New-Home Sales Drop 2% in Feb.
NAHB says price increases and rising mortgage rates pushed some new-home buyers out of the market. The median sales price hit $400,600, up 10.6% year-to-year.
NAR Report: Millennials Make Up 43% of Homebuyers
In last year’s generational report, millennials made up 37% of homebuyers. Gen X, however, bought the most expensive homes at a median price of $320K.
Biden Task Force Releases Appraisal Bias Study
The task force’s action plan summarizes changes already announced and general future goals, such as creating new automated valuations that assess value without bias.
U.S. Nixes British Steel and Aluminum Tariffs
Supply problems and inflation still push up the cost of raw materials, but an end to steel and aluminum tariffs should help offset construction price increases.
Defrauded HOAs See Bank Accounts – 23 Were Closed
Out of 90 HOA bank accounts involved in alleged property-management fraud, 23 were previously closed, and 67 had balances ranging from $180K to zero.
Equity Is Up – But Fewer Homeowners Tap Into It
In the Great Recession, many homeowners tapped into rapidly rising equity, but they’re more cautious today, with HELOC applications dropping 5.5% in 4Q 2021.