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Yahoo
24-06-2025
- Business
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These 2 Texas metros offer some of the biggest home price cuts this summer. See which
After a slow spring, housing markets in parts of the U.S. are becoming increasingly buyer-friendly, including areas in Texas! Overall, the South and West are brimming with options and big deals, according to a study by The real estate website gathered data in May 2025 on the share of listings offering price cuts, which is a key indicator of a buyer-friendly market. May figures for the median list prices and the median days on the market were also collected to determine the country's 10 metros with the largest price cuts. Here's what data reveals about the current housing market. found the South and West generally offered more choices to house hunters. New listings, which measure the number of owners putting homes up for sale, have increased by 3.8% from the same period last year. "A growing number of for-sale homes in some markets is helping to rebalance the market, giving buyers more negotiating room than they've seen in several years," Chief Economist Danielle Hale said. Phoenix, Arizona, was the metro with the highest share of listings with a price cut (31.3%). The median days a Phoenix home spent on the market was 58 — a full week longer than the national median. Tampa, Florida, ranked second with 29.9% of listings having a price cut and 60 days as the median time a home spent on the market. Tampa also had a median list price of $417,500, more than $20,000 below the national median. Denver, Colorado, ranked No. 3 in the list, with the largest increase in active listings among the top 10 metros at 63.9%. However, Denver also had the second-highest median list price among the group. Despite pandemic-era construction booms, demand has faded as mortgage rates rise and the economy remains uncertain. This has prompted sellers to significantly lower their asking prices. In Austin, the number of new listings skyrocketed 13.2% from May 2024 to May 2025 — the most of any metro on the top 10 list. The overall inventory of for-sale properties in Austin also increased by 26.5% as the median price declined by 6.3% to $525,000. This was the biggest annual drop among the 50 largest U.S. metros, according to the May 2025 Monthly Housing Market Trends Report. As of May, 29.2% of all listings in the Texas capital offered price reductions. A construction spree during the peak of COVID-19 resulted in over 60% more active inventory in Austin compared to 2019. Now that this excess of homes has lingered on the market for over six years, prices have softened. "Sellers are responding, and these areas — concentrated in the South and West — show the highest share of price cuts, with more than 1 in 4 listings in each market having a price reduction," Hale said. Austin isn't the only Texas metro that made list. Dallas ranked No. 8, with a massive surge in active listings second only to Denver. Rank Metro State Median list price Active listings Days on the market Share of listings with a price cut 1 Phoenix Arizona $525,000 23.1% 58 31.3% 2 Tampa Florida $417,500 31.2% 60 29.9% 3 Denver Colorado $600,000 63.9% 38 29.4% 4 Austin Texas $525,000 26.5% 46 29.2% 5 Jacksonville Florida $405,000 31.2% 60 28.8% 6 Charleston South Carolina $539,000 36% 45 27.3% 7 Salt Lake City Utah $585,000 38.2% 44 27.1% 8 Dallas Texas $440,000 44.8% 45 27% 9 Palm Bay Florida $389,000 24.5% 65 27% 10 Portland Oregon $610,707 34.3% 44 26.8% This article originally appeared on Austin American-Statesman: 2 Texas metros offer some of the biggest home price cuts this summer
Yahoo
24-06-2025
- Business
- Yahoo
These 2 Texas metros offer some of the biggest home price cuts this summer. See which
After a slow spring, housing markets in parts of the U.S. are becoming increasingly buyer-friendly, including areas in Texas! Overall, the South and West are brimming with options and big deals, according to a study by The real estate website gathered data in May 2025 on the share of listings offering price cuts, which is a key indicator of a buyer-friendly market. May figures for the median list prices and the median days on the market were also collected to determine the country's 10 metros with the largest price cuts. Here's what data reveals about the current housing market. found the South and West generally offered more choices to house hunters. New listings, which measure the number of owners putting homes up for sale, have increased by 3.8% from the same period last year. "A growing number of for-sale homes in some markets is helping to rebalance the market, giving buyers more negotiating room than they've seen in several years," Chief