Home prices notch record high while supply remains low | What’s Working

A median-priced home on the Seacoast hit a record $615,000 last month, helping to fuel a statewide price milestone as well.

“It already has created an affordability issue,” said John Rice, chief statistician for the Seacoast Board of Realtors, which represents 13 cities and towns, including Portsmouth and oceanfront communities.

“The median price of a single-family home in Portsmouth is probably roughly $300,000 more than Dover and Rochester,” said Rice, an associate broker at Tate & Foss Sotheby’s International Realty in Rye.

“Every night, you see a sea of traffic going from Portsmouth to Dover and Rochester,” Rice said of workers commuting home.

Statewide, a tight inventory of homes for sale helped boost prices to a record $350,500 for a median priced home last month — 14.9% higher than a year earlier.

“It’s a great time to be selling and a lousy time to be buying,” said Russ Thibeault, a

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US In Danger Of Becoming A ‘Renter Nation’ As Home Prices Hit Record High, Says Investor

KEY POINTS

  • Every $1,000 increase in home price pushes 150,000 buyers away: Report 
  • Rental prices have dropped by 0.1% since last month: Report
  • Homebuying is currently led by people with jobs and equity

Rising demand for homes, unprecedented levels of mortgage rates and low supply have pushed home prices out of reach for prospective homebuyers, which could make America a ‘renter nation,’ Grant Cardone, a real estate investor, told Yahoo.

“Homeownership is still dead in this country because the only people that are buying homes right now are people that have equity, great credit, and a job,” Cardone said.

For every $1,000 increase in home price, 150,000 buyers are priced out of a possible home purchase, according to a recent report by the National Association of Home Builders (NAHB).

The fall season is known to be good for real estate as home prices fall during this time. Realtor.com, however, suggests

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S.F. homes for sale at 15-year high as listings outpace buyers

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory, as a significant jump in buyers was not enough to keep up with the deluge of new condos and homes flooding the marketplace, according to a new report from the brokerage Compass.



a large body of water with a city in the background


© Nick Otto / Special To The Chronicle


The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. But the number of listings is at a 15-year high, with a 10-month inventory for condos in some neighborhoods. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

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“The issue the inventory is increasing so much faster than the sales rate,” said Patrick Carlisle, chief market analyst

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High court reinstates S. Carolina ballot witness requirement

WASHINGTON – The Supreme Court on Monday reinstated a requirement that South Carolina residents voting by mail in November’s election get a witness to sign their ballots.

Democrats had sought to have the requirement put on hold because of the coronavirus pandemic, but Republicans had defended it as deterring fraud.

While the high court reinstated the requirement as a lawsuit over it proceeds, voters have already started returning ballots. More than 200,000 absentee ballots have been mailed and 18,000 returned, according to the state’s election commission.

The court said that any ballots cast before the court’s action Monday evening “and received within two days of this order may not be rejected for failing to comply with the witness requirement.“

State Republican Party Chairman Drew McKissick cheered the decision. “Despite the Democrats’ efforts to hijack a pandemic and use it to meddle with our election laws, they’ve lost,” he said in

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Westchester Home Prices Pushed to Record High By Bidding Wars

(Bloomberg) — Home prices in Westchester County surged to a record in the third quarter as bidders from New York City battled for a chance to buy a suburban retreat.

The median price of single-family homes that changed hands in the quarter jumped 16% from a year earlier to $808,500, the highest in data going back to 1986, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.



chart, histogram: Sellers Winning in Westchester


© Bloomberg
Sellers Winning in Westchester

Open houses have drawn crowds, and multiple offers on the same day, largely from city-dwellers seeking space for a prolonged period of working from home throughout the Covid-19 pandemic. Their purchases nearly cleared the market of listings, which tumbled 30% from a year earlier.

