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North Carolina: Where affordability meets natural beauty

Containing the Great Smoky Mountains and plenty of other parks, the draw of North Carolina is both its natural beauty and the relaxed character of the cities that have sprung up within it. From mountains to coastlines, the cheapest places to live in North Carolina offer affordability in a variety of idyllic cities.

The cheapest places in North Carolina to live for renters

It’s nice to see that some of North Carolina’s most popular cities, for everyone from tourists to college students, offer affordable housing that’s even lower than the state’s average. If you long to live in the mountains, then you’re covered. And if you prefer Piedmont or Coastal Plains, you’re also good.

If it’s time to call the Tar Heel State home and you’ve got a tight budget, start your search here. These are the 10 cheapest places to live in North Carolina to check out.

  • Average 1-BR rent price: $1,359
  • Average rent change in the past year: -4%

Just north of Charlotte, the city of Mooresville is an up-and-coming suburban town with major ties to the racing community. It’s the home of the North Carolina Auto Racing Hall of Fame and earned itself the nickname of “Race City U.S.A.”

The dedication to all kinds of racing runs deep in Mooresville, but the town is about so much more. Residents enjoy easy access to picturesque Lake Norman, the largest man-made lake in North Carolina. You can explore over 520 miles of shoreline that stretches into four different counties.

Heading back into the main part of Mooresville, you’ll also find a small-town feel infused throughout each activity, restaurant and shop. The historic downtown district has that quaint feel many look for when moving out of a larger city.

One particularly unique draw is that Mooresville offers up more than one opportunity to get close to some exotic animals at both the Lazy 5 Ranch and Zootastic Park.

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9. Chapel Hill

  • Average 1-BR rent price: $1,794
  • Average rent change in the past year: -1%

The most well-known attraction in Chapel Hill is the University of North Carolina. Pride in the ‘Heels, the ever-dominant basketball team, is so heavy it’s easy to see why die-hards claim to “bleed blue.”

While you’ll find plenty of college students in the area and activities to occupy them, the city has much more to it. A social place, you’ll find regular road races and festivals celebrating everything from antiques to bluegrass music.

To hit the most happening spot in the city, check out Historic Franklin Street. Here you’ll find dozens of boutiques, nightspots and restaurants.

With miles of trails and a paved Riverwalk right through the center of town, there is a lot to explore by foot in Chapel Hill. Very family-friendly — Chapel Hill offers activities that include visiting the Kidzu Children’s Museum, the Coker Arboretum and the Carolina Basketball Museum.

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8. Apex

Photo source: Town of Apex / Facebook
  • Average 1-BR rent price: $1,349
  • Average rent change in the past year: -7%

With a relaxing, small-town atmosphere and the convenience of big-city amenities, Apex works to hold onto its character even as more and more residents join the community.

Get to know the city by taking a walking tour of the historic downtown area. Here you’ll see buildings that date back to the late 1800s — including The Union Depot, listed on the National Register of Historic Places.

Considered one of the most intact, turn-of-the-century railroad towns in the area, Apex takes its history seriously without ignoring the present day. Among the restored buildings you’ll find excellent antique shops and specialty stores — not to mention some highly-revered restaurants.

It’s not all railroads around here though. There’s a nice cultural center in Apex which includes multiple galleries, studio classrooms and a theater.

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7. Asheville

  • Average 1-BR rent price: $1,544
  • Average rent change in the past year: +6%

Heading into the mountainous, western part of the state, you’ll find Asheville. This perfect town has eateries and craft brew spots that will wow even the most discerning foodie. The downtown area is walkable enough that you can explore this cool city center on foot.

For a step into elegance and history, visit the Biltmore Estate. Walk the grounds, stay on-site for a night or take a more formal tour. It’s the perfect place to snag a one-of-a-kind piece of art to take home!

Catering to more active folks, the Blue Ridge Mountains offer up ideal locations for apple picking, hiking, biking and even ziplining. For those looking for a home with a vibrant arts scene, the Downtown Arts District of Asheville is full of galleries and museums.

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6. Greenville

  • Average 1-BR rent price: $915
  • Average rent change in the past year: -3%

Not too far from the Atlantic coast lies Greenville, a charming, historic city that manages to keep a foothold squarely in modern life.

An outdoor person’s Mecca with proximity to the ocean, local swamps, the Tar River waterway and the Greenville trail system — Greenville offers everything from boating to fishing to hiking and much more.

When it’s time to refuel, the area is also renowned for its barbecue and beer. The county puts on a “Brew & ‘Cue” tour that allows patrons to get their “PassPork” stamped at various locations.

Lovingly called the “Emerald City,” Greenville residents appreciate that their beautiful home is also a thriving cultural, economic and educational hub. It’s home to East Carolina University and the Uptown district, where live music, food and art reign supreme

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5. Winston-Salem

  • Average 1-BR rent price: $1,010
  • Average rent change in the past year: +5%

With a city so nice it earned itself a hyphen, Winston-Salem is one of the more well-known spots in North Carolina. Here you’ll find plenty of history, delicious food and of course, craft beer. There are multiple places to stop around town to sample the latest pour from local breweries.

Mild weather and friendly neighbors combine with a low cost of living to welcome residents to Winston-Salem. Drawing in mostly a younger crowd, thanks to nearby universities, you’ll find many young professionals and growing families. For those families interested in renting a house, the median home price rests at $260,000.

To get a solid dose of local history, visit Old Salem. This area pays homage to settlers from 1766 and is full of historic buildings, costumed interpreters and hands-on experiences.

For those looking for some natural beauty and great shopping, Reynolda Village provides both. Stroll through the gardens before popping into cute boutiques and delicious restaurants.

For exposure to the arts, walk Trade and Liberty streets downtown to see street art, murals and plenty of galleries.

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4. Burlington

Photo source: City of Burlington, NC / Facebook
  • Average 1-BR rent price: $1,087
  • Average rent change in the past year: -3%

Another North Carolina town that owes its existence to the railroad is Burlington. It only sprang up because the North Carolina Railroad needed a place to build, repair and maintain the tracks in the area. Still going strong today, Burlington mixes the old and the new to keep things interesting for residents.

A wealth of history combined with a passion for nature conservancy creates a community in Burlington unlike no other. With plenty of shopping and unique dining options — residents have plenty to enjoy in this city.

Visit the Conservators Center to wander through 45 acres of forested area and see over 70 large and small wild cats who call the area home. There’s also Cedarock Park, a 500-acre nature preserve that’s perfect for hiking, horseback riding and disc golf. This affordable area is rich in golf courses as well, making this town perfect for anyone looking to brush up on golf skills.

For the family, City Park offers a large playground and amusement park rides like a miniature train, carousel and airplane ride.

