Mortgage Applications for last week were unchanged overall, with purchases up 1% but refinances down 1%.
Homeownership is rising. Millennials are entering the market opting out of renting. Strong job growth, credit eligible buyers, and folks entering into that next stage in life where they want a home are fueling this trend.
There’s been a shift in home builds to smaller homes and townhomes because they’re considered “the perfect bridge from renting to homeownership for first-time buyers.” It’s one solution with builders facing challenges of labor, material costs, and lot availability.
With strong double-digit home appreciation more common in less expensive markets, it’s no wonder Grand Rapids—a booming and demanding housing market—is listed as No. 4 for highest home appreciation. Santa Maria, California has seen a 5-year percentage change of 95%, though. That’s insane.