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NAHB News – Essential Home Features, Mortgage Rates, and Rising Home Prices

NAHB news offers a new Eye on Housing study which points out which home features are critical to first time vs. repeat home buyers and talks mortgage rates and rising home prices.

NHAB News talks home features, mortgage rates and rising prices:

Essential Home Features

In a national poll, NAHB news polled first time and second time home buyers about which features they considered essential in their next home. More than 40% of first time home buyer consider this list is essential, starting with a living room, a laundry room a dining room, and garage storage. The single item that first time home buyers listed that second time home buyers did not was a front porch.

NAHB

For second time home buyers, the list included a lot of similar features, adding on a patio, table space for eating in the kitchen, hardwood flooring, energy efficient appliances, and granite countertops. For both first time and second time home buyers, a laundry room and a living room were listed as the two most essential features in their next home.

Read more at NAHB.

Mortgage Rates Rise

In February 2018, Freddie Mac reported that mortgage rates rose 30 basis points to 4.33 percent, exceeding its December 2016 level of 4.20 percent. The recent decreases in sales of new and existing homes, as well as the potential decline in future existing home sales may partially reflect the increase in mortgage rates. Historically, rising rates have not had a significant impact on mortgage demand. This may reflect the strength of the demand of the market.

NAHB

Read more at EyeOnHousing.org.

Rising Home Prices

In 2017, house prices accelerated relative to 2016. In the last quarter, 20 metro areas (Seattle leading the way) had the highest home prices appreciation. Seattle with 15.3%, followed by Denver with 15.1% and San Francisco with 14.6% increase. Eight of the twenty metro areas listed in the chart below exceeded the national average of 8.4%.

  • Seattle, 15.3%
  • Denver, 15.1%
  • San Francisco, 14.6%
  • Las Vegas, 14.5%
  • Los Angeles, 12%
  • Atlanta, 10%
  • Portland, 9.2%
  • Detroit, 9.1%

NAHB

While only 8 of the 20 were above the national rate of 8.4%, all 20 metro areas showed an increase in the last month of 2017.

Read more at EyeOnHousing.org.

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