Housing starts rise more than expected in July
Housing starts rose 3.9% in July 2023 when compared to June 2023. The total rose to an annual rate of 1.45 million according to data from the Commerce Department. Also, applications to build ticked higher by 0.1% when comparing month-over-month data.
“The latest numbers suggest that loosening up an extremely tight housing market is no mean feat, even with mortgage rates at their highest levels in more than two decades,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office.
Is it too expensive to buy a home in the Boston area?
The Greater Boston Association of Realtors recently released a report on homebuying in the Boston metro area in July 2023. According to the report the median home in Greater Boston sold for $910,000. Prices that high have kept a lot of first-time homebuyers in the area out of the housing market.
The median price for a condo in the Boston area was $735,000 in July 2023. Owning a condo may not be the same as owning a house, but it may be able to serve as a starter home until the local housing market starts to cool.
Arthur Deych, owner of Red Tree Real Estate in Boston, had some advice for prospective homebuyers in the area. Deych said, “Number one, you have to have faith in the process. Good things happen to good people, and we are all going to have a roof over our heads in the end. Number two: the interest rate being 7%, you know what’s worse than that? Having 100% interest rate when you are renting.”
Is the housing market in Central Texas cooling off?
Austin, TX has been one of the hottest markets in the U.S. for several years, but has it finally cooled? According to data from the Austin Board of Realtors, it has. A recent report stated that the median family income in the Austin metro area was $122,000, meaning that it was possible for buyers to buy a home in the $300,000–$400,000 range.
However, less than 40% of the homes sold in the Austin-Round Rock area in July 2023 were in that range. Also, the median home price in the Austin metro area in July 2023 was $550,000, down 12% compared to the same period of time last year.
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