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News Corporation reports developments across a diversified media, information services, book publishing and digital real estate portfolio. Company news commonly includes Realtor.com housing-market research, home-search technology and rental or luxury-market analysis; Dow Jones business-information products, live events and energy-market analytics; and HarperCollins publishing updates, including William Morrow titles.
Coverage also reflects governance and editorial-independence matters tied to Dow Jones and The Wall Street Journal, along with portfolio context for brands such as Barron’s, MarketWatch, Dow Jones Risk & Compliance, Dow Jones Newswires, REA Group and Move.
Realtor.com®'s analysis reveals that homes in high-risk flood zones have seen a sales price growth lagging by 5 percentage points compared to lower-risk homes over the past five years. For fire-prone properties, the gap stands at 3 percentage points. Despite a national surge in home prices in 2020, growth is expected to slow, particularly in disaster-prone areas. The report emphasizes the need for homebuyers to consider additional costs associated with insurance and mitigation when purchasing such properties. This trend is observable in states like California, Delaware, and Florida.
Realtor.com® has identified the top real estate markets for 2021, highlighting cities like Sacramento, San Jose, and Charlotte. These markets are projected to see a 6.9% increase in home prices and 13.1% rise in sales year-over-year, surpassing national averages. Key factors driving growth include the presence of high-paying tech jobs and relative affordability, particularly appealing to young homebuyers. Sacramento leads the list with a combined sales and price growth of 24.6%, supported by remote work trends.
The realtor.com® 2021 housing forecast predicts a 5.7% increase in existing home prices amidst strong buyer competition, despite looming affordability challenges due to rising interest rates projected to reach 3.4% by year-end. Existing home sales are expected to rise 7%, with single-family housing starts increasing by 9%. The recovery in housing inventory will be gradual, offering buyers some relief. However, millennial and Gen Z first-time buyers may struggle most with affordability as market dynamics shift towards a more normalized state.
In the week ending Nov 14, home prices showed signs of seasonal slowdown, growing by 12.6% compared to 12.9% the previous week. This marks the 14th consecutive week of double-digit price growth, with peaks around $350,000. Despite 7% fewer new listings than last week, median listing prices remain elevated. The housing market recovery index increased to 110.7, indicating ongoing strength. However, rising COVID-19 cases could challenge sales activity, suggesting a potential slowdown in the coming months.
Realtor.com has identified the top suburbs offering affordable space near the nation's largest metros as Americans seek more room at home during the pandemic. Homebuyers can save an average of 29% per square foot in these areas. For example, Fullerton, CA offers homes at $304,000 less than Los Angeles, while Clark, NJ offers savings of nearly $250,000. The report analyzes prices of single-family homes within 25 miles of 10 major metros, highlighting substantial savings and increased square footage for buyers.
In October 2020, rents in tech hubs like San Francisco saw significant declines, with studio apartments dropping by 33.3% year-over-year. The median studio rent fell to $1,316, while one-bedroom rents increased by 1.1% to $1,495. Nationally, rent growth is still below pre-COVID levels, but decreases are slowing. The shift towards remote work has led renters to seek more space, especially in urban areas. This trend is reflected in rising two-bedroom rents, which may soon return to pre-COVID growth rates.
Buyers and sellers paused in the housing market last week, impacted by the presidential election and rising coronavirus cases, as reported by realtor.com® for the week ending Nov. 7. New listings fell 12%, contributing to a 39% year-over-year drop in total homes for sale. Despite this, home prices continued their double-digit growth, increasing by 12.9%. The average time on the market decreased to 13 days. realtor.com's Housing Market Recovery Index dipped to 108.0, highlighting a slight slowdown after October's peak, yet indicating strong performance compared to pre-pandemic levels.
The U.S. housing market showed resilience in October, with homes selling faster than in September for the first time since 2011, taking an average of 53 days. Median home prices held steady at $350,000, marking a year-over-year increase of 12.2%. Despite a 38.3% drop in homes for sale, new listings improved, indicating potential relief for buyers. Key metros such as Los Angeles and Philadelphia saw significant price increases. However, the overall inventory remains critically low, emphasizing the ongoing competition among buyers.
Realtor.com®'s Weekly Housing Report reveals signs of a seasonal slowdown in the U.S. housing market as of Oct. 24, 2020. Newly listed homes show a 2% year-over-year decline, although this marks an improvement from previous weeks. Home prices grew 12.2%, maintaining a typical listing price of $350,000. Notably, price reductions increased to 5.5%, signaling potential easing in price gains. The Housing Market Recovery Index hit a high of 112.4, suggesting a shift toward better buyer-seller balance despite ongoing demand.
The latest realtor.com® Weekly Housing Report indicates a slight slowdown in the housing market for the week ending Oct. 17, 2020. Median listing prices rose by 11.1% year-over-year, showing a deceleration from earlier peaks. The current median home price stands at $350,000, while homes are selling 13 days faster than last year, averaging 53 days on the market.
Despite a reduction in new listings by 6%, inventory is 38% lower year-over-year. The Housing Market Recovery Index remains strong at 111.0, reflecting ongoing buyer demand amid a seller's market.