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3. Fayetteville

  • Average 1-BR rent price: $1,035
  • Average rent change in the past year: 0%

Just 65 miles south of Raleigh, the state’s capital, Fayetteville is an ideal commuter hub. Adjacent to Highway 95, you can easily go north to cities like Washington, D.C. and New York or take the southern route to Charleston, Orlando or Miami.

For those who want to keep it local, Fayetteville has a thriving downtown area with retail shops, restaurants and an impressive minor league baseball stadium.

You’ll also find an homage to the city’s rich history at the Airborne & Special Operations Museum and at the North Carolina Veterans Park. For some more natural beauty, make sure to stop into the Cape Fear Botanical Garden. The 80-acre site is only two miles from downtown.

Next door, you’ll also find Fort Bragg, one of the largest military installations in the world. Many military families stationed at Fort Bragg call Fayetteville home, giving it a reputation for being a community of ‘history, heroes and a hometown feeling.’

Find apartments for rent in Fayetteville

2. Greensboro

  • Average 1-BR rent price: $1,117
  • Average rent change in the past year: +14%

Containing the trifecta of attractive qualities, Greensboro is a city with a lot of economic opportunities, affordable housing and an abundance of activity. This eastern North Carolina city has served as an important location in both the Revolutionary War and Civil War, so there’s no shortage of history around here.

For everyday living, Greensboro is a friendly and diverse community that’s perfect for foodies of every kind. Sample the many locally owned coffee shops or breweries alongside the variety of restaurants. Local farmers and native vineyards are big contributors to the menus around town.

A bit of a college town, you’ll find students attending a wide range of schools including the University of North Carolina at Greensboro, NC A&T State University, Bennett College, Guilford College, the North Carolina Zoo and Greensboro College.

Greensboro also plays host each year to the NCAA basketball tournament, bringing in even more college kids than those attending local schools.

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1. Carrboro

  • Average 1-BR rent price: $1,227
  • Average rent change in the past year: -5%

Known to have a progressive vibe, Carrboro is a small town packed full of flare. As far as affordable cities go, Carrboro is rich in offerings. You’ll find craft galleries, indie music venues, progressive theater and exhibitions and more. There’s no shortage of organic grocery stores, farm-to-table restaurants and artsy coffee shops.

Head to Main Street for most of the action around town, including the Carrboro Farmers’ Market featuring local artisans and crafts.

When all the art and culture of Carrboro pique your appetite, this little town has delicious offerings to fill your belly. From burgers to bistros, fine dining to pizzerias, you can eat a different cuisine each day of the week.

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The most expensive places to live in North Carolina

You’ve seen the cheapest places to live in North Carolina, but what about the other side? Fortunately, it’s not all bad. Even the most expensive cities in North Carolina offer up somewhat affordable housing.

Cities like Wake Forest and Garner, which top the list, still maintain an average rent for a one-bedroom of under $2,000 a month. Check out the chart to see where other North Carolina cities fit in.

Ranked City by 1-BR Average + Average Rent

1) Wake Forest: $1,846

2) Garner: $1,501

3) Indian Trail: $1,473

4) Cary: $1,380

5) Charlotte: $1,362

6) Huntersville: $1,341

7) Wilmington: $1,318

8) Concord: $1,294

9) Raleigh: $1,275

10) Morrisville: $1,270

Methodology

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of November 2023. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.

We excluded cities with insufficient inventory from our cheapest places to live in North Carolina report.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

Cecilian Partners, a proptech firm that offers comprehensive digital solutions for home builders and land developers, has successfully raised $11 million in its first institutional equity round led by Resolve Growth Partners. This funding will enable Cecilian to accelerate product innovation, expand its workforce in crucial areas, and further enhance its customer success team.

John Cecilian, Jr., the company’s co-founder and CEO, expressed his excitement and validation upon receiving the term sheet from Resolve Growth Partners:

“This investment transitions us from a ‘scrappy start-up’ to a focused organization positioned to win. We are grateful to the team at Resolve and ready to accomplish meaningful growth and customer expansion.”

Despite a recent decline in early-stage funding, Resolve selected Cecilian Partners after conducting extensive due diligence and evaluating numerous SaaS companies. They were impressed by Cecilian’s impressive revenue growth, proven business model, and a clear path to profitability.

“We’re thrilled to have the opportunity to partner with John and the rest of the team at Cecilian Partners to build the category-leading platform for land developers and home builders,” said Resolve co-founder and Managing Partner Chris Rhodes. “This market has traditionally been underserved by technology. Cecilian offers a first-of-its-kind solution to help its customers transform their businesses through digitization and a true partnership approach.”

Since its establishment in 2019, Cecilian Partners has focused on serving the rapidly growing new homes segment in residential real estate. Their innovative software suite streamlines the land and property development process, consolidating data, automating manual tasks, and providing an enhanced customer experience throughout the homebuying journey.

Cecilian’s revenue tripled in the past year, surpassing the typical growth rate for early-stage SaaS companies. Additionally, their client base expanded by 65%. The company now serves builders and developers across multiple states, boasting over 75 clients in Texas and Florida alone, where nearly one-third of all new homes in the US are constructed.

In addition to securing funding, Cecilian was recognized for its achievements throughout the year. They were included in the HousingWire TECH100 list, honored with a PHL Inno Fire Award, and acknowledged as one of the best places to work in the greater Philadelphia area.

With Resolve’s support, Cecilian will accelerate its pace of product innovation and talent acquisition. They will also benefit from Resolve’s financial expertise and experience in building successful SaaS companies. As part of this strategy, the company’s Board of Directors will undergo restructuring, with Chris Rhodes and Rocco Natalicchio from Resolve joining the board. Stephanie McCarty, Chief Marketing & Communications Officer at Taylor Morrison, and Ned Moore, co-founder and CEO of Clutch, will continue to serve on the board, bringing their expertise in real estate development and SaaS markets, respectively.

Stephanie McCarty expressed her belief that Cecilian Partners is well-positioned to drive innovation in the new home construction industry. She highlighted the company’s expansive suite of products, which can address outdated processes and longstanding challenges, ultimately enhancing the experience for customers, builders, and developers.

With Resolve’s investment, Cecilian will rapidly expand its team by hiring key roles in business development, in-house technology and research, customer success, and marketing. These new hires will help capture growth opportunities, drive innovation, improve client support, and increase brand visibility across the country. Over the next 12-15 months, Cecilian plans to increase its workforce by 50%, with additional staff based in Chicago, Dallas, Raleigh, and their headquarters in New Hope, Pennsylvania.

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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.

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Source: realtybiznews.com

Apache is functioning normally

Apache is functioning normally

Located in “The Volunteer State,” Memphis is a city in Tennessee with approximately 633,000 residents. It’s is on the Mississippi River and is the second-largest city in the state, next to the capital city of Nashville.

