According to a new report by CNBC, the number of homes priced at $1 million or more soared in October.
The number of sales was up more than 16 percent from 2013, while homes priced at $5 million or more were up more than 18 percent.
Redfin notes, however, that many of the multi-million-dollar sales were made with international money.
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For the first time in 2014, the number of existing home sales in October exceeded those from the same period a year ago.
Existing home sales were up 1.5 percent from October 2013, with overall home sales up 2.5 percent.
“Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth,” Lawrence Yun, National Association of Realtors chief economist, told Mortgage News Daily. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.”
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The median size of newly built homes is currently on the decline, leading many housing experts to believe that the market is opening up to entry-level buyers.
“It doesn’t reflect changes in preferences, necessarily,” Robert Dietz, an economist with the National Association of Home Builders, told the Wall Street Journal. “It reflects who’s buying new, single-family homes.”
Whereas new homes measured an average of 2,472 square feet in the second quarter of 2014, that number was down to 2,414 square feet in the third quarter, making it the second consecutive quarterly drop.
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According to a new report by the Washington Post, it’s important to research school districts in your area when buying a home, regardless of whether you have children.
On average, homes in areas with good quality school districts cost approximately $50 more per square foot than homes that fall elsewhere.
In one extreme example given by the Post, two statistically similar homes located less that a mile apart in Alexandria, Va., were priced at $790,000 and $920,000 – a difference of $130,000 because of the respective school districts they fell into.
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The Federal Housing Administration revealed on Monday that it is back in the black.
“FHA has taken several prudent actions to improve the fiscal health of the fund, and those actions have led to the stronger position that we’re in today,” Julian Castro, U.S. Secretary of Housing and Urban Development told reporters.
Just two years ago, in 2012, the FHA’s insurance fund had been more than $16 billion in the negative.
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Financial tycoon Phil Maloof listed his Las Vegas Palms Casino Resort penthouse for sale five months ago, but the $38 million abode hasn’t received much attention from potential buyers.
So now, Maloof has added an additional perk to the listing: a two-year lease on a 2015 Lamborghini Huracán, worth a reported $237,000.
In addition to the car, the 59th floor rooftop home features a movie theater, a 20-person hot tub and a DJ booth and also houses an original Picasso and an original Dali painting.
The homeowners association fees on the penthouse will cost an additional $4,481 per month on top of the purchase price.
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As rental vacancies decline and prices continue to rise, many adults have chosen to start living with a roommate.
According to the most recent Census Bureau Data from 2012, a total of 32 percent of adults nationwide were living with someone other than a spouse or partner. That number is up from 26 percent in 2000.
According to CNN Money, individuals tend to find roommates when rents increase and incomes don’t. Over the last year, rents rose an average of 6.5 percent, while wages have remained flat.
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The housing market in Cleveland is expected to get a boost from the return of basketball superstar LeBron James to the Cleveland Cavaliers, as well as from its selection to host the Democratic National Convention in 2016.
The city’s surrounding area has already seen a 3 percent rise in home prices from a year ago, and supplies are up 6 percent.
“Supply of the more desirable properties in sought-after areas is a bit tighter than last year,” Michele Anderson, a real estate agent with Progressive Urban Real Estate in Cleveland, told CNBC. “In other areas it’s about the same, but prices are up.”
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Nine of the 10 most expensive real estate markets in the United States are located in California, according to a new report by Caldwell Banker.
Los Altos is at the top of the list, where the average price for a home is upwards of $1.9 million.
“The continued success of many tech companies throughout Silicon Valley has brought markets such as Los Altos into focus,” Joe Brown, managing broker of Coldwell Banker Residential Brokerage in Los Altos, told CNBC.
The only non-California market to make the list was Wellesley, Massachusetts – a suburb of Boston – at No. 10. The average home price there is $1.09 million.
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Many veterans rely on VA home loans when looking into purchasing a home. And why not?
“If you can qualify, the VA loan is the best program out there,” Darren Ferlisi, a loan officer with Integrity Home Mortgage Corp. in Frederick, Md., told MarketWatch.
VA loans come with lower interest rates than conventional loans, don’t require PMI, and also allow for lower credit scores.
Still, some veterans are steered away from the program because lenders prefer to pitch products that are better for the bank, rather than the borrower.
“Some veterans think VA loans are somehow inferior to a conventional loan, but they really aren’t,” said Dennis Wynant, vice president for sales at mortgage lender LoanDepot.com, in Foothill Ranch, Calif. “It takes lenders more work and time to process VA loans than conventional loans, which cuts into profits.”
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