Economist Danielle Hale said. Phoenix, Arizona, was the metro with the highest share of listings with a price cut (31.3%). The median days a Phoenix home spent on the market was 58 — a full week longer than the national median. Tampa, Florida, ranked second with 29.9% of listings having a price cut and 60 days as the median time a home spent on the market. Tampa also had a median list price of $417,500, more than $20,000 below the national median. Denver, Colorado, ranked No. 3 in the list, with the largest increase in active listings among the top 10 metros at 63.9%. However, Denver also had the second-highest median list price among the group. Despite pandemic-era construction booms, demand has faded as mortgage rates rise and the economy remains uncertain. This has prompted sellers to significantly lower their asking prices. In Austin, the number of new listings skyrocketed 13.2% from May 2024 to May 2025 — the most of any metro on the top 10 list. The overall inventory of for-sale properties in Austin also increased by 26.5% as the median price declined by 6.3% to $525,000. This was the biggest annual drop among the 50 largest U.S. metros, according to the May 2025 Monthly Housing Market Trends Report. As of May, 29.2% of all listings in the Texas capital offered price reductions. A construction spree during the peak of COVID-19 resulted in over 60% more active inventory in Austin compared to 2019. Now that this excess of homes has lingered on the market for over six years, prices have softened. "Sellers are responding, and these areas — concentrated in the South and West — show the highest share of price cuts, with more than 1 in 4 listings in each market having a price reduction," Hale said. Austin isn't the only Texas metro that made list. Dallas ranked No. 8, with a massive surge in active listings second only to Denver. Rank Metro State Median list price Active listings Days on the market Share of listings with a price cut 1 Phoenix Arizona $525,000 23.1% 58 31.3% 2 Tampa Florida $417,500 31.2% 60 29.9% 3 Denver Colorado $600,000 63.9% 38 29.4% 4 Austin Texas $525,000 26.5% 46 29.2% 5 Jacksonville Florida $405,000 31.2% 60 28.8% 6 Charleston South Carolina $539,000 36% 45 27.3% 7 Salt Lake City Utah $585,000 38.2% 44 27.1% 8 Dallas Texas $440,000 44.8% 45 27% 9 Palm Bay Florida $389,000 24.5% 65 27% 10 Portland Oregon $610,707 34.3% 44 26.8% This article originally appeared on Austin American-Statesman: 2 Texas metros offer some of the biggest home price cuts this summer
Yahoo
16-05-2025
- Business
- Yahoo
Young people's confidence around homebuying is crushed. How some manage to make it work.
Many young people feel crushed when they think about their ability to buy a home, but it doesn't mean they're giving up on the dream. The average age of first-time home buyers rose to an all-time high of 38 last year. In a market where Baby Boomers have the upper hand and ability to pay in cash, the share of first-time home buyers sank to an all-time low of 24%, according to the National Association of Realtors. That reality has young people feeling jealous. More than six in 10 Gen Z and millennial non-homeowners said they're envious of peers who have bought houses, according to a new BMO survey. Despite their desires, 61% of non-homeowners are less confident they will ever own than they were at the peak of the Covid-19 pandemic and over half said they feel they've missed their opportunity. It's little wonder why. Thanks to high mortgage rates and home prices, Americans today need to earn about 70% more than they did six years ago to comfortably afford a median-priced home, according to April 2025 Monthly Housing Market Trends Report. Paul Dilda, head of U.S. consumer strategy at BMO, said current economic and market uncertainty isn't helping make the home-buying process less daunting. Relatively high interest rates, persistent inflation, and higher housing costs have created what he called a 'perfect storm' of confusion for first-time buyers. 'At other times it was perhaps easier. Lower inflation, lower housing costs, lower rates would have made it easier and maybe people just transitioned. They didn't really need a plan because it wasn't as complex and nuanced,' Dilda said. But now, he said if you want to own a home, having a solid plan is more important than ever. To buy a house at the national median list price of $431,250, estimates a household needs to earn about $114,000 each year. It assumes a 30-year fixed mortgage, 20% down payment, and the buyer adhering to conventional wisdom that they should not spend more than 30% of their gross income on housing. While some young people feel homeownership isn't in the cards for them, others are getting financial help from relatives to make that big