BUSINESS AND MONEY
National median home price rises 18 percent to another new high
ATTOM, curator of the nation’s premier property database, today released its third-quarter 2021 U.S. Home Affordability Report, showing that median-priced single-family homes are less affordable in the third quarter compared to historical averages in 75 percent of counties across the nation with enough data to analyze. That is up from 56 percent of counties in the third quarter of 2020, to the highest point in 13 years, as home prices have increased faster than wages in much of the country.
The report determined affordability for average wage earners by calculating the amount of income needed to meet monthly homeownership expenses — including mortgage, property taxes, and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below).
Compared to historical levels, median home prices in 430 of the 572 counties analyzed in the third quarter of 2021 are less affordable than past averages. The latest number is up from 317 of the same group of counties in the third quarter of 2020 – a downturn that developed as the median national home price shot up 18 percent to a record high of $315,500.
While major ownership costs on median-priced homes do remain within the financial means of average workers across the nation in the third quarter of 2021, the percentage of counties where affordability is worse than historical averages has hit its highest point since the third quarter of 2008.
The latest pattern – home prices still manageable but getting less affordable – has resulted in…
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Building on the popularity of Avelo Airlines’ current service between the Humboldt Bay Area and Los Angeles, the airline today announced the addition of a second popular leisure destination – Las Vegas.
Avelo’s exclusive twice-weekly direct service between California Redwood Coast – Humboldt County Airport (ACV) and Las Vegas’ McCarran International Airport (LAS) begins November 18, 2021 and will be operated by Boeing Next Generation 737-800 aircraft.
“We are excited to add this second popular vacation and entertainment destination to our Eureka / Arcata schedule,” said Avelo Chairman and CEO Andrew Levy. “Getting to Vegas from the Humboldt Bay Area is now easier and more affordable than ever. The addition of Las Vegas to our existing Los Angeles service, demonstrates our commitment to providing more choice and convenient access to the places our Customers want to go at everyday low fares.”
Everyday one-way low fares to the entertainment capital of the world starting at $29* are available at AveloAir.com.
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Homeowners listing their houses should make up 40% of inventory in the coming year
By Peter Duncan / Finance ReporterDesperately needed housing inventory is on the rise and expected to come primarily from sales by existing homeowners, among a host of other sources — the smallest of which is foreclosures — according to a panel of real estate experts responding to the latest Zillow Home Price Expectations Survey. The housing market is expected to stay stable as homeowners exit forbearance programs, while rents and vacancies are not expected to rise dramatically following the end of the federal eviction moratorium.
“Now with more confidence in their long-term housing decisions, we are seeing existing homeowners finally returning to the market as sellers, who will provide the largest chunk of for-sale inventory in the next year,” said Nicole Bachaud, economic data analyst at Zillow. “This is welcome news for many potential buyers, who should see more options to help their home search. Along with the expected moderation of price appreciation in coming months, the market is beginning to shift toward a balance between buyers and sellers — although that middle ground is still a far way off.”
Panelists believe the largest single source of available housing inventory will be existing homeowners buying and moving to a different home, comprising 39.7% of supply over the next year.
Inventory trended downward throughout 2020 and into 2021 as demand for homes took off, driven by the Great Reshuffling, low-interest rates, and a demographic surge of millennial and baby boomer homebuyers. The combination of low supply and high demand pushed prices into new territory, reaching a record-high 17.7% annual appreciation in August. Fortunately…
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RE/MAX National Housing Report for August 2021
August home sales dropped 3.5% from July’s total – and the Median Sale Price slipped 1.2% to $335,000 – as seasonal norms signaled that 2021’s busiest home buying and selling months are probably behind us. Despite these drops, August still almost broke records for home sales signaling a still-hot market.
August’s low number of Days on Market (24) and meager Months Supply of Inventory (1.3) reversed two months of inventory gains as strong demand amid tight inventory conditions persisted.
“The slight seasonal decline in home sales from July to August was countered by this being the second-highest August sales total in the 13-year history of our report. So, although we appear to be past the blistering summer peak, the market is still very active,” says Nick Bailey, President, RE/MAX, LLC. “In fact, the drop in home prices might signal to potential sellers that it’s time to get off the fence in case they fall further, which in turn could draw more buyers back into the mix. In any case, it seems likely that the combination of super-quick sales and a severe lack of inventory will be with us for the foreseeable future.”
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