In a housing market where affordability is increasingly out of reach for many buyers, Vic Bulbon is looking at a type of property that's becoming less expensive: condominiums.
With national home prices near record highs and mortgage rates topping 7% in recent weeks, buying a home remains out of reach for many Americans. Condos appear to offer a rare bright spot, with prices falling across the country.
But even with cheaper sales prices, rising homeowners' **** ociation (HOA) fees and one-time special **** sments are driving up ownership costs.
Now, guidelines released this year by Fannie Mae and Freddie