Real Estate News 11/13/2024

Today’s News Synopsis:

The national housing shortage, the benefits of increased density, an ongoing shift in consumer tastes toward smaller homes closer to where the urban action is, and other factors have pushed state legislators to make it easier to build accessory dwelling units.

In The News:

HousingWire – “States are making ADUs easier to build. Now it’s up to municipalities to follow suit“ (11-11-2024)

“Local governments can build on state efforts to expand accessory dwelling units and ease the housing crunch.”

NAR – “Highlights From the Profile of Home Buyers and Sellers“ (11-11-24)

“For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers.”

CNN-  “Americans are investing in ‘hurricane-resistant’ homes” (11-12-2024)

“Design for Impact is a series spotlighting architectural solutions for communities displaced by the climate crisis, natural disasters and other humanitarian emergencies.”

CBS News –  “Will home prices drop in 2025? Here’s what experts say.” (11-12-24)

“Higher mortgage rates and limited homes for sale have created major hurdles for buyers in recent years. Average 30-year mortgage rates hover between 6.08% and 7.44%, while available listings remain far below normal levels. Home prices that surged during the pandemic have stayed steep, putting homeownership out of reach for many.”

Redfin –  “Rents Flat Nationally in October, But Rising in East Coast and Midwest Metros” (11-05-24)

“Rents have remained largely flat over the past two years, after a surge in demand during the pandemic led to a construction boom across a number of Sun Belt states. ”