Solid Trends in Housing. [#DHallTheINSIDER]

The FHFA House Price Index rose 0.7% in April and is up 6.8% from April 2016. This is a strong number and another in the solid upward trend we’ve seen over the last 5 years. This report came after yesterday’s strong Existing Home Sales report from the National Association of Realtors that not only beat expectations but also showed the median home price (for existing home sales) increased to a new high in May.

TransUnion did an analysis of mortgage shoppers for the first quarter of this year and found 55% were non-homeowners, mostly renters. Twenty-nine percent of non-homeowners who shopped for a mortgage were Millennials. What does this mean? Owners of rental units need to be aware of this possible shift we’re seeing and ensure they’re “offering the right amenities and programs” to attract renters. At Hall Financial, we love this shift. We’d even call it another solid trend.

The most unaffordable cities to rent in was recently released by RentCafé and Manhattan made the list at #2! Los Angeles was also on the list coming in at #4. What’s the most unattainable? Mexico City, with a monthly rent of $720 and a median monthly household income of $1,208. Yikes!

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