Best markets for first-time buyers revealed
First-time buyers are under pressure from tight inventory and rising prices and for those looking to get onto the property ladder there are stark differences from market-to-market.
A new analysis by WalletHub looked at which markets are best and worst for first-time buyers using criteria such as affordability, the real estate markets and quality of life.
Topping the list overall, and for mid-size cities, is Overland Park, KS. In the overall rankings it is followed by two Colorado markets, Greeley and Thornton. In fact, Colorado dominates the top 10 with Westminster, Longmont and Centennial also featuring.
For large cities, Lexington, KY tops the list followed by Louisville, KY and Colorado Springs, CO.
The worst overall markets for first-time buyers are led by Newark, NJ and followed by Miami Beach, FL and Oakland, CA.
The full listings can be found at wallethub.com
Pending home sales rise again in Massachusetts
Realtors in Massachusetts report a 6 per cent gain in pending home sales in June compared to the same month in 2015, although condos sales eased.
The Massachusetts Association of Realtors’ data shows 6,813 pending sales of single-family homes statewide with the median price rising 2.2 per cent year-over-year to $380,000.
For condos, pending sales were down 0.4 per cent year-over-year, the first slip in 15 months, while the median price rose 6 per cent to $349,000.
“After a string of record months in pending sales, June pending sales showed us no signs of slowing down for the summer,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate on Cape Cod. “Median prices, on the other hand, have both risen and fallen incrementally over the past months. It will be interesting to see how prices are affected by our sparse inventory.”
Builders remain confident in single-family homes market
Newly built single-family homes are still in demand, according to the latest sentiment reading of America’s home builders.
The National Association of Home Builders/Wells Fargo Housing Market Index was down 1 point to 59 in June compared to May as a result of some scattered pockets of softness nationwide.
However, the NAHB is confident in the market overall: “The economic fundamentals are in place for continued slow, steady growth in the housing market,” said NAHB Chief Economist Robert Dietz. “Job creation is solid, mortgage rates are at historic lows and household formations are rising. These factors should help to bring more buyers into the market as the year progresses.”
BoA profits down almost 20 per cent on lending rates
The falling lending rates for mortgages and other loans has seen profits at America’s second largest lender by assets slide 19.4 per cent for the second quarter of 2016.
Bank of America’s net income attributable to common shareholders was down to $3.87 billion with low interest rates weighing heavily along with the larger capital requirements imposed by regulators.
Total adjusted revenue was down 7 per cent to $20.62 billion.