Real Estate News 01/29/2024

Today’s News Synopsis:

Rental prices nationwide ticked down less than half a percentage point in December. While that may not seem like enough of a drop to appease cash-strapped renters, there’s likely more good news coming.

In The News:

Yahoo Finance – “Rents will continue to fall due to ‘a lot of supply in the pipeline,’ economist says“ (01-27-24)

“An influx of new apartments is expected to boost inventory and offer relief to renters’ pocketbooks, Realtor.com chief economist Danielle Hale said in an interview with Yahoo Finance Live”

Redfin –  “Housing Market Update: Price Growth Starts the Year Strong But Harsh Weather Freezes Out Some Would-Be Homebuyers” (01-25-2024)

“Redfin agents in areas affected by inclement weather report slow homebuying activity, but agents in warmer locales say buyers and sellers are active as mortgage rates stay in the high-6% range, down from 8% a few months ago. ”

CNBC –  “The 15 most expensive U.S. neighborhoods per square foot—No. 1 is 2,000% higher than average” (01-29-2024)

“South of Market is a historic San Francisco downtown district with museums, a vibrant nightlife and a desirable mix of loft buildings and high-rise luxury condominiums.”

CBS News –  “What is the minimum credit score for a home equity loan in 2024?” (01-29-24)

“As we get further into the new year, home equity loans continue to be a popular choice for homeowners who are seeking to leverage their property’s value. And, there are a few good reasons for it. Not only does the average homeowner have about $200,000 in tappable home equity to use when they need it, but home equity loan rates are a lot lower than what you’d get with credit cards right now. ”

Local News Matters –  “Bay Area’s looming deadline a ‘test case’ for California’s bid to address housing shortage” (01-27-24)

“Last January, local governments across the region were required to submit “housing elements” to state regulators — future development blueprints that spell out how each jurisdiction intends to make room for its share of the more than 2.5 million new homes the Newsom administration wants to see built across California by the end of the decade. ”