Housing Market: Rental Costs Near Record
Here are some other highlights of the August report: a The median price of a single read this family home was $224,000, 6 percent more than August 2012. a Single family homes remained on the market an average of 43 days, 19 days fewer than last year. a There were 6,075 single family home listings on the market, 16 percent less than last year. a There were 2,399 pending sales of single family homes, 9 percent more than last year.
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The pace of rent increases stepped up to 0.7% month-on-month in August. It said rents were 1.3% higher across England and Wales than a year ago – less than half the rate of inflation – but London’s rental market was soaring. At 1,126 typically, rents in the capital have risen at a much faster rate than inflation and are up by 4.8% year-on-year.
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Mortgage Rate Rise May Yet Hit Housing
At the same time, they say, the blow should be softened by strength in other areas, including an improving economy and higher home prices. “What usually happens when rates rise is that lots of other factors are changing at the same time,” said Jed Kolko, chief economist at Trulia (TRLA), a real estate website. When mortgage rates rise, Kolko says, the economy usually strengthens.
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