On average, homes are selling for less than their appraised value. There appears to be a disconnect between the amount a home is appraised for and the actual sales price of the home. According to financial services company Progress in Lending Association, home appraisal values were higher than sales prices 51% of the time during the first half of 2024. This is the largest gap between appraisals and sales prices recorded since 2020, when 42% of homes were appraised above their sales price. As of June 2024, the average over-appraisal was 9% across all housing markets studied.

Homes Are Selling for Less Than the Appraised Value

San Francisco, CA

San Jose, CA

San Jose is the most undervalued housing market in the U.S. Across the U.S., home prices are skyrocketing, causing many prospective buyers to continue renting. Despite elevated prices, some markets offer a better return on investment than others. GoBankingRates put together a list of the 10 most undervalued housing markets in the U.S. The No. 1 most undervalued market is San Jose, Calif., followed by San Francisco, and then Clewiston, Fla. In these markets, the difference between average home value and median list price is $238,665, $180,604, and $93,964, respectively.

10 Most Undervalued Housing Markets in the US

Orlando, FL

June is generally a peak month for home sales, but you wouldn’t know it based on the record-high rate of contract cancellations last month. According to a recent report from real estate brokerage Redfin, 56,000 purchase agreements were canceled last month, or about 15% of all pending sales transactions. This is the highest cancellation rate for June since Redfin started tracking the metric in 2017. (The all-time high percentage of voided contacts occurred in March 2020, when pandemic quarantines went into effect and homebuyers canceled 17.6% of all sales contracts.)

Homebuyers Are Backing Out of Deals at a Record Pace

New York Post

The number of American homes purchased by international buyers has plummeted in the last year — and experts know why. 

According to a new study from the National Association of Realtors, foreign purchases of US residential real estate have sunk to the lowest level ever recorded since 2009, when NAR started tracking it. Between April 2023 and March 2024, non-American homebuyers bought 36% fewer houses compared to the 12-month period prior, the most significant amount of sales to date.

The reason for the sudden backing away, the new NAR report says, is a combination of factors that are also impacting would-be domestic...

Here’s why foreign buyers are really pulling back from the US housing market

Las Vegas, NV

Deals are falling through as buyers grow selective and the reality of high housing costs hits home. Nearly 56,000 home-purchase agreements were canceled in June, equal to 14.9% of homes that went under contract that month — the highest percentage of any June on record, according to data collected by Redfin.

More Buyers Canceled Home-Purchase Contracts In June

Dallas, TX

Business Insider

The "Million Dollar Listing" agent revealed the top five US cities where home prices are set to spike, from Atlanta to San Diego.

These are the 5 US cities you should buy a home in before you get priced out of the housing market, says 'Million Dollar Listing' real estate investor

While most agents are headed toward beach towels and piña coladas, summer is your prime time to hone in on your business and set yourself up for dominating the second half of the year. Join us for BAM BBQ, our FREE virtual event on July 17 to do just that! Sign up here.

Why 89% of Home Sellers Have Regrets

Chesterfield, MO

The US Sun

THE Cheesecake Factory has confirmed that its location in a mall will be permanently closed in just weeks. Along with the beloved American chain, all the other mall stores will shutter as the shopping center shuts down for good. The Cheesecake Factory in Chesterfield, Missouri - around 25 miles from...

The Cheesecake Factory confirms mall location is closing in weeks as all stores are warned to leave ahead of demolition

Homeownership hopefuls might finally catch a break over the next year, said RE/MAX chairman and co-founder Dave Liniger. Liniger predicted a potential real estate market boom within the next year, fueled by two key factors: rising housing supply and potentially lower interest rates. “I estimate that there are between nine...

Housing market "floodgates" to open

New York State

Earlier this year, more than one-third of homes in New York were sold for more than the list price, according to statistics from Houzeo.com. While the market has cooled since then across the U.S., many homes still list for more than their value. Find Out: In Less Than a Year,...

3 Signs the Home You Want Is Overpriced — and What To Do Next

Family Handyman

The year 2023 was a heck of a run for the residential construction market. Recent real estate statistics show just under 1.5 million homes were completed over the course of the year—the most in a year since 2007’s pre-global financial crisis activity. Yet housing is still considered to be unaffordable, even with an additional 1.5 million homes hitting the market. How can that be the case?

Construction Is Booming, So Why Is Housing So Unaffordable?

Fox Business

Foreclosure filing for the first half of 2024 fell from the same time in 2023, but some states have seen alarming spikes so far this year, according to a new report.

These states have the highest foreclosure rates in the US

UPS customers are trading down, another signal from the second-quarter earnings season about the search for value options across the U.S. economy. CFO Brian Dykes said on a conference call that UPS "saw customers shift from air to ground and from ground to SurePost." A range of companies have highlighted...

UPS Customers Are Trading Down

Wisconsin State

The Motley Fool

Ever wonder what the average home costs in your state? Well, wonder no more -- we've got your answers here.

This Is How Much the Average American Home Costs by State

Will it be easier to buy a house next year, and should we expect a housing market crash? Here's how to prepare based on housing market predictions for 2024.

Housing market predictions 2024: What homebuyers should know

Is it darkest before the dawn? If we look at the housing market right now, sales are down, new listings are down and prices are decelerating. But if we look at the data right now, things look the most bullish they’ve been all year. Good inflation data came in...

What happens to the housing market when mortgage rates finally come down?

The states with the cheapest 30-year new purchase rates Monday were New York, Louisiana, Pennsylvania, California, Florida, North Carolina, and Texas. Meanwhile, the most expensive rates were found in Alaska, West Virginia, Iowa, Washington, D.C., North Dakota, and Vermont. Mortgage rates vary by the state where they originate. Different lenders...

Today's Mortgage Rates by State - July 23, 2024

Florida State

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Mr Mortgage Radio - Mortgage & Housing News

The 2008 housing market crash, a precursor to the Great Recession, was driven by a cascade of distressed sales and foreclosures. This financial turmoil was primarily triggered by the sudden increase in mortgage payments for many homeowners, particularly those with interest-only loans or adjustable-rate mortgages. As the initial low-interest rates adjusted upwards, borrowers faced significantly higher monthly payments, often beyond their financial capacity.

The Anatomy of a Housing Crash: Why 2024's Housing Market is Holding Steady

The average 30-year fixed mortgage interest rate is 6.86% today, an increase of 0.03% over the last week. The average rate for a 15-year fixed mortgage is 6.28%, which is a decrease of -0.03% compared to a week ago. For a look at mortgage rate movement, see the chart below.

30-Year Fixed Mortgage Pushes Higher: Current Mortgage Interest Rates on July 25, 2024

Los Angeles, CA

Law & Crime

A dog owner is reportedly considering litigation against UPS and one of its drivers after her dog was killed by a 55-pound package dropped over a gate outside.
The post ‘She couldn’t move anymore’: Dog owner distraught after UPS delivery of 55-pound package leads to canine’s tragic end first appeared on Law & Crime.

'She couldn't move anymore': Dog owner distraught after UPS delivery of 55-pound package leads to canine's tragic end

NewsBreak

Is the Housing Market Shifting in Favor of Buyers?

Potential buyers fed up with high prices sat out of the housing market in June, but the tide could soon be turning in their favor. Existing...

Is the Housing Market Shifting in Favor of Buyers?

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