Real Estate News 02/12/2024

Today’s News Synopsis:

Roughly one-third (32%) of real estate agents have at least one client who moved primarily because of local laws or politics in the last year.

In The News:

Redfin – “One-Third of Real Estate Agents Worked With Clients Who Relocated Due to Local Laws or Politics in 2023: Redfin Survey“ (02-06-24)

“The survey was conducted in December 2023. This report is based on results from the following question: “Have any of your customers over the past 12 months decided to move primarily because of state or local laws or politics?” The answer choices were “Yes,” “No” and “I don’t know.””

CBS News –  “Here’s what a 5% CD interest rate will earn you in 3 years” (02-08-2024)

“While borrowers have struggled in the last two years thanks to elevated interest rates on everything from mortgages to credit cards, savers have been able to take advantage by opening select account types. ”

NAR –  “More Than 85% of Metro Areas Registered Home Price Increases in Fourth Quarter of 2023” (02-08-24)

“Single-family existing-home sales prices climbed in 86% of measured metro areas – 189 of 221 – in the fourth quarter, up from 82% in the previous quarter. The national median single-family existing-home price rose 3.5% from a year ago to $391,700.”

Redfin –  “Rental Market Tracker: U.S. Asking Rents Flatten After Pandemic Rollercoaster Ride” (02-09-2024)

“The median U.S. asking rent rose 1.1% year over year to $1,964 in January, the largest annual increase since March 2023, and was unchanged from a month earlier. While rents ticked up from a year earlier, the bigger picture is that rent growth is leveling off after surging during the pandemic and then rapidly slowing from mid-2022 to mid-2023. ”

NAR –  “Housing Affordability Continued to Recover in December 2023” (02-08-24)

“At the national level, housing affordability improved in December compared to the previous month, according to NAR’s Housing Affordability Index. The monthly mortgage payment decreased by 7.2% compared to the prior month, while the median price of single-family homes declined by 1.3%. The monthly mortgage payment decreased $159 from last month.”