Roanoke Real Estate News
Roanoke
Falling U.S. Mortgage Rates Boost New Home Sales in December
According to new data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in December 2023 in the U.S. increased 8.0% to a 664,000 seasonally adjusted annual rate from an upwardly revised reading in November 2023.
U.S. Home Prices Cooling Faster Than Normal in November
Based on the latest Zillow market report for November 2023, monthly costs for a new mortgage are falling, inventory is trending back toward normal, and price cuts are uncharacteristically common.
Driven by High Rates, U.S. Buyers Must Earn $115,000 to Buy a Typical Home in 2023
According to Redfin, a homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic. That's the highest annual income necessary to afford a home on record.
Nonresidential Construction Spending Increases in America
According to an Associated Builders and Contractors analysis of data by the U.S. Census Bureau, national nonresidential construction spending increased 0.4% in August 2023. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.09 trillion.
