save for a bigger down payment. A larger down payment allows you to take out a smaller mortgage and get a lower interest rate from your lender. If you can afford it, a down payment of at least 20% will also eliminate private mortgage insurance. 💰 Shop for mortgage lenders. Comparing loan offers from multiple mortgage lenders can help you negotiate a better rate. Experts recommend getting at least two to three loan estimates from different lenders. 💰 Consider mortgage points. You can get a lower mortgage rate by buying mortgage points, with each point costing 1% of the total loan amount. One mortgage point equals a 0.25% decrease in your mortgage rate. Now Playing: 6 Ways to Reduce Your Mortgage Interest Rate by 1% or More 02:31
ABC News
6 days ago
- Business
- ABC News
International students have not driven rents and inflation higher, RBA says
The rapid growth in international student numbers post-pandemic has not been a major driver of higher rents and inflation, the Reserve Bank says. The RBA's latest quarterly Bulletin was published on Thursday, with a special section on International Students and the Australian Economy. It looks at the big shifts in foreign student numbers in recent years. The analysis covers the period when the students left Australia en masse during 2020 and 2021, and then returned after borders reopened in late 2021. "Rapid growth in the international student stock post-pandemic likely contributed to some of the upward pressure on inflation from 2022 to early 2023, especially as arriving students front-loaded their spending as they set up in Australia and took time to join the labour market," the RBA article says. "The rise in international student numbers is likely to have accounted for only a small share of the rise in rents since the onset of the pandemic, with much of the rise in advertised rents occurring before borders were reopened." The RBA's analysis considers how foreign student numbers have affected consumption, inflation, the labour market, and the housing market in recent years, only from a short-run perspective. "Longer run effects are outside the scope of the work," the article notes. The RBA says education exports are now Australia's fourth largest category of export, worth approximately $50 billion in 2023-24. It says in recent years, international students have been an "important driver" of net overseas migration and gross domestic product (GDP) growth. But it says international students impact Australia's economy in numerous ways, and the dynamics have been unusual in the post-pandemic period. Firstly, it says global demand for education in Australia had grown solidly in the decade prior to the pandemic. It says that reflected a range of factors, including rising household disposable income in Asia, the active promotion of Australia as an education destination, and changes to migration policies that enabled higher education students to work in Australia after their studies. Other factors included global population growth, and the depreciation of the Australian dollar after the mining boom. But it says with the introduction of border restrictions in March 2020 to contain the spread of the COVID-19 virus, new students were unable to enter Australia. And as a result, the number of international students fell sharply. Then, after Australia's international borders reopened in late 2021, the number of international students onshore rose rapidly. You can see that in the graph above. But while student arrivals quickly returned to around pre-pandemic levels after borders reopened, the number of students departing Australia were lower than normal because there were fewer students living in Australia to begin with (thanks to the huge number of students that departed Australia during the COVID lockdowns). The RBA says that unusual dynamic contributed to the total stock of international students living in Australia rising sharply from just under 300,000 in 2022 to 560,000 by the end of 2023. "Accordingly, international students were an important driver of net overseas migration during that period, accounting for around half of Australia's total net overseas migration," the RBA says. The RBA says an important area in which international students contribute to demand is in the housing market. It says foreign students are more likely to rent than Australian residents. It says about 50 per cent of over 70,000 international students surveyed in the 2023 Student Experience Survey reported that they rent in the private rental market (either in a private rented house, flat or room), whereas about one-third of the rest of Australia's population are renters. It says in the Student Experience Survey, about 24 per cent of international students reported living with family or friends, 15 per cent in student accommodation, 3 per cent in a homestay, and 2 per cent in "other" accommodation. It finds housing demand from international students also tends to be geographically concentrated around areas where educational institutions are based, notably inner-city locations. The RBA says that in theory, when it comes to property prices and rents, in the face of a relatively fixed supply of housing in the short term, we would expect an increase in international students to put upward pressure on rental demand and rents (all else equal), in the same way that any kind of increase in the renting population would impact demand. But it doesn't think they had a huge impact on rents in Australia in recent years. "As a back-of-the-envelope exercise, if we assume that 50 per cent of international students rent, an additional 100,000 students would increase private rental demand by 50,000 individuals," it says. "Models of the housing market used by the RBA suggest that a 50,000 increase in population would raise private rents by around 0.5 per cent compared with a baseline projection. "The marginal effect of an additional renter may be greater in periods where the rental market is tight and vacancy rates are low, such as occurred post-pandemic. "Nonetheless, the rise in international student numbers is likely to have accounted for only a small share of the rise in rents since the onset of the pandemic, with much of the rise in advertised rents occurring before borders were reopened," it argues. The RBA says that with time, higher demand for housing due to a greater number of international students in Australia could spur more dwelling investment, in the way it would for an expansion of the population more broadly. "One area where higher international student numbers have generated a supply response has been in purpose-built student accommodation, with rapid growth in building approvals for such projects in recent years. "Industry projections are for continued rapid growth in this area in the years ahead," it says. The RBA says international students also make an important contribution to the labour market. "While they only made up around 2 to 3 per cent of the labour force prior to the pandemic, they constitute the second largest group of temporary visa holders with work rights in Australia after New Zealand citizens, making them a large source of potential labour supply for the Australian economy," it says. It says in the post-pandemic years, the contribution of international students to labour supply has risen, reflecting both a rise in their participation rates and a lift in the limit on how many hours they can work (from 40 hours to 48 hours per fortnight). But it says that dynamic may drop again, given recent government changes. "Looking forward, while rules around the number of hours that international students can work are higher than pre-pandemic, average participation may decline from the levels seen in 2024," the RBA says. "This is because the recent tightening in visa policy has targeted groups of students who were more likely to be seeking to work; that is, those international students who do receive visas going forward are less likely to be focused on employment opportunities in Australia on average." The RBA says another unique feature of international students relates to the savings they bring with them to set up and finance their life in Australia. It says currently, international students have to provide proof of nearly $30,000 of savings to receive a student visa, up from about $25,000 in 2023, which is higher than the cash savings most Australian residents have in their bank accounts. "This could mean there is a temporal dimension in international student consumption, whereby consumption is strong upon arrival in Australia as individuals use these savings to set up their lives (i.e. purchasing furniture and other goods) but then slows afterwards," the RBA says. "In periods of strong inflows of students, such as just after borders reopened after the pandemic, this likely had an important effect on aggregate demand in the economy," it says. But it says a large proportion of student spending is on tuition fees, which account for 40 per cent of international student spending. "Our estimates of the average weekly spend of international students using Balance of Payments data suggest that international students spend twice as much as residents," the RBA says. [But] excluding fees, international students spend roughly the same as residents on average. "There are, however, some slight sectoral differences. Accommodation and food, transport, and housing make up a slightly higher share of the gross value added associated with education export spending, while business services, and retail and wholesale trade, make up a lower share," it says. And overall, the RBA says the rapid growth in the number of international students post-pandemic likely contributed to some of the upward pressure on inflation from 2022 to early 2023, but it wasn't a major driver. "The increase in international students was just one of many other forces at play in this time that drove demand above supply in the economy, and hence higher inflation," the RBA concluded.
