National News

New-home construction falls in July
New-home construction falls in July

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

NAR condemns racial profiling of Michigan agent
NAR condemns racial profiling of Michigan agent

After a Black real estate agent and his client were detained by police while viewing a house, the National Association of REALTORS® took a strong stance against the “deeply disturbing” incident of “racial profiling.”

Lot values are priced at a record high… Will it continue?
Lot values are priced at a record high… Will it continue?

Lot values for single-family homes are surging, according to an NAHB report. The current national median is $53,000: a record high.

No new median-home price records set in July
No new median-home price records set in July

For the first time since early March, no new records were set for median-home-sale prices last month, ending the five-month streak of record-breaking home prices.

Housing affordability hits 10-year low
Housing affordability hits 10-year low

Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.

Realtor survey shows importance of tech in pandemic
Realtor survey shows importance of tech in pandemic

Looking forward, 37% of the survey’s respondents expect drones to be the most-impactful technology over the next 24 months, followed by cyber security (34%), 5G (31%) and virtual reality (30%).

Share of international homebuyers fell last year
Share of international homebuyers fell last year

International buyers purchased 107,000 residential properties from April 2020 through March 2021, marking a 31% decline from the 154,000 residences bought the previous year.

New-home sales fall 6.6% in June
New-home sales fall 6.6% in June

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

Mortgage applications fall as interest rates rise
Mortgage applications fall as interest rates rise

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

Housing starts tick higher in June
Housing starts tick higher in June

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of
1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

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