Daily Dose

"In April, we continued to see rising rent prices and a moderating growth rate. This is promising news for renters, suggesting that the pandemic peaks are behind us, and that the challenging affordability picture may begin to improve," said Realtor.com Chief Economist Danielle Hale.

“Lack of existing inventory continues to drive buyers to new construction,” said National Association of Home Builders Chief Economist Robert Dietz.

“The housing market remains sluggish heading into the spring homebuying season. While mortgage rates have retreated from recent peaks, they remain elevated compared with one year ago,” Chief Economist Mark Fleming said.

Single-family rent price gains continued to slow year-over-year in March, dropping to 4.3%, while popular metros like Charlotte, Orlando, and St. Louis saw the highest rent growth nationwide.

The MBA reports that overall app volume dropped nearly 6% week-over-week, with the 30-year fixed-rate mortgage jumping nine basis points to its highest level in nearly two months.

A new blog post by the Joint Center for Housing Studies at Harvard University examines the shrinking share of Americans that have moved over the last two years, falling back to numbers seen before the pandemic began.

This number is just above recorded lows set in January 2023.

According to Moody’s Analytics U.S. State of Rent Burden report, in 2022, the national rent-to-income ratio crossed the 30% rent-burdened threshold for the first time in more than two decades, as cost-of-living concerns remain a stressor for many Americans.

A new report from Yardi Kube revealed the best metros for a short and eco-friendly commute, which showed shorter commutes and hybrid work result in a healthier environment.

“The relatively higher interest rate environment has depressed mortgage refinancing in particular. Interestingly, cash-out refinance hasn’t been as impacted as rate and term refinance,” according to Joe Mellman, SVP and Mortgage Business Leader at TransUnion.