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RE Rundown (8/13/20)

Home Prices Continue to Accelerate

With buyer demand remaining high ⬆️ and a limited number of homes for sale, home prices continue to rise ⬆️ . Lawrence Yin, NAR’s chief economist, says: “unless an increasing number of new homes are constructed, some buyers could miss out on the opportunity to purchase a home or have the opportunity delayed.” Don’t miss out!

Another Record Low Mortgage Rate Juiced Weekly Demand, But Rates Are Suddenly Rising Now

Mortgage applications have made the cut for housing market news yet again. Mortgage application volume rose again for the week, but the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased ⬇️. If supply remains low ⬇️ and mortgage rates get higher ⬆️, they could hurt the one sector of the economy doing so well right now 😳.

Protections Lapse For The Nation’s Most Vulnerable Renters, Imperiling Their Small Landlords As Well

Housing assistance programs are not doing enough for the nation’s renters. Without a strong rebound in jobs and a lack of executive action 🤝, rent payment rates and confidence levels to pay rent for low to moderate-income households have declined 😟. The uncertainty surrounding unemployment benefits or direct financial assistance to renters is concerning for the future.

U.S. Metro Dwellers Are Increasingly Searching for Suburban Homes

The search for suburban homes for urban dwellers continues! During the second quarter of the year, 51% of home searches by urban residents in the largest 100 metro areas were for suburban properties 🏡 near them (per Cross Market Demand Report released by on Monday). If your job is looking to go remote full-time, it wouldn’t be a bad time to start 👩‍💻 searching 👨‍💻.

When It Comes To Home Sales, August Is The New May, Keeping Agents Busy Into The Fall

August is the new May. Covid-19 pushed the bulk of home-buying this year into the summer months and agents are busier 💲 than ever. Spring’s homebuying season was deferred, but this time it’s filled with virtual tours 💻 and higher demand than expected!

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