NAR released a summary of pending home sales data showing that February’s pending home sales pace rose modestly 0.8% last month but fell 21.1% from a year ago.
Although there was some calming in the market after the recent bank shock, mortgage rates continued to drop.
In real estate, mom-and-pops are owners of small rental properties (1-4 units), and they do the day-to-day management of these properties. But being a mom-and-pop landlord can be challenging. While March 29 is designated as Mom and Pop Business Owners’ Day, let’s take a look at some facts about mom-and-pop landlords and small rental properties.
At the national level, housing affordability rose in January compared to the previous month, according to NAR’s Housing Affordability Index.
Mortgage rates fell even further this week. With rates below 6.5%, more Americans can purchase the median-price home by putting 18% down without being cost-burdened.
Due to recent developments in the banking sector, mortgage rates fell this week to 6.60% from 6.73% the previous week.
Apartment and multifamily housing construction continued its near 40-year high trends with 620,000 units started in February. Single-family home construction is much more restrained.
According to the U.S. Census, the share of families with children living in their homes under the age of 18 has continued to decline.
With inflation tilting towards deceleration – that is, still rising but at a slower rate – the mortgage rate can also tilt downward in the upcoming weeks.
The average rate on a 30-year fixed mortgage rose to 6.73% from 6.65% the previous week.
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