Real Estate News 06/07/2024

Today’s News Synopsis:

U.S. renters are less likely to move than they were a decade ago, as soaring housing costs have priced many out of homeownership. The rise of remote work is another factor leading more people to choose the renting lifestyle, for flexibility and convenience.

In The News:

Redfin – “Renters Are Staying Put Longer, With 1 in 6 Now Living in The Same Home For 10 Years or More“ (05-31-24)

“Most U.S. renters move within five years, but they’re more likely to live in one home for the long haul than they were a decade ago. ”

Zillow –  “Zillow Home Value and Home Sales Forecast (April 2024)” (05-16-2024)

“Zillow’s forecasts of home values and existing home sales were both revised downward this month. Zillow’s home value forecast now anticipates 0.6% growth over 2024, down from last month’s projection for 1.9% growth over 2024 and much slower than the pre-pandemic average annual appreciation rate of around 5%. Over the next 12 months, Zillow forecasts home values to decline by 0.9%.  ”

NAR –  “Consumer Price Index: The Full Picture?” (06-03-24)

“It’s been three years since the United States began facing its highest inflation surge since 1981, which peaked at 9.1% in mid-2022. Although progress has been made in reducing the inflation rate through increased interest rates, the latest Consumer Price Index (CPI) report, which tracks the annual price changes of various goods and services, indicates that the inflation rate remains at 3.4%.”

Redfin – “The Housing Market Eased off the Accelerator in April as Mortgage Rates Spiked (April 2024 Market Report)” (05-23-2023)

“More home sellers are cutting their asking price, suggesting sale-price growth could soften in the coming months. But this week, the median sale price rose to another record high, pricing out some buyers. ”

NewsWires – “Manufactured Housing Production Rises in April 2024 per Manufactured Housing Association, But Bottlenecks Continue” (06-05-2023)

“Direct File, the IRS’ free electronic tax filing system, is here to stay and will be available to more taxpayers next year, the government said on Thursday.”