Real Estate News 08/16/2024

Today’s News Synopsis:

Increased insurance costs for properties other than single-family homes are starting to affect the rental market — in a state where almost half of residents are renters — and could compound the state’s housing problems, they say.

In The News:

SMDP – “Californians: Your rent may go up because of rising insurance rates“ (08-14-24)

“Landlords are having to find other insurers, or having to turn to the ever-growing and more expensive FAIR Plan, the insurance industry-run plan that is mandated under California law to be the insurer of last resort.”

NAR –  “Single-Family Home Prices Had Positive Price Gains in 89% of 223 Metro Areas in Q2 2024” (08-13-2024)

“The National Association of REALTORS® reported that home prices continued to rise in the second quarter of 2024. National median prices rose 4.9% year over year to $422,100, and median home prices rose by 8.5% compared to the previous quarter. ”

Redfin –  “Mortgage Rates Expected to Hold Steady on Mild Inflation Reading” (08-14-24)

“Core inflation rose 0.17% from the previous month (3.2% from a year ago), as expected. Including the volatile food and energy categories, headline CPI rose 0.2% from the previous month (2.9% from a year ago), also in line with expectation”

NBC News – “Mortgage refinancing surges 35% in one week as interest rates hit lowest level in over a year” (08-15-2023)

“Applications to refinance a home loan surged 35% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. They were up a whopping 118% when compared with the same week one year ago.”