Memphis is full of musical history. Influential soul, blues and rock-n-roll legends like B.B. King, Elvis Presley and Johnny Cash recorded at the famous Sun Studio, commonly called the “birthplace of rock and roll.” You can stroll Beale Street and take in the rich history of Memphis.

In addition to its musical history, Memphis has world-renowned barbecue. In fact, the annual World Championship Barbecue Cooking Contest draws 100,000 visitors alone.

If you’re considering a move to Memphis and want to know a bit more about each of its neighborhoods, we’ve got you covered! We’ve done the research and highlighted the best neighborhoods in Memphis.

15 best neighborhoods in Memphis

Named after its Egyptian sister city on the Nile, Memphis means “established and beautiful” and it’s just that. Here are 15 of the best neighborhoods in Memphis. As you consider each one, keep in mind that all are within the city limits of Memphis, so you’ll get to experience all the culture that this great city has to offer.

  • Walk Score: 41/100

Looking for a slice of Hollywood but without the traffic? Welcome to Belle Meade, home to part of the set of the Hollywood hit “The Firm.” But don’t worry, the lawyers in this town will let you move if you want to. Only Tom Cruise was unlucky on that front.

This quiet suburban area is a great place for people looking to settle down near the downtown area. With many hiking trails and delicious restaurants, anyone would be happy living in Belle Meade. The neighborhood is very walkable and has an average commute time of 30 minutes to downtown Memphis.

  • Median 1-BR rent: $795
  • Median 2-BR rent: $950
  • Walk Score: 50/100

Founded in 1893 by an Irish immigrant named W.H. Bingham, the neighborhood of Binghampton has evolved immensely through the years. The city and residents of Binghamton have made a dedicated effort to grow the city, as it once was a more isolated part of Memphis.

Nowadays, the city has tree-lined streets, flower beds and art murals on prominent buildings and streets — like Broad Avenue —throughout to make it more appealing. The neighborhood has an annual art walk where street vendors and artists converge to play music, sell artisan crafts and food and mingle with the community. If you live in Binghampton, you definitely don’t want to miss this festive gathering. And if you’re a cyclist, the new two-way bike lane is underway! The neighborhood boasts of a walking score of 50 and an even better biking score of 63.

Source: Rent./Kimbrough Towers
  • Median 1-BR rent: $930
  • Median 2-BR rent: $1,210
  • Walk Score: 69/100

Another historic neighborhood in Memphis is Central Gardens, which was once home to upper-class families who moved during the cotton boom. Due to the historic nature and relevance of the homes in Central Gardens, the area is a historic conservation zone.

While Central Gardens is densely populated, it’s a great option for singles as most of the households in the neighborhood are without children. The commute is nothing to complain about either with commute times averaging about 25 minutes. This area is home to several dining options, too. Residents of this area look forward to the Garden and Home Show every September.

  • Median 1-BR rent: $695
  • Median 2-BR rent: $725
  • Walk Score: 33/100

Nestled on the north side of Memphis, Frayser is by the Wolf River, the Mississippi River and the Lossahatchie River. In the neighborhood alone, there are 10 parks you can frequent. Try Davy Crockett Park State Park, where you can camp, explore or visit a historic museum. This is a great neighborhood for those looking to bike, hike, dog walk and generally enjoy the outdoors.

Frayser gets its name from a prominent Memphis physician named Dr. J Frayser who summered at a home near the railroad, which is to the east of the neighborhood. While Dr. Frayser could afford a summer home here, don’t let that fool you on the cost of the rent.

  • Walk Score: 41/100

Harbor Town is known to its residents as a little oasis located just outside of downtown Memphis. This premiere neighborhood and urbanist town sits atop a large 132-acre sand bar known as Mud Island.

While Harbor Town is known as a more upscale area, it’s also very affordable for young professionals looking to settle down near the city center. The town itself is very walkable and easy to navigate as it feels more like a mini-city. Take a walk down the main strip and you’ll pass by everything you need from a quaint grocery store to unique boutiques.

Harbor Town is home to the iconic Paulette’s where you can stop in for a one-of-a-kind Sunday brunch.

  • Median 1-BR rent: $1,200
  • Walk Score: 48/100

The High Point Terrace neighborhood is in the eastern part of Memphis. It’s close to Downtown so residents can enjoy the perks of Memphis but it also has a suburban feel. High Point Terrace is on the federal government’s list — the National Register of Historic Places. The architecture, buildings and overall neighborhood were deemed important to preserve due to its history in greater Memphis. One memorable claim-to-fame is the famous playwright, Tennessee Williams, who wrote his infamous play-turned-movie “Period of Adjustment” in the neighborhood of High Point Terrace itself.

This neighborhood tends to have younger residents, with 40 percent of residents under the age of 45. If you’re looking to plant roots and start a family, this is a great neighborhood to consider. Full of shops, grocery stores, coffee shops and bars, High Point Terrace is a small community where you’ll be surrounded by kind, hard-working Tennesseeans.

Source: Rent./Love Tunica
  • Walk Score: 37/100

Another great area to live in on the north side of Memphis is Hyde Park. The main focal point of this neighborhood is Hollywood and Chelsea Streets. Here, you’ll find unique shops and yummy restaurants. Some of the top-rated restaurants are The Second Line and The Hollywood Fish Market. If you live in the south, you need to try their famous catfish and you can do just that at these two high-rated restaurants.

This community is highly engaged and you’ll find your neighbors strolling the local parks or meeting at the Shasta Central community center. If you’re looking for a neighborhood near Memphis itself but with a close-knit neighborhood feel, give Hyde Park a try.

  • Median 1-BR rent: $660
  • Median 2-BR rent: $795
  • Walk Score: 58/100

Known as a college neighborhood, Normal Station is home to part of the University of Memphis. Due to its close proximity to the university, this neighborhood is mainly composed of young college students. As you would find in any college town, Normal Station has several student rental homes, fraternities and small rental homes at affordable rates for students.

The neighborhood itself isn’t very walkable, so a lot of the residents bike or drive to get around. If you’re a student looking for a great place to live out your college years check out Normal Station as your next home.

  • Walk Score: 41/100

Pinch District is a historic area of Memphis located close to the Wolf River. Originally home to Irish, Russian and Jewish immigrants, Pinch District was the first commercial city in Memphis.

During the 1990s, the famous Pyramid Arena was built in hopes of bringing new life into the neighborhood. However, things took a turn when several of its large commercial sites moved locations. Pinch District is currently undergoing a billion-dollar expansion that will surely bring new, exciting business to the neighborhood.

While Pinch District is a quieter neighborhood in Memphis, it still has a lot of charm. There are some great coffee shops that recently opened such as Comeback Coffee or Alcenia’s. The commute from Pinch District to downtown Memphis is on average 15-30 minutes, so residents will likely need a car as the walk score is only 41.

