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First-Time Homebuyers Found No Relief From Rising Prices in Q4 2021

Pro Builder

First-time buyers struggled the most in the wake of record high home prices and a lack of starter inventory, but metros like Pittsburgh and Cleveland offered some relative affordability. times median first-time buyer income, Cleveland (3.1), St. times median first-time home buyer income and 5.3

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Rental Market Recovers Faster Than Predicted

Pro Builder

There’s rebalancing in the for-sale market as well with inventory increasing for the third consecutive month and home value growth slowing in many of the largest markets. Inventory Rebound Continues. For-sale inventory, while still down 27.6% If there had been no pandemic, Zillow predicted rents would be 2.9% Read More. .

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Affordable Homes are Increasing in Value Fastest Nationwide

Pro Builder

Rapid growth in the most-affordable segment of the market is not a particularly new phenomenon — these homes have long been in high demand from budget-conscious buyers, and it can be difficult for builders to profitably build in these segments, further restricting already-tight inventory. and the top third grew by 9.8% percentage points.

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May Home Price Increase Breaks S&P Case-Shiller Record

Pro Builder

Chicago, Cleveland and Minneapolis reported the lowest gains, although they were still in low double-digits. “A Five cities – Cleveland, Dallas, Denver, Seattle and Charlotte, North Carolina – saw their all-time highest annual gains. The inventory of homes for sale has finally started to increase, albeit slowly. Read More. .

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Single-Family Home Prices Up 14.6% in April Nationwide

Pro Builder

Five cities – Charlotte, North Carolina, Cleveland, Dallas, Denver and Seattle – saw their largest annual gains ever. “We The inventory of homes for sale rose slightly in May compared with April, but was still 21% lower than May 2020, according to the National Association of Realtors.

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First-Time Buyer Affordability Fell Sharply in Q1 2022

Pro Builder

Even as rising mortgage rates put a damper on heated buyer competition, inventory remains below pre-pandemic rates, meaning that prices might not fall as quickly as many priced-out buyers may have hoped. Other affordable metros include: Cleveland (3.1), Detroit (3.5), Buffalo, New York (3.6); and Baltimore (3.7). Affordability.

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Coastal Cities May Be Losing Their Charm

Pro Builder

Cleveland, Cincinnati, Indianapolis, and Memphis are just some of the metros that CNBC says have been experiencing the strongest price gains in the nation. These have all been historically more affordable markets, and markets that generally have more inventory of homes available for sale. Coastal Cities May Be Losing Their Charm.

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