Popular migration destinations where home prices soared during the pandemic are most likely to see the effects of a housing downturn amplified and home prices decline year over year if the economy goes into a recession.
According to Eliza Theiss of CommercialEdge, remote and hybrid work models were considered niche setups just a little over two years ago, but today, these trends seem here to stay.
Based on new results from Zillow's Consumer Housing Trends Report show renters of color typically submit more applications -- and pay more in application fees -- before they secure a place to live than white renters do. Renters of color also typically pay a higher security deposit when they move in.
According to national property broker Redfin, U.S. home prices climbed 16% year over year to a new all-time high of $389,500 in February 2022, as the number of homes for sale fell to another new low. The lack of inventory is holding back home sales, which were down 4% from January 2022.
Contract activity rose month-over-month in each of the four major U.S. regions. On a year-over-year basis, however, transactions were split, as two regions reported drops and two others posted gains.
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