Source: Rent./The Meadows
  • Median 1-BR rent: $731
  • Median 2-BR rent: $803
  • Walk Score: 26/100

Raleigh is a neighborhood in Memphis located on the northeast side of the city. It’s near the Wolf River and Frayser, another one of the best neighborhoods in Memphis.

Raleigh is a neighborhood full of hard-working, kind people. The main economy is retail, however, Nike has a distribution center in this area, too. Stage Road is a popular area in the neighborhood where you can go for a walk, window shop and grab a bite to eat. Locals enjoy good food and shops in this town and a crowd favorite is Moma’s Bar-B-Q or Dindie’s Soul Food.

  • Walk Score: 58/100

Steeped in folklore, Sherwood Forest is a neighborhood in east Memphis that has roots in the story of Robin Hood. While you probably won’t see Robin Hood’s merry men roaming around, you will see several streets named after the story like Robin Hood Lane, Maid Marion Lane and Little John Road.

Sherwood Forest neighborhood is known as a family-friendly suburb with good schools for children to attend. The neighborhood is about a mile away from the University of Memphis, so you’ll have a good blend of college-aged students and recent grads living here. The area has a nice blend of shops and bars plus a wonderful park to get in touch with nature. Sherwood Forest Park has trails, tennis courts, a golf course and even a botanical garden.

  • Median 1-BR rent: $1,579
  • Median 2-BR rent: $1,679
  • Walk Score: 19/100

Southwind is a neighborhood in Memphis on the southeast side of the city. This is an affluent neighborhood with several residents having bachelor’s degrees. The schools are highly recommended and it’s a good place for families.

If you like golf, this is a great neighborhood because the Southwind Golf Course is on the PGA tour and is a World Championship Golf Course. Other outdoor activities include walks, hikes and strolling around local parks.

Source: Rent./The Helix at the District
  • Median 1-BR rent: $880
  • Median 2-BR rent: $1,021
  • Walk Score: 72/100

Feel like stepping back in time? The Victorian Village neighborhood is the place for you. Once known as Millionaires Row, Victorian Village is a town rich with history due to its many homes built in the late 1800s. While the neighborhood is still home to these impressive homes, the suburban area is a great place for all types of people.

Victorian Village is home to many must-see museums such as the Woodruff-Fountaine House Museum. If you’re looking for a historic and walkable neighborhood in Memphis, then renting an apartment in Victorian Village is a great choice.

  • Median 1-BR rent: $904
  • Median 2-BR rent: $1,012
  • Walk Score: 41

Voillintine-Evergreen is close to downtown Memphis. One of the prominent features of this neighborhood is the layout of ranch-style 78 buildings surrounding the old synagogue. It’s part of the National Register of Historic Places, in fact.

People living in Voillintine-Evergreen like their history and fight to preserve it and its aesthetic. The residents are usually retired or empty-nesters, so it’s a great place for people looking for a more quiet lifestyle. That being said, you’ll still find plenty to do whether that’s eating at local eateries, sipping freshly brewed coffee or walking throughout one of the neighborhood parks.

  • Median 1-BR rent: $599
  • Median 2-BR rent: $835
  • Walk Score: 30/100

You can’t help falling in love with this neighborhood. Whitehaven is most famous for “Graceland.” More than a half-million people come to visit Elvis Presley’s home-turned-museum each year and pay their respects to the rock-n-roll legend.

While this landmark is cool for music lovers, residents of Whitehaven enjoy the suburban feel and parks like T.O. Suburban State Park. This neighborhood tends to attract empty-nesters, so it’s quieter compared to neighborhoods full of families.

Find the best Memphis neighborhood for you

Whether you choose a neighborhood in the heart of Memphis or elsewhere you can rest assured that you’ll find great people and apartments in any of the best neighborhoods in Memphis. Memphis is a city full of apartments for pet lovers, park lovers, nightlife lovers or even coffee lovers.

The rent information included in this article is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent. as of November 2021 and is for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

At last glance, 30-year fixed mortgage rates were sitting above 7%. Despite this, there are virtually no homes for sale.

One would assume that after such a massive interest rate spike, demand would flounder and supply would flood the market.

Yet here we are, looking at a housing market that has barely any for-sale inventory available.

And when you remove the new home inventory (from home builders) from the equation, it’s even worse.

Let’s explore what’s going on and what it might take to see listings return to the market.

Why There Are No Homes for Sale Right Now?

The housing market is highly unusual at the moment, and has been for quite some time.

In fact, since the pandemic it’s never really been normal. The housing market came to a halt in early 2020 as the world stopped, but then took off like a rocket.

If you recall, the 30-year fixed spent the entire second half of 2020 in the sub-3% range, fueling voracious demand from buyers.

And as Zillow pointed out, the age demographics had already lined up nicely for a surge of demand anyway.

Around that time, some 45 million Americans were expected to hit the typical first-time home buyer age of 34.

When you combined the demographics, the record low mortgage rates, a pandemic (which allowed for increased mobility), and already limited inventory, it didn’t take much to create a frenzy.

At the same time, you had existing homeowners buying up second homes on the cheap, due to those low rates and generous underwriting guidelines.

And let’s not forget investors, who were taking advantage of the very accommodative interest rate environment and the insatiable demand from buyers.

The rise of Airbnb and short-term rentals (STRs) coincided with this low-rate environment, potentially taking additional inventory off the market.

This quickly depleted supply, which was already trending down thanks to a lack of new home building after the prior mortgage crisis.

Home builders got burned in the early 2000s as foreclosures and short sales spiked and prices plummeted. And their excess supply sat on the market.

As a result, they developed cold feet and didn’t build enough in subsequent years to keep up with the growing housing needs of Americans.

Collectively, all of these events led to the massive housing supply shortage.

Low Mortgage Rates Got Buyers in the Door, But Will They Ever Leave?

Low supply aside, another unique issue affecting housing supply is a concept known as mortgage rate lock-in.

In short, there’s an argument that today’s homeowners have such low mortgage rates that they won’t sell. Or can’t sell.

Either they don’t want to give up their low mortgage rate simply because it’s so cheap. Or they are unable to afford a home purchase at today’s rates and prices.

Simply put, most can’t trade in a 3% rate for a 7% rate and purchase a home that’s probably more expensive than theirs was a few years earlier.

And this isn’t some tiny subset of the population. Per Freddie Mac, nearly two-thirds of all mortgages have an interest rate below 4%.

And nearly a quarter have a mortgage rate below 3%. How on earth will these folks sell and buy a replacement home if prices haven’t come down, but have in fact risen?

The answer is most will not budge, and will continue to enjoy their low, fixed-rate mortgage for many years to come.

