article thumbnail

Climate risk is rising. It calls for a rethinking of home insurance coverage

Housing Wire

In California, where more than 7,000 wildfires occurred last year, the typical homeowner in many ZIP codes paid premiums as low as 0.05% of home value, according to the Times. By contrast, in parts of Alabama, Oklahoma, Louisiana and Texas, the average homeowner paid premiums of more than 2% of local home values.

Insurance 470
article thumbnail

New home sales fell again in February

Housing Wire

“Though February’s new sales were below recent highs, builders are still selling homes at a higher seasonally adjusted rate than they did at any point between 2008 and 2019,” Zillow economist data analyst Dan Handy said in a statement. months supply. This is an increase of 3.3%

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Home prices haven’t risen this fast since 2005

Housing Wire

Higher material costs , a lack of inventory and labor continue to drive demand, pushing up home prices. Robert Frick, corporate economist at Navy Federal Credit Union , noted that some builders are slowing production in hopes prices will come down as the supply chain recovers.

article thumbnail

Now that interest rates are going down, here’s what to expect for the rest of the year

Housing Wire

Global events destabilizing the world’s oil supply could kick inflation back into high gear and make the FOMC’s QE and QT campaigns fail. Any supply chain disruption to critical trade routes worldwide could cause the same issues with manufactured goods and technology price increases due to a lack of supply from foreign producers.

article thumbnail

The nation’s housing market is on a correction course

Housing Wire

In fact, Coronado said for some markets that have experience rapid home-price appreciation, a decline in home values may benefit the overall market. “At Inventories of homes for sale and days on market increased in the last month while growth in listing prices for homes started to soften.

article thumbnail

Dave Stevens on understanding this housing market

Housing Wire

Supply chain shortages, many of which remain still today, meant that everything from new cars to basic random length lumber costs skyrocketed. The media and hyperbole are scaring potential homebuyers to the sidelines, but betting on home values is one of the greatest bets someone can make.

article thumbnail

Seattle documents renovation programs, tax relief for aging in place

Housing Wire

According to Zillow , the average home price in the Emerald City is currently $884,828 , up 4.3% The COVID-19 pandemic provided a boost to the organization’s funding for a time, but that also arrived in concert with a supply chain shortage that saw the cost of materials increase significantly. year over year.