Will 2021 Housing Market Trends Continue Next Year?
2021 was a record-breaking year for home prices and rent, and experts say it might be a while before we see the drop.LEARN MORE
Low mortgage rates, increased demand and low supply of homes for sale is leading to housing market boom across the nation.
U.S. home prices surged again in October as the housing market continues to boom in the wake of last year's coronavirus recession.
The S&P CoreLogic Case-Shiller 20-city home price index, out Tuesday, climbed 18.4% in October from a year earlier. The gain marked a slight deceleration from a 19.1% year-over-year increase in September but was about in line with what economists had been expecting.
All 20 cities posted double-digit annual gains. The hottest markets were Phoenix (up 32.3%), Tampa (28.1%) and Miami (25.7%). Minneapolis and Chicago posted the smallest increases, 11.5% each.
The housing market has been strong thanks to rock-bottom mortgage rates, a limited supply of homes on the market, and pent-up demand from consumers locked in last year by the pandemic. Many Americans, tired of being cooped up at home during the pandemic, are looking to trade up from apartments to homes or to bigger houses.
Last week, mortgage rates fell — to 3.05% for the benchmark 30-year, fixed-rate and 2.66% for the 15-year fixed-rate home loan. The persistently low rates signal that credit markets appear more concerned about the Omicron variant depressing economic growth than about the highest inflation rates in nearly 40 years.
The National Association of Realtors reported last week that sales of previously occupied homes rose for the third straight month in November to a seasonally adjusted annual rate of 6.46 million.
Additional reporting by The Associated Press.
Rising economic costs have made it difficult for pet owners to keep animals they adopted during the pandemic, and for rescues to pay for their care.By Scripps News
A paper by the Chicago Federal Reserve shows that job switching boosted inflation an extra percentage point as people were able to garner higher pay.By Storyblocks
The overall spending figures for the final two months of 2022 were the weakest in two years.By Gene J. Puskar / AP
Far-right changes to Israel's government has some experts and citizens concerned for the future rule of law in the country.By Reuters / AP
The World Health Organization said there is still uncertainty in COVID-19's future, but the virus is at a "transition point."By Shutterstock
Students on the Flathead Indian Reservation asked Nicole Mann questions as she was aboard the International Space Station.By NASA