This further explains why inventory is so tight and not really improving, despite the Fed’s attack on housing demand via 11 rate hikes.

[Why are home prices not dropping?]

Housing Supply Is at an All-Time Low

Redfin reported that the total number of homes for sale hit a record low in August.

Active listings were down 1.1% month-over-month on a seasonally adjusted basis, and a whopping 20.8% year-over-year.

That’s the biggest annual decrease since June 2021. However, new listings have ticked higher the past two months on a seasonally adjusted basis.

In August, new listings increased 0.8% from a month earlier after increasing the month before that.

But due to nearly a year’s worth of monthly declines prior to that, new listings were still off a big 14.4% year-over-year.

This meant months of supply stood at just two months, well below the 4-5 months usually considered healthy.

Redfin Economics Research Lead Chen Zhao noted that “new listings have likely bottomed out,” arguing that those who are locked in by low rates have already decided not to sell.

That leaves those who must sell their property, due to stuff like divorce or a change in work-from-home policy.

Interestingly, even some WFH homeowners are moving back closer to work, but keeping their homes because they can rent them out.

Because homeowners got in so cheap, it’s not out of the question to keep the old house and go rent or buy another property.

All of this has created a huge dearth of existing home supply, but there is one winner out there.

Home Builders Are Gaining a Ton of Market Share

While existing homes, also known as previously-owned or used homes, are hard to come by, newly-built homes are somewhat plentiful.

In fact, newly built single-family homes for sale were up 4.5% year-over-year in June, per Redfin, while existing homes for sale were down 18%.

And roughly one-third of homes for sale were new builds, up markedly from prior years and well above the norm that might be closer to 10%.

Astonishingly, new homes accounted for more than half (52%) of single-family homes for sale in El Paso, Texas.

Similar market share could be seen in Omaha (46%), Raleigh (42.1%), Oklahoma City (39%), and Boise (38%).

Meanwhile, the National Association of Realtors (NAR) predicts that new home sales will increase 12.3% this year, and 13.9% in 2024.

As for why home builders are seeing a big increase in market share, it’s mostly due to a lack of competition from existing home sellers.

In short, they’re the only game in town, and they don’t need to worry about finding a replacement property if they sell (like existing homeowners)

Additionally, they’re able to tack on huge incentives such as rate buydowns, including temporary and permanent ones, along with lender credits.

This allows them to sell at higher prices but make the monthly payment more palatable for the buyer.

Perhaps more importantly, it allows buyers to still qualify for a mortgage at today’s sky-high prices.

When Will More Homes Hit the Market?

For now, this new reality is expected to be the status quo. After all, those with so-called golden handcuffs have 30-year fixed-rate mortgages.

That means they can continue to take advantage of their dirt-cheap mortgage for the next few decades.

This includes second home owners and investors, who got in cheap when prices were much lower and mortgage rates were also on sale.

Meanwhile, the home builders don’t seem to be going nuts with supply, and even if they ramped up production, it wouldn’t satisfy the market.

Remember, existing home sales typically account for around 85-90% of sales, so builders won’t come close to satisfying demand.

The only real way we get a big influx of supply is via distress, sadly. That could be the result of a bad recession with mass unemployment.

And it could be triggered by the 11 Fed rate hikes already in the books, coupled with a lack of new stimulus and the resumption of things like student loan payments.

Compounding that is sticky inflation, which has made everything more expensive and is quickly depleting the savings accounts of Americans.

But even then, you could argue that a mass loan modification program would be unveiled to at least keep owner-occupied households in their properties.

Considering how cheap their housing payments are, assuming they’ve got a low fixed-rate mortgage, it’d be hard to find them a cheaper alternative, even if renting.

In the early 2000s this wasn’t the case because the typical homeowner held a toxic mortgage, such as an option ARM or an interest-only loan. And many weren’t even properly qualified to begin with.

Read more: Today’s Housing Market Risk Factors: Is Real Estate in Trouble?

Source: thetruthaboutmortgage.com

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Multifamily construction starts fell to less than half of typical recent norms during the second quarter and will likely cause rents to rise over the next two years, a report said.  

New starts slowed to 30,800 in 15 core markets across the U.S., according to commercial real estate services firm Institutional Property Advisors, a division of Marcus & Millichap. The number came in 52% lower than the quarterly average of 64,200 based on the previous nine quarters dating back to early 2021. Second-quarter start volume also dropped by 62% year over year from 81,500, which represented the highest volume since 2021. 

The 15 markets tracked account for close to half of all total multifamily construction pipeline nationwide.

The steep decline was not entirely unexpected but was exacerbated by recent developments in the financial industry, as tighter access to credit and capital contributed to the slowdown.

“The largest banks were generally targeting less substantial capital allocations for real estate early in 2023; likewise, many smaller banks made strategy adjustments when a handful of regional lenders failed during the spring,” the authors of the report wrote.

Financing for new apartment constructions encountered additional headwinds as rent growth also slowed and insurance costs headed higher. In its second-quarter commercial originations survey, the Mortgage Bankers Association found multifamily loan production overall down by 48% from a year earlier.

With the pace of building leveling off, new multifamily deliveries will likely begin to decrease in early 2025 and fall even further in the second half of the year, Institutional Property Advisors said.  As a result, rent growth will likely accelerate as soon as spring 2024 and continue over the next 18 months. 

Three Texas markets experienced the sharpest fall off in new starts in early 2023 from the prior nine-quarter average. Houston saw a 79% decline in the second quarter to 1,100 from 5,280, while Austin recorded a 74% drop to 1,400 from 5,470. Meanwhile, Dallas-Fort Worth’s numbers slid down 67% to 3,240 from 9,890.

“It’s perhaps surprising to see that level of deceleration in the Texas markets, as the Lone Star

State’s key metros are still leaders for job production and apartment demand,” the report said. 

The decrease in construction, though, likely means the three cities are poised for a surge in rent-price growth. In Dallas-Fort Worth and Houston, new apartment supply is also spread out across a wider swath, rather than concentrated in a few communities as it had been in the past.  

Recent research from CoreLogic found the rate of rent-price increases nationwide had fallen back close to pre-pandemic levels earlier this summer after surging in 2022.

Other markets where building starts dropped off at a greater pace than the national average during the second quarter were Philadelphia, Denver and Washington, at 66%, 62% and 57%, respectively.

Among the 15 metropolitan areas covered by the report, the Raleigh-Durham market in North Carolina reported the only growth in the number of apartment dwellings breaking new ground, with volume rising almost 5% to 3,490 from an average of 3,330 during the previous nine quarters.

Source: nationalmortgagenews.com

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Across the expanse of human history, societies have arisen, flourished, and faced decline. Historians have chronicled the rise and fall of many civilizations, providing valuable insights for subsequent generations. However, some of these societies have vanished suddenly and without explanation. We’re exploring some of these civilizations that were lost without a trace.

