Survey: 63% Fear Climate Change Will Affect Their Area – According to a recent report conducted by Redfin, sixty-three percent of people who have moved since the pandemic began believe climate change is, or will be, an issue in the place they currently live.
Respondents between the ages of 35 to 44 were the most likely to say natural disasters, extreme temperatures, and rising sea levels all play a role in their decisions while survey respondents 45 or older were the least likely to indicate those factors played a role in their relocation decisions.
“The pandemic and remote work allowed many people to rethink where they live, and climate is top of mind for movers,” says Daryl Fairweather, Redfin’s chief economist.
Source: “Most Recent Movers Think Climate Change will Impact Their Area,” Redfin (Dec. 7, 2021)
Fewer Homes Affordable to Those Who Earn $100K – Based on a recent National Association of REALTORS® report, home buyers who earn $100K are struggling to find a home to buy, or even afford.
The share of homes available and affordable for a household earning $100,000 has fallen considerably over the past two years. In October, home prices climbed 13% and housing inventories fell 12% compared to just a year ago, NAR reports.
“Due to weaker affordability and lower inventory, there are 503,000 fewer homes available for sale that this household can currently afford to buy compared to two years ago,” Nadia Evangelou, NAR’s senior economist and director of forecasting, writes on the association’s Economists’ Outlook blog.
Source: “Instant Reaction: Mortgage Rates, December 9, 2021,” National Association of REALTORS® Economists’ Outlook blog
5 New-Home Markets to Watch in 2022 – According to Zonda, a homebuilding, and multifamily data firm, the following five U.S. cities may have the best prospects for the new-home market in the new year.
- Austin, TX – New-home starts have reached a record high. New-home prices have jumped 27% annually in Austin.
- Charlotte, NC – Home prices in Charlotte, NC, are known as being less expensive than many other big-city markets, and that has been driving more people to relocate there, particularly since the pandemic began.
- Salt Lake City, UT – Annual new-home sales are up 25% from the third quarter of 2020, according to Zonda’s data. Salt Lake City posted significant growth since the pandemic began. Buyers are looking for greater affordability, and recreational opportunities.
- Seattle, WA – Although lots are tight in many parts of Seattle, new-home construction is still finding a way. All of Puget Sound’s counties in Seattle have posted at least a 25% increase in home prices since the beginning of the pandemic.
- Tampa, FL – The annual housing start pace for the Tampa market jumped by 30% over an 18-month span that started just prior to the COVID-19 pandemic.
Source: “5 New-Home Markets That Meet the Needs of Today’s Buyers,” BUILDER (Dec. 8, 2021)
Home Goods That Are Getting Pricier, Harder to Find – Based on recent data from realtor.com, ® supply chain issues continue to affect the housing market by driving up the prices of appliances, windows, paint, and other items needed to build, repair, or improve home.
The median sales price for a new home in October was $407,700, up 17.5% compared to the same time a year ago, due to higher material costs and labor and lot shortages.
“Consumers should expect continued frustration with delays and rising prices,” Ali Wolf, chief economist at Zonda, a building consulting firm, told realtor.com®.
Furniture costs are up as well, prices on home furnishings are up 5% since 2019, realtor.com® notes. Furniture retailers are reporting that most consumers are waiting months rather than weeks for their furnishings to be delivered.
Source: “Everything and the Kitchen Sink: How the Supply Chain Is Strangling Real Estate—and What You Need to Know,” realtor.com® (Nov. 30, 2021)