article thumbnail

U.S. Asking Rents Hit Highest Level Since 2022

Appraisal Buzz

year-over-year in May to $1,653, representing the highest level since October 2022, according to a new Redfin survey. Still, the median asking rent in May was just $47 lower (-2.8%) than the record high of $1,700 set in August 2022, presenting affordability issues for some tenants. The median asking rent in the U.S. this summer.

Tenants 392
article thumbnail

Required Renter Income Surges to Highest Level Since 2022

Appraisal Buzz

The amount renters must earn to afford the median-priced flat has reached its highest level since October 2022. As a result, wage growth should continue to outpace rent growth in the coming months, as it has been doing since 2022,” said Sheharyar Bokhari, Senior Economist at Redfin. year-over-year and 22.9%

Landlords 418
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

2023 Underwriting Losses Mirror 2022 Trends

Appraisal Buzz

property/casualty insurers show that underwriting losses in 2023 resembled those in a challenging 2022. percent in 2022 to 101.6 Homeowners and auto insurance performed particularly poorly: in both 2022 and 2023, loss ratios exceeded levels not seen in more than 20 prior years. percent in 2022. percent in 2023.

Insurance 195
article thumbnail

The mortgage rate lock-in didn’t start in 2022

Housing Wire

In the 24 months beginning March 2022, the U.S. After an initial rush to get to market in Q2 2022, new listings volume fell precipitously. In July 2022, new listings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. The lock-in didn’t start in 2022 when rates rose.

Mortgage 441
article thumbnail

Title industry: We contributed $30 billion to GDP in 2022

Housing Wire

gross domestic product (GDP) in 2022, according to a report commissioned by the American Land Title Association that was published on Wednesday. The title insurance and settlement services industry directly generated $30 billion of U.S. ALTA noted that 90% of the title industry is made up by small businesses. billion of GDP), New York ($2.5

Insurance 502
article thumbnail

New Home Construction Expectations for 2022

Appraisal Buzz

What is on the horizon in 2022? Things may be taking a turn for the better in 2022, though. Many buyers hope the housing market will cool down in 2022, and while experts don’t think it will be as competitive, this is unlikely to be a dramatic shift — at least not one that turns the market away from being seller-friendly.

article thumbnail

Zillow: Inventory Gap Grew to 4.5 Million Homes in 2022

Appraisal Buzz

million homes in 2022, up from 4.3 Across the country in 2022, there were roughly 8.09 In 2022, 1.4 Million Homes in 2022 appeared first on Appraisal Buzz. In 2022, 1.4 Million Homes in 2022 appeared first on Appraisal Buzz. housing shortage grew to 4.5 million in 2021, according to a report from Zillow.

Inventory 195