1. Roanoke

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The mystery of Roanoke is to the disappearance of the English colony established on Roanoke Island off the coast of North Carolina, in the late 16th century. Sir Walter Raleigh founded the colony in 1587, but when a supply ship arrived in 1590, all of the colonists had vanished without a trace. Theories about what happened to them include being killed by hostile Native Americans, joining a nearby tribe or local community, or attempting to sail back to England and perishing at sea.

Clues Without Answers

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The word “Croatoan” carved into a tree near the abandoned settlement has led some to speculate that the colonists may have relocated to the nearby Croatoan Island, but no concrete evidence of this has ever been found. Despite numerous attempts to solve the mystery, the fate of the Roanoke colonists remains a mystery.

2. Angkor

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Angkor is an ancient city located in northwest Cambodia that was once the capital of the Khmer Empire from the 9th to the 15th centuries. At its height, it was one of the largest and most advanced cities in the world, known for its impressive architecture and sophisticated irrigation systems. Despite being abandoned in the 15th century after a series of wars and natural disasters, it remained largely hidden until the late 19th century. Today, it is a popular tourist destination, with visitors exploring the temples and ruins of the ancient city, including the famous Angkor Wat, the Bayon temple, and the Ta Prohm temple.

3. Teotihuacan

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Teotihuacan is an ancient Mesoamerican city located in the Basin of Mexico, near modern-day Mexico City. It was founded around 200 BCE and was one of the largest cities in the world during the first half of the 1st millennium CE. It is known for its impressive pyramids, sophisticated urban planning, and thriving economy. The city was mysteriously abandoned in the 7th or 8th century CE, and scholars still debate the reasons for its decline. Today, it is a UNESCO World Heritage site and a popular tourist destination.

4. The Spiro Nation Mounds

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The Spiro Nation Mounds was a pre-Columbian Native American culture in Oklahoma, USA that belonged to the Spiro people culture. They built earthen mounds for various purposes and were skilled artisans and traders. They produced intricate pottery, copper ornaments, and shell-tempered effigy vessels for ritual use. The Spiro culture declined and disappeared around the 15th century. Today, the Spiro Mounds Archaeological Center preserves and interprets their legacy.

5. City of Great Zimbabwe

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The City of Great Zimbabwe is an ancient stone city in Zimbabwe that was the capital of the Kingdom of Zimbabwe from the 11th to 15th century. It was a major trade center known for trading ivory, gold, and copper. The city had massive stone walls, was home to up to 20,000 people at its peak, and is now a UNESCO World Heritage site. Its decline in the 15th century was likely due to environmental degradation and political instability. Today, the ruins of the city serve as a testament to the region’s rich history and attract visitors from around the world.

6. The City of Tanis

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The City of Tanis, also known as San El-Hagar, is an ancient city located in the Nile Delta region of Egypt. It served as the capital of Egypt during the 21st and 22nd dynasties and was a significant center of worship for the god Amun, with many temples and religious monuments. Tanis is also mentioned in the biblical story of Exodus. Rediscovered in the 1930s by archaeologist Pierre Montet, the site has revealed many ancient artifacts and structures, including tombs and temples.

7. The Indus Valley

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The Indus Valley civilization thrived in the northwestern region of the Indian subcontinent from approximately 2600 BCE to 1900 BCE. It was one of the world’s earliest urban civilizations, characterized by well-planned cities with advanced sanitation systems and a complex social structure. The people were skilled in agriculture, metallurgy, and handicrafts and traded with other civilizations. Although civilization’s script has yet to be fully deciphered, its decline was attributed to factors such as climate change, environmental degradation, and invasion by foreign groups. The civilization’s legacy can still be seen in the cultural practices of modern-day Pakistan and India.

8. Çatalhöyük

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Çatalhöyük is an ancient city in Turkey, inhabited from approximately 7500 BCE to 5700 BCE, known for its distinctive architecture with no streets or public spaces. Archaeological excavations have revealed many insights into the daily lives, diet, economy, and social organization of its inhabitants. The people were skilled in agriculture, animal husbandry, and trade and had a complex religious and spiritual life. The city’s decline and abandonment are still debated but are thought to have been caused by environmental degradation, resource depletion, and social conflict. Çatalhöyük remains an important archaeological site and UNESCO World Heritage Site.

9. The Maya Empire

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The Maya Empire was an ancient civilization that existed in parts of Mexico, Guatemala, Belize, Honduras, and El Salvador. The Maya were known for their advanced culture, including impressive achievements in mathematics, astronomy, art, and architecture. The empire was made up of numerous city-states, each with its own ruler and government, and the economy was based on agriculture and trade.

Still a Well-Known Site

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The civilization declined around 900 CE due to environmental factors, warfare, and internal political instability. The Maya have had a lasting impact on the culture and identity of modern-day Mexico and Central America.

This article explores civilizations that disappeared without a trace, leaving behind only questions and theories about their disappearance. These civilizations were once thriving, but for various reasons, they all vanished, leaving behind only ruins and unanswered questions. Despite many attempts to solve the questions, the fate of these civilizations remains a mystery.

10 Crazy Good Movies Where Women Are the Bad Guys

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Are you looking for a movie night with a twist? Look no further than these Reddit-voted top ten films where women take on the destructive bad guy role.

10 Crazy Good Movies Where Women Are the Bad Guys

15 Cover Songs that are Better than the Original

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Sometimes, a cover of a song ends up doing far better than the original. Some covers are so good that we didn’t even realize the cover version wasn’t actually the original.

15 Cover Songs that are Better than the Original

These 11 Movies Are So Bad You’ll Wish You Could Unsee Them

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The movies we love best are a combination of excellent characters, plots, stories and cinematography. But if these factors can make great movies, they can also make terrible movies—the ones that make people cringe, the ones we swear they’ll never watch again.

These 11 Movies Are So Bad You’ll Wish You Could Unsee Them

10 Celebrities Who Are Universally Disliked

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People will always have preferences and something to say about celebrities. What you might love may not be the same for others. Whether it’s about their past behaviors, legal issues, or feuds with other celebrities, here is a list of celebrities people just cannot stand.

10 Celebrities Who Are Universally Disliked

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We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.

These 10 Terrible Movies Are Still People’s Favorites



About the Author



Dan Williams



Source: financequickfix.com

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From the Beatles’ iconic rooftop performance to Lady Gaga’s outrageous ensembles, live music concerts are an unstoppable force. Whether you’re a die-hard fan or only an occasional concertgoer, everyone has their own opinion when it comes to deciding whose show was the most impressive—but who’s really served up the best concerts of all time? 

We’re here with a definitive list of the Top 10 Best Concerts Ever—so get ready to rock out and find out who made our list!