purchase. And others are considering unconventional ways to defy the odds and make it happen including relocating, co-buying, and mortgaging their retirement. More: Is it finally a buyer's housing market? What to know about home prices, rate 'lock-in' AnnaKate Nottonson, 24, and Kaylynn St. Peters, 28, are among the current minority of people who bought a home in their early 20s. They both consider their purchase a 'starter home.' Nottonson works in technology consulting and as a fitness trainer on the side but says her overall annual income is less than $100,000. Her family helped put her through college, but she purchased the house on her own this year. She bought a two-bedroom, two-bath home in North Carolina for $395,000 with a 3% down payment and a $10,000 grant from a loan officer. She paid between $7,000 and 10,000 in closing costs. 'You're not getting the best deal when you put 3% down. That's just a fact,' Nottonson said. 'But at the end of the day, when you crunch the numbers, you see that my mortgage payment, granted I had a roommate, is still lower than what I was paying in rent and it's going towards me and this asset.' St. Peters bought a one-bedroom, one-bath home in Illinois for $120,000 in 2019. Her grandfather co-signed for the mortgage and helped her with the 20% down payment. She's not alone. Of those BMO surveyed, 60% of Gen Z and 57% of millennials who purchased homes said they couldn't have done it without family support. 'If I didn't have my family, I think I would've just been clueless,' St. Peters said. 'I could have easily had the mentality as the other Gen Z people like, 'Well, I don't have that money. It seems really intimidating. I have no business buying a house.'' Those without help from relatives are considering some creative alternative paths to purchasing a house, the report found. Some 57% of Gen Z and 54% of millennials say they would buy with friends or family. Gen Z is also thinking about mortgaging their retirement, with 45% of prospective buyers planning to pull from their 401(k)s for down payments. Young people are also willing to sacrifice on location and buy houses that aren't move-in ready to achieve homeownership. More than six in 10 are open to buying fixer-uppers and more than half are willing to move to another state or even country to afford a home, the survey found. Another recent study by Evernest, a property management company, ranked Minnesota as the most desired state for young people buying property, with 50.8% of people under 35 owning a home there. Utah and West Virginia also ranked high on the list, offering the highest average income for young adults and the cheapest houses for sale, respectively. Home buying, however, isn't for everyone. Some non-homeowners' attention may be focused elsewhere, the BMO survey found. Of those with children, 57% said they are prioritizing paying for education or childcare. At 54%, most millennials reported they see saving for retirement as more important. Half of Gen Z said they were more focused on saving for a car. Other young Americans are waiting for borrowing costs to go down. More than two-thirds of Gen Z and millennials are holding out for lower mortgage rates. And although buying a starter home is a common way to achieve homeownership, 66% of Gen Z and 61% of millennial renters agree that buying one and upgrading to a larger house a few years later "makes no sense anymore," the BMO survey found. Instead, they want to buy a home they can stay in long-term. Storms, wildfires, and floods also have some nervous about buying a home. The survey found 65% of Gen Z and 55% of millennials are worried about climate risk factors and say they will affect where they live. And some may simply want to spend their money on other endeavors. 'Homeownership is such a big expense, and you have to really be clear on, 'Am I doing this because it's what I want? Or is this what I've been told?' That's the first suggestion,' said Jack Howard, head of money wellness at Ally Financial. 'If you want to travel the world, home ownership might not be it.' Reach Rachel Barber at rbarber@ and follow her on X @rachelbarber_ This article originally appeared on USA TODAY: Can young people afford a home? How some are making it work. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
Despite still dealing with low inventory, NJ saw a spike in active home listings in March
