Houston leads the nation in single-family building permits over last 10 years

A recent report conducted by StorageCafe, an online listings platform, found that Houston led the national pack for most single-family new construction permits over the past 10 years.

So what’s pushing this trend? You guessed it: Cost of living.

“Houston has been the primary destination for newcomers moving to Texas, especially Californians who find respite in Harris County’s lower home prices and tax rates, cheaper land and sound economy,” the report said. “A typical home in Harris County, for example, is 57% cheaper than in Los Angeles County (approx. $848,000 vs. $365,990) whereas the average annual pay is about the same.”

Mortgage Rates Rise Above 3%

For the first time in 10 weeks, mortgage rates inched above 3%—and the era of 2% rates may be over. “As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” said Sam Khater, Freddie Mac’s chief economist. “For those homeowners who have not yet refinanced—and there remain many borrowers who could benefit from doing so—now is the time.”

The National Association of REALTORS® has predicted that mortgage rates will average 3.2% by the end of the year.

Source: National Association of Realtors

The Cheapest and Priciest Places to Live in the U.S.

Move.org has published its latest rankings of the cheapest and priciest cities across the country. Among the most affordable are El Paso (TX), Lincoln (NE) and Toledo (OH), while San Jose (CA), San Francisco (CA) and The Big Apple (NY) land at the top of the spectrum.

For the full report, click here.

Study: It Costs Sellers More to Work With iBuyers

Collateral Analytics, in a white paper, looks to quantify the costs to sellers of working with iBuyers versus taking the traditional route of working with a real estate professional. Researchers estimate that sellers end up paying between 13% to 15% more when working with iBuyers. The percentage reflects differences in traditional real estate agency fees, as well as an allowance iBuyers often request for repairs and an additional 3% to 5% to cover the iBuyer’s liquidity risks and carrying costs.

Click here to read more.