1. Jimi Hendrix at Winterland Auditorium

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One user posted, “Jimi Hendrix, John Mayall, and Albert King at the Winterland Auditorium in SF on February 2, 1968, on my first date with my husband.”

Another added, “Outstanding… You win. I am so jealous you saw Jimi in person.” 

One user also replied, “The ticket alone is practically an engagement ring in sentimental value. I mean, how could anyone resist an opportunity to fall head over heels when Jimi Hendrix is playing the soundtrack to your beginning, live? The man played his cards very wisely. Please give him props from a random internet millennial who’s obsessed with the era!”

2. GWAR, 2004

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One Redditor posted, “GWAR. Halloween. 2004. They fought a dinosaur after decapitating both GW and John Kerry… A vulgar live-action bug bunny cartoon.”

Another user said, “Gwar is one of those bands I always tell people they need to see live once, even if they’re not fans. It’s a wild experience,” a user commented. Another replied, “Coolest show ever!! I’ve seen them 15+ times, and I have a blast every time! What the people want could only be the senseless slaughter of the gutter slime that litters this nation for cash and prizes.”

One user shared, “My first Gwar show was with Misfits, Mephiskapheles, and Earth Crisis, the late 90s. Maybe not the greatest concert music-wise, but hands down one of the most entertaining. Totally agreed that everyone should see them once, I brought a bunch of friends that might listen to Green Day on an especially rebellious day, and they all had a blast. But, they’re really not the same since Oderus died, unfortunately.”

3. Queen with Thin Lizzy Opening, 1978

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One user shared, “Queen with Thin Lizzy Opening, 1978”

Another user replied, “Saw that show in Houston. Fantastic.”

A third user added, “I hate you now because I’m overcome with jealousy.” 

Another commenter said, “I saw that show in San Diego. Definitely the best of the best!”

4. Nirvana, 1992

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Nirvana played their first (and only) show in Buenos Aires, Argentina, on October 30, 1992. The performance at Estadio José Amalfitani became infamous for several reasons: it followed on the heels of Nevermind and was one of the band’s largest shows to date.

One Redditor posted, “Nirvana 1992.”

“Oh man, I am so jealous. What do you remember about it?” exclaimed another user. 

One user added, “It was just a long, powerful raw show. No elaborate set or tour package (e.g., see Motley Crew or Rolling Stones), and the stage was pretty bare, but the band was all energetic and loud. Kurt captivated the crowd with his emotion and angst. In one of my first big arena concerts, the mosh pit was never-ending and sped up and slowed down to Cobain’s guitar all night. The energy was electric. I’ve seen a ton of shows since, but I’ve never seen anything quite like it.”

“This is the right answer,” another commenter replied.

“I feel like I need to stop reading the answers to this question because I’m just full of endless jealousy. This must’ve been incredible,” One Redditor complained.

5. The Pink Floyd Division Bell Tour, 1994

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One Reddit user shared, “The Pink Floyd Division Bell Tour in 1994.”

Another responded, “Saw it in Raleigh. Magical.”

A third commenter replied, “Oh d***, you win! This might be a controversial opinion, but Division Bell is my favorite Pink Floyd album, and I’m glad Roger Waters left when he did.”

6. Nine Inch Nails, Los Angeles

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Nine Inch Nails, abbreviated NIN and stylized as NI, is a Cleveland-based American industrial rock band formed in 1988. Trent Reznor, the band’s singer, songwriter, multi-instrumentalist, and producer, was the only constant member until his frequent collaborator, Atticus Ross, joined in 2016.

One Redditor posted, “My #1 fav was NIN during Wave Goodbye in 2009 at the Henry Fonda Theatre in Los Angeles. It took me years to wrap my head around the awesomeness. My number 2 fav shows are Guns n Roses from Jan 1992—they were insanely good. Soundgarden was the opener.” 

Another user replied, “I saw them at the Hollywood Bowl in 2014 when they played with Soundgarden. I’m a big Soundgarden fan and have always appreciated NIN, but I was there to see Soundgarden. NIN blew my mind and immediately became the number 1 concert for me.”

Another commenter replied, “Seeing them a few times (my fav band) and watching them play Hurt with the giant projector screen like in the music video is always an entrancing experience.”

7. U2, at Sullivan Stadium

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A commenter shared his experience, “Before U2 were hated, I stood at the old Sullivan stadium, age 17, Bono with his arm in a sling after falling off the stage in DC. When you’re 17, everything matters more. The show was solid. Edge made a Hendrix impression on Bullet the Blue Sky. The final song was a chorus repeating ’40,’ which the crowd sang over and over again as we exited the venue. Maybe later they did dumb stuff, but that night, U2 gave us a good time.”

Another user agreed, “U2 Joshua Tree tour for me. I’m not a huge U2 fan, but the energy is. They held 50,000 people’s emotions in the palm of their hands.”

8. AC/DC Hockenheim, 2015

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A user shared, “AC/DC Hockenheim 2015 first concert ever, and my dad really wanted me to see them. Had a blast because of all the cool shit they came up with. Brought up a bit f- bell and rang it all the time during Hells Bells.

They even sold small blinking horn headbands at the entry point for like 5€ or something. So you could see about 20,000 blinking headbands once it turned dark.

And Angus Young played a solo that felt like it took 20 minutes.

One of the best days I ever had with my father.”

9. Lake Street Dive

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One user shared, “Lake Street Dive. Oh, my goodness. They were opening for the Avett Brothers, and I had heard one of their songs before, but I’d never heard of the band or listened to them other than one song in a passive way. Oh, my goodness. They blew me away. I’d seen LOTS of live shows before, but none made me feel the way they did: their close harmonies, their groove. I fell in love with them. Their live sound is better than their album sound. But their album stuff is excellent too. They became my favorite band overnight.”

Another replied, “I saw that lineup. I became a fan, but LOVED the Avett Brothers.”

A third user responded, “The Avett Brothers were good too, but I was just going because my mom is a HUGE fan of them.”

10. Rammstein, Oslo, Norway

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One user posted, “RAMMSTEIN.”

Another replied, “Rammstein in Oslo this summer. Standing in a packed crowd for over four hours before the warm-up act started! What a pyro fantastic show.”

One Redditor added, “Rammstein has it all. Fire. Lasers. Fun props. Confetti.”

A fourth commented, “Rammstein 2010. Also, most recently, Birdland’s Big Band, New Year’s Eve, directed by the great David de Jesús.”

Source: Reddit

10 Celebrities Who Are Universally Disliked

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People will always have preferences and something to say about celebrities. What you might love may not be the same for others. Whether it’s about their past behaviors, legal issues, or feuds with other celebrities, here is a list of celebrities people just cannot stand.