As we get further into spring, real estate activity across the Garden State continues to grow. And while our region continues to battle a lack of housing inventory and rapidly growing home prices, New Jersey still experienced a decent spike in active home listings and a minor increase in home prices in March. The state had a total of 13,143 active home listings in March, including 9,000 new listings. This was a 14.57% increase from last year and a 10.9% increase from February 2024, according to monthly market data. New Jersey also had a median listing price of $550,000, which was 0.18% higher than last year and 0.93% higher than February 2025. When it comes to the number of days active listings stayed on the market, listings in the Garden State typically stayed up for about 33 days. This was 8.33% less time than the same period last year and 25% less time than February 2025, said. On the national level, March marked the 17th consecutive month of housing inventory growth, with a 28.5% increase, said Monthly Housing Market Trends Report. And with 10.2% more new listings than last year, this number was at its highest level in three years. The median price of homes for sale across the nation was $424,900 in March, unchanged from the same time last year, and homes spent about 53 days on the market. however, found that about 17.5% of active listings saw price reductions in March, the highest share for any March since at least 2016. Mortgage rates also continued to dip slightly during March. Rates for a 30-year fixed mortgage remained fairly consistent throughout the month, ranging from 6.63% to 6.67%, and rates for a 15-year fixed mortgage ranged from 5.79% to 5.89%, Freddie Mac reported. Here's a breakdown of how North Jersey's real estate market performed in March 2025, based on data from Thirteen of New Jersey's 21 counties had an increase in new listings compared with March 2024, and four counties saw no change. But when compared with February 2025, all of New Jersey's 21 counties had a more than 10% increase in new listings. With 464 new listings, Morris was the only county in North Jersey that had a slight decrease in new listings (-0.85%) compared with this time last year. Similarly, Bergen County had 756 new listings, which was about the same as what the county had in March 2024. All of the remaining North Jersey counties saw increases. Passaic: 284 new listings (12.7%). Essex: 556 new listings (21.93%). Sussex: 220 new listings (1.85%). Hudson: 524 new listings (39.36%). When compared with February, all six North Jersey counties saw increases in new listings as our region's real estate market continues to pick up this spring. Bergen: 27.7%. Passaic: 40.59%. Morris: 54.67%. Essex: 34.95%. Sussex: 52.78%. Hudson: 39.36%. Fourteen New Jersey counties had active listings stay on the market for a shorter period compared with March 2024. And all 21 New Jersey counties had active listings stay on the market for a shorter period compared with February 2025. In North Jersey, active listings stayed on the market for fewer days in Bergen, Morris and Hudson counties in March than at the same time last year. Meanwhile, Passaic, Essex and Sussex had active listings stay on the market for more days in March than at the same time last year. Bergen: 26 days (-10.34%). Passaic: 24 days (2.17%). Morris: 22 days (-8.33%). Essex: 31 days (6.9%). Sussex: 39 days (24.19%). Hudson: 37 days (-10.3%). When compared with the previous month, active listings in all six North Jersey counties stayed on the market for fewer days in March. Bergen: -20%. Passaic: -22.95%. Morris: -27.87%. Essex: -6.06%. Sussex: -23%. Hudson: -10.3%. Median listing prices have, yet again, continued to rise across most of New Jersey. Seventeen New Jersey counties saw an increase in median listing prices from March 2024, and 17 New Jersey counties saw median listing prices increase from February 2025. With a median listing price of $635,000 — down 2.31% compared with the same time last year — Hudson County was the only place in North Jersey that saw median listing prices decrease. Bergen County saw no change in its median listing price of $799,000 from last year, while all other North Jersey counties saw an increase. Passaic: 6.88%. Morris: 0.13%. Essex: 9.43%. Sussex: 0.01%. Compared with February 2025, Bergen was North Jersey's only county to have a decrease in median listing prices, at 0.11%. And with a median listing price of $399,950, Sussex County saw no change during this time. All other North Jersey counties saw an increase. Passaic: 2.81%. Morris: 3.31%. Essex: 5.47%. Hudson: 3.67%. Here's how all 21 New Jersey counties performed in March, according to Maddie McGay is the real estate reporter for and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@ This article originally appeared on NJ real estate: How market performed in March 2025
Yahoo
06-03-2025
- Business
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Listings in NJ have increased, but remain well below 2024 levels. Our Feb market update
