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The U.S. rental market showed signs of cooling in September 2022, with median rental prices reaching $1,759, marking a year-over-year increase of 7.8%, the smallest since June 2021. This decline follows July's peak and indicates a shift towards more typical seasonal trends. Notably, two-bedroom and one-bedroom rents increased at a single-digit pace, while studio rents maintained double-digit annual growth at 10.1%. Despite the moderation, rental affordability remains a challenge due to higher costs compared to 2020 levels, as inflation continues to outpace wage growth.
The U.S. housing market saw a 26.9% increase in active listings year-over-year in September 2022, with home prices rising by 13.9% to a median of $427,000. Although listing price growth remains robust, it shows a moderation compared to earlier peaks, suggesting potentially more affordable options ahead for buyers. Notably, new listings decreased by 9.8%, reflecting declining seller sentiment. The typical home spent 50 days on the market, a slight increase from last year, indicating buyers now have more time to decide.
In August 2022, the U.S. median rental price reached $1,771, consuming an average of 26.4% of household budgets, up from 25.7% a year prior. Coastal metros like Miami and Los Angeles reported the highest rent-to-income ratios, with Miami hitting 46.5%. Despite a slight decline in median rent for the first time since November 2021, affordability worsened nationwide. Year-over-year rent growth moderated to 9.8%, yet overall rents remain over 20% higher compared to August 2020. Many renters are financially strained, as 60% cite higher costs as their primary concern.
News Corp has announced that CEO Robert Thomson will participate in the Goldman Sachs Communacopia + Technology Conference on September 14, 2022. The session is scheduled to start at 12:15 PM EDT (9:15 AM PDT). A live webcast will be available on the News Corp website, and a replay is expected to be accessible afterward. News Corp, trading under NWS and NWSA, is a global media company focused on diverse content creation and distribution, operating primarily in the US, Australia, and the UK.
In August 2022, the U.S. housing market saw a 5-day increase in the time homes spent on the market compared to last year, marking the first uptick since June 2020. Despite this, homes sold 22 days faster than the 2017-2019 average. The median listing price reached $435,000, up 14.3% year-over-year, while active listings surged by 26.6%. However, new listings dropped 13.4%, indicating seller hesitation. Mortgage payments rose 61%, contributing to a 21.9% decline in pending listings.
The Realtor.com® Monthly Rental Report reveals significant trends in U.S. rental prices as of July 2022. The median rent reached an all-time high of $1,879, with a notable 12.3% increase year-over-year. Renters faced an average hike of $160 when renewing leases and $300 when moving. While suburban rents have caught up to urban prices, landlords are beginning to adjust to rising tenant budget constraints. Despite inflation pressures, the rate of rent growth is moderating, indicating potential relief ahead for renters.
Realtor.com® has unveiled its 2022 Hottest ZIP Codes, with New England dominating the list. Homes in these areas sold in an average of just 8 days, attracting nearly 4 times more buyer views than typical listings. The report highlights Nashua, NH, and Brighton, NY, as top contenders. New insights, called 'Hot Market Insights', will assist buyers in understanding local markets and competition. Factors driving demand include affordability and proximity to major cities. The average asking price in the hottest ZIPs is 4% lower than the U.S. median, reflecting buyer preferences for value amidst rising costs.
In July 2022, U.S. active home listings surged by 30.7% year-over-year, marking the third consecutive month of record growth. Despite this increase, the housing market remains largely in sellers' favor due to near-record high listing prices, with a median listing price of $449,000, reflecting a 16.6% annual rise. New listings declined by 2.8% from the prior year.
Softening buyer interest, driven by elevated mortgage rates, has prompted sellers to reconsider their market strategies. However, demand from out-of-state buyers persists, indicating ongoing competition.