10 Celebrities Who Are Universally Disliked

11 Vampire Movies That Will Leave You Yearning for More

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Sometimes, we just love to watch a favorite vampire movie; one of the ones that never get old. It piques our imagination with the unknown, story of two teenagers fighting for their love, the incredible and creepy scenes, and the bloodsucking classics.

11 Vampire Movies That Will Leave You Yearning for More

25 Extraordinary Sequels and Remakes That Outshine the Originals

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Every once in a while, a movie sequel or remake surpasses the original film. After polling the internet, “Name a single movie where the sequel or remake was better than the original?” Here are the top-voted responses.

25 Extraordinary Sequels and Remakes That Outshine the Originals

25 Blockbuster Films With Behind-The-Scenes Turmoil Unknown to the Public

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Several big movies with significant nightmare productions have some seriously delicious tea. After a recent poll on the internet, here are twenty-five films with disasters that made filming difficult.

25 Blockbuster Films With Behind-The-Scenes Turmoil Unknown to the Public

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We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.

These 10 Terrible Movies Are Still People’s Favorites



About the Author



Source: financequickfix.com

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There’s been a lot of apprehension regarding the role investors have played in the ongoing real estate market recovery.

Specifically, what they plan to do with their thousands and thousands of properties nationwide. And what that might mean for housing going forward.

As we roll into 2014, one thing is becoming obvious, demand from institutional investors, defined as entities that purchase 10+ properties annually, is fading.

Last month, such investors accounted for 5.2% of all U.S. residential property sales, down from 7.9% in December and 8.2% a year earlier, according to the latest Residential & Foreclosure Sales Report from RealtyTrac.

The January numbers were the lowest since March 2012, a full 22 months, and no, cold weather was certainly not to blame.

Do Investors Know Something We Don’t Know?

At first glance, you might be wondering why big-time investors are exiting the once hot real estate market.

But before we get too negative, you have to realize that investors aren’t the same as everyday home buyers.

The former need to make a profit, ideally a quick one, so if home prices are more reasonably priced, it makes for fewer big opportunities.

That doesn’t necessarily mean it’s a bad time to buy a home, it just means it might not be a great time anymore.

Furthermore, investors haven’t left entirely, they’ve just changed their focus. As the table above illustrates, investors have reduced buying in certain markets and increased it in others.

In fact, the institutional investor share was up a staggering 162% in Austin, TX last month from a year earlier, 83% in Cincinnati, 30% in Dallas, 21% in Denver, 15% in Raleigh, and 9% in Atlanta.

Additionally, all-cash sales accounted for nearly half (44.4%) of all U.S. residential home sales in January.

On the other hand, the institutional share was down 70% in Cape Coral-Fort Myers from a year earlier, down 64% in Memphis, 59% in Tucson, 48% in Tampa, and 21% in Jacksonville. Phoenix and Orlando also took a knock in that department.

So apparently there’s still opportunity out there, it’s just in different metros and the pickings might be a little slimmer.

Overall, metros with the highest share of institutional investor purchases last month included Jacksonville (25.5%), Atlanta (25.1%), Austin (18%), Charlotte (14.9%), and Greenville, S.C. (14%).

Prospective Buyers Want to Rent Their Homes, Not Sell

In other news, Redfin pointed out today that 39% of prospective home buyers that already own a home want to rent out their current properties.

A Redfin agent noted that many of his clients refinanced into “very low” mortgage rates over the past few years, so the interest rate lock-in, combined with a strong rental market means holding onto the property.

There’s also fear of becoming homeless if you sell your existing home and don’t have something else immediately lined up.

Ironically, it is buyers like this that are adding to inventory constraints, making it more difficult to find a home to purchase.

But with investor appetite dwindling, it might be a tad easier to get your hands on a home, even with so many rentals beginning to flood the market.

Still, 46% of respondents said tight inventory had limited their number of home tours “a lot,” and another 44% said it had “somewhat.”

So this could mean even higher home prices to come, at least in the desirable areas, and perhaps a bump in fringy locations as well as buyers are pushed out of their first-choice destinations once again.

Source: thetruthaboutmortgage.com

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New homes made up close to one-third of for-sale units in the second quarter, as an ongoing scarcity of existing inventory helped keep the level near a record high, Redfin reported.

New construction accounted for 31.4% of the market, the largest portion in the quarterly period on record. The number increased from 30.3% between April and June last year, but was down from the first-quarter all-time record of 33.6%. 

By comparison, new homes represented just 17% of for-sale inventory in the second-quarter of pre-pandemic 2019.

A combination of pandemic-related factors are propping up new-home numbers, even as builders are producing a smaller number of units compared to a few years ago. Surging interest rates, which are almost 4% higher today from their level in early 2022, resulted in a lock-in effect, where homeowners are now hesitant to move to take out a new mortgage at current levels, leaving the existing-sales market sluggish. 

Meanwhile, outstanding inventory remains from a pandemic-fueled building rush in 2021 and early 2022, providing some potential opportunities for aspiring buyers while resale-home availability remains low, Redfin said.

“Builders are still building but homeowners aren’t selling, so new construction is the only option for many buyers,” said Shauna Pendleton, a Redfin agent in Boise, Idaho. 

In June, the total amount of for-sale inventory fell 15% on an annual basis to an all-time low, the real estate brokerage said. The existing-home market fueled the drop, with an 18% decline year-over-year. The number of newly built single-family homes for sale, though, increased 4.5% by comparison, leading builders to offer a number of concessions to buyers in order to move units off the market.

Redfin’s quarterly data coincides with similar recent findings by other housing researchers. Online listing service Realtor.com said overall home selling trends were pointing to the potentially lowest sales numbers this year in over a decade. 

At the same time, new-home buying activity is showing hints of resilience in the overall housing market. Consumers are still willing to consider purchasing even amid elevated rates, economists have noted. The volume of loans taken out to purchase newly built units is consistently higher in 2023 compared to year-ago levels, according to the Mortgage Bankers Association, which also recently said the segment would be “key to the housing market recovery in 2023.” 

The market with the highest share of new homes for sale relative to total numbers was El Paso, Texas, at 52.1%; followed by Omaha, Nebraska; Raleigh, North Carolina; and Oklahoma City, at 45.5%, 42.1% and 39.3%, respectively.

While builder-constructed homes in Boise made up a 38.3% slice of inventory in the second quarter, landing the city fifth on the list of metropolitan areas ranked by total market share, it also experienced the largest annual decline in new houses put up for sale. The share decreased by almost 11 percentage points from 49% one year earlier.

The city that experienced the second largest decline was Austin, Texas, where new homes on the market decreased to 30.4% of inventory compared to 34.5% in the second quarter of 2022. Honolulu, which ranked third in this category, saw its new-home share drop to 2.8% from 6.4%. 

Source: nationalmortgagenews.com