“We’re all preparing for what could be a second wave of spiking cases,” Douglas Elliman President Scott Durkin said in an interview. “Everyone is positioning themselves

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Current Social Capital Hedosophia Holdings Corp II Price Values Opendoor Like A High Growth SaaS Company (NYSE:IPOB)

Surge in IPOB Price Due to Opendoor Announcement

Over the last month, shares of Social Capital Hedosophia Holdings Corp II (IPOB) have risen ~70%, in large part due to the announcement that IPOB will be used to bring Opendoor public. I was an early shareholder of IPOB with the overall thesis that given Chamath Palihapitiya’s impressive track record, there was a high likelihood that he would succeed in putting together a deal that would drive up the value of IPOB. That thesis has played out as expected leaving me with another question: now that the original thesis has played out, are the shares still worth holding?

ChartData by YCharts

There is already a lot of good research on the fundamentals of Opendoor’s business, so I will not repeat those details in this article. In particular, I recommend this Seeking Alpha article Knock Knock. Who’s There? Opendoor. Chamath Just SPAC’d The

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Real estate prices remain high in Kitchener-Waterloo, realtors say

Gallery: The U.S. cities with the lowest cost of living (Espresso)

Housing prices continue to hold steady in the Kitchener-Waterloo market although they remain dramatically higher than a year ago, according to numbers released by the Kitchener-Waterloo Association of Realtors (KWAR).



a sign in front of a building: A real estate sign is pictured in Vancouver.


© THE CANADIAN PRESS Jonathan Hayward
A real estate sign is pictured in Vancouver.

The realtors’ group says that the average sales price of a home in the area was to $637,691 in September, about 17.5 per cent higher than it was in September 2019.

Read more: Home prices remain at lofty heights in Kitchener-Waterloo in August

While that is still a massive change it is about on par with sales prices in August ($634,409) and July ($639,814.)

While the average cost of a home appears to be stable for now, the cost of a detached home jumped last month to $768,762, an increase of 25 per cent over

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LGI Homes (LGIH) Hits 52-Week High, Can the Run Continue?

Shares of LGI Homes (LGIH) have been strong performers lately, with the stock up 9.9% over the past month. The stock hit a new 52-week high of $127.59 in the previous session. LGI Homes has gained 78.6% since the start of the year compared to the -16.5% move for the Zacks Finance sector and the -17.7% return for the Zacks Real Estate – Development industry.

What’s Driving the Outperformance?

The stock has an impressive record of positive earnings surprises, as it hasn’t missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on August 4, 2020, LGI Homes reported EPS of $2.21 versus consensus estimate of $1.49 while it beat the consensus revenue estimate by 4.3%.

For the current fiscal year, LGI Homes is expected to post earnings of $9.16 per share on $2.12 billion in revenues. This represents a 30.63% change in

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Louisiana ranks high in the US in late mortgage payments, and there’s one key factor why | Business

The number of Louisiana homeowners late on their mortgage payments remains stubbornly high and the state is still second in the nation for that metric as of August — as it was in June just three months into the economic disruptions resulting from shutdowns to slow the spread of coronavirus.

More than 11.2% of home mortgages in the state were past-due on payments or in delinquency as of August, up from 7.7% the same time last year and higher than last month’s national average of 7.27%, according to data from Black Knight, a Florida-based publicly traded technology business with access to loan-level data from some of the largest mortgage service companies.

Coming off a brief, slight decline in July, the 11.2% August rate is roughly the same as in June after furloughs and layoffs took their toll on homeowner finances, data shows. The percentage rate is about 56% higher than

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August pending home sales soar to a record high

A sale pending sign is posted in front of a home for sale in San Anselmo, California.

Justin Sullivan | Getty Images

Pending home sales rose 8.8% in August compared with July, reaching a record high pace, according to the National Association of Realtors survey, which dates back to January 2001.

Sales were 24.2% higher than August 2019.

These sales track signed contracts on existing homes, not closings, so they are an indicator of closed sales in the next one to two months.

“Tremendously low mortgage rates – below 3% – have again helped pending home sales climb in August,” said Lawrence Yun, NAR’s chief economist. “Additionally, the Fed intends to hold short-term fed funds rates near 0% for the foreseeable future, which should, in the absence of inflationary pressure, keep mortgage rates low, and that will undoubtedly aid homebuyers continuing to enter the marketplace.”

Yun also noted that not

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