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Home prices accelerating in areas without mass transit

Housing Wire

to a record $418,100 since January 2020, while it has risen 15.6% With remote work, buyers can prioritize the actual home above its proximity to transportation.” ” The report is based on data that rates locations based on how convenient they are to public transportation.

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DataDigest: Construction costs easing for homebuilders

Housing Wire

However, as mortgage rates hit multi-decade highs , cooling demand and shrinking the pool of qualified buyers for new homes, homebuilders slowed their pace of construction, which settled at a plateau that is still well above pre-pandemic levels. after the initial lockdowns in 2020 before rocketing to almost 206 in June 2022.

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Residential construction jobs now 7.6% above pre-COVID level

Housing Wire

Employment in the construction sector is 40,000 higher than its level in February 2020, while employment in residential building is 7.6% An estimated 140,000 renovated properties purchased at foreclosure auction or bank-owned auction were resold to owner-occupant buyers between January 2020 and December 2021.

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Inflation cooled further in March, but shelter costs are still high

Housing Wire

This was the first time the food at home index posted a decline since September 2020. Despite the slower pace of inflation, economist do not believe home buyers facing still elevated prices on top of higher mortgage rates will be out of the woods any time soon.

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May jobs report complicates things for the Fed

Housing Wire

Even though the pace of layoffs has picked up, many businesses, particularly in transportation, healthcare, and hospitality, continue to have strong demand for workers,” Mike Fratantoni , the Mortgage Bankers Association’s chief economist, said in a statement. in April, with the total number of unemployed persons rising to 6.1

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Can we still avoid a recession?

Housing Wire

In addition, prices paid for transportation of products from China to the U.S. Now, this stressful aspect of transportation costs is gone and the fear of a downturn in the freight industry is taking hold. However, the biggest component of inflation isn’t the transportation cost of goods from China to the U.S.,

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Will the Infrastructure Bill Affect the Real Estate Market?

Appraisal Buzz

As energy efficiency becomes a more visible data point, it’s likely that this will become a marketing point for eco-conscious renters and buyers. The infrastructure bill will invest $110 billion to repair roads and bridges, making automotive transportation more manageable for those who commute into cities. Inflation peaked at 7.9%