Median on new leases rose to $4,175 in March, even as apartment hunters got more listings to choose from. Manhattan apartment landlords are testing renters’ limits even before the market’s busiest season arrives. The median monthly rate rose to a record-high $4,175 in March, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That’s up $25 from the previous peak, reached i
The United States Consumer Price Index cooled to 5 percent in March compared to a year ago, but remained elevated overall despite the Federal Reserve’s efforts to harness price growth on consumer goods and housing.The CPI for all urban consumers, a measure of inflation, rose 0.1 percent in March after climbing 0.4 percent in the previous month and 5 percent over the past 12 months, according to Bureau of Labor Statistics data r
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Homeowners aim to lighten up their home’s look on the outside, a new survey finds. The majority of homeowners say they would like to lighten up their home’s exterior with a neutral color palette, according to a new survey of more than 1,400 respondents conducted by The Harris Poll and commissioned by Alside, an exterior building product firm. The top five most popular siding colors for 2023, as identified by survey respondents, are:Off-white/
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Home improvement remains a hot trend as people update their spaces to be more functional for the long-term.Facing lean housing inventory, more would-be move-up home buyers may be feeling stuck in place. As they wait out the market, many continue to tackle remodeling projects on their current home. In fact, remodeling activity surged to a record high last year, according to the 2023 U.S. Houzz & Home Study(link is external), a survey that
Home buyers can expect more savings as borrowing costs continue to decline from their peak in late 2022.Lower mortgage rates are giving buyers a boost at the start of the spring homebuying season. The 30-year fixed-rate mortgage dropped to 6.28% this week, the fourth straight week of declines, Freddie Mac reports. While rates are still higher than they were a year earlier, they’ve gradually scaled back from a 7% peak at the end of 2022.“Compa
Mortgage rates fell last week, but demand for home loans didn’t move higher as a result. Other aspects of today’s housing market are outweighing the benefit of lower mortgage rates right now, namely a lack of supply.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.40% from 6.45%, with points falling to 0.59 from 0.62 (including the origination fee) for loans wi
Ongoing banking instability sparked by the failures of Silicon Valley Bank and Signature Bank may affect the availability of jumbo mortgages not eligible for purchase by Fannie Mae, Freddie MacHomebuyer demand for mortgages weakened slightly last week even as mortgage rates continued to retreat from 2023 highs, breaking a streak of four consecutive weeks of growth in purchase loan applications, according to a weekly survey of lenders by
Manhattan real estate sales fell 38% in the first quarter, as buyers and sellers battled over prices and mortgage rates remained volatile, according to new reports.Total sales volume fell to $4.4 billion in the quarter, with 2,242 apartments and townhouses sold, compared to 2,546 sales in the first quarter of 2022, according to a report from Douglas Elliman and Miller Samuel. The average sales price fell 5% to $1.95 million and the median sales p
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