The spring market — which has typically been considered the busiest time for real estate — has brought most New Jersey counties a significant increase in new home listings from the start of 2025. But the Garden State's inventory is still much lower than last year. Overall, New Jersey had a total of 11,851 active home listings in February, including 6,902 new listings. This was a 4.96% decrease from last year, but a 7.11% increase from January 2025, according to monthly market data. The state also had a median listing price of $544,950, which was 1.5% more than last year and 1.86% more than last month. As for the number of days active listings stayed on the market, listings in the Garden State typically stayed up for about 44 days. This was 14.29% more days than this time last year, but 23.48% fewer days than January 2025, according to And across the nation, February marked the 16th straight month of housing inventory growth, with a 27.5% increase, according to Monthly Housing Market Trends Report. The median price of homes for sale in February was $412,000, down 0.8% from last year, and homes spent about 66 days on the market. Mortgage rates also dipped, although only slightly, during February. Rates for a 30-year fixed mortgage ranged from 6.76% to 6.89% and rates for a 15-year fixed mortgage ranged from 5.94% to 6.09%, Freddie Mac reported. Here's a breakdown of how North Jersey's real estate market performed in February, based on data from Fifteen of New Jersey's 21 counties had a decrease in new listings compared with February 2024, with seven of them declining by more than 10%. But 17 New Jersey counties had an increase in new listings compared with January 2025, with 12 of them growing by more than 10%. North Jersey's spring market is kicking off a bit slower than it was this time last year, with Bergen, Passaic, Morris and Sussex all seeing decreases in new listings — with three of them being by more than 17% — compared to February 2024. On the other end, Essex and Hudson counties saw an increase in new listings during this time. Bergen: 592 new listings (-2.63%) Passaic: 202 new listings (-17.89%) Morris: 300 new listings (-20.63%) Essex: 412 new listings (13.81%) Sussex: 144 new listing (-21.74%) Hudson: 376 new listings (0.53%) When compared with January, Morris was the only North Jersey county that had a decrease in new listings at 20.63%. Otherwise, all other North Jersey counties saw increases in new listings during this time as the region's spring market starts to heat up. Bergen: 7.64% Passaic: 5.21% Essex: 24.1% Sussex: 12.5% Hudson: 18.24% Fourteen New Jersey counties had active listings stay on the market for a longer period of time compared with February 2024. And when compared with January 2025, active listings stayed on the market for a shorter period of time in all of New Jersey's 21 counties. In North Jersey, Morris, Essex, Sussex and Hudson counties had active listings stay on the market for more days in February than this time last year. Meanwhile, Passaic County had active listings stay on the market for less days in February than this time last year, while Bergen County saw no change. Bergen: 33 days (0%) Passaic: 31 days (-10.29%) Morris: 31 days (9.91%) Essex: 33 days (8.2%) Sussex: 50 days (12.36%) Hudson: 41 days (0.61%) When compared with the previous month, active listings in all North Jersey counties stayed on the market for significantly less days in February as buyer demand has increased from the start of the new year. Bergen: -39.25% Passaic: -25.61% Morris: -37.11% Essex: -36.54% Sussex: -13.04% Hudson: - 22.54% As it has for the last several months, and the last several years, median listing prices have increased in most New Jersey counties. Eighteen New Jersey counties saw median listing prices increase from February 2024, while eight New Jersey counties saw median listing prices increase from January 2025. Sussex and Hudson counties were the only places in North Jersey that saw median listing prices decrease from this time last year. Sussex County had a 0.63% decrease with a median listing price of $399,950, while Hudson County had a 5.76% increase with a median listing price of $612,500. Otherwise, all other North Jersey counties saw an increase. Bergen: 2.62% Passaic: 4.23% Morris: 0.07% Essex: 9.98% Compared with January 2025, Bergen and Hudson counties saw an increase in median listing prices. But on the other end, the counties of Passaic, Morris, Essex and Sussex saw a decrease in median listing prices. Bergen: 1.87% Passaic: -1.43% Morris: -1.1% Essex: -0.56% Sussex: -3.33% Hudson: 0.25% Here's how all 21 New Jersey counties performed in February, according to Maddie McGay is the real estate reporter for and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@ This article originally appeared on NJ real estate: How market performed in February 2025
