TOP REAL ESTATE NEWS

Misguided Solution to Bigger Problems: San Francisco has decided that the best way to tackle its notorious rent crisis is by banning revenue management software because who needs modern technology when landlords can eyeball it, right? The city’s new ordinance, which still awaits the mayor's signature, targets software like RealPage that supposedly helps landlords collude on rent prices. Critics argue this is like treating a heart attack with a Band-Aid, while the city insists it’s a step towards making housing more affordable. (MD)

Rates Cut, No Rush: Despite recent declines in mortgage rates, potential homebuyers remain hesitant to enter the housing market. The average 30-year fixed mortgage rate has dropped to 6.67%, its lowest level since June, but high home prices and economic uncertainties continue to deter buyers. This reluctance persists even as some real estate agents report increased inquiries, suggesting a disconnect between interest and action in the current market climate. The situation underscores the complex interplay of factors influencing housing demand beyond just mortgage rates. (MPA)

Down, Up, and Away! The average down payment for U.S. homebuyers reached a record high of $67,500 in June, representing an 18.6% increase from the previous year. This surge occurred despite a slowdown in home price growth, attributed to market dynamics favoring higher-priced properties in desirable areas. The report also highlights significant regional variations, with Newark, New Jersey, experiencing the largest increase in median down payments at 51.5%. Additionally, all-cash purchases rose slightly to 30.7% of total home purchases, with West Palm Beach, Florida leading at 50.4%. These trends reflect the current state of the U.S. housing market, characterized by higher down payments and increased cash transactions. — Redfin

Now, San Francisco thinks banning rent pricing software will solve the housing crisis. That’s like banning thermometers and expecting it to end global warming. It’s not solving the problem, just making sure we’re all blissfully ignorant while we boil. Let’s go!

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

• • Real Estate Trend Reports
• • Deep Dives
• • No Ads
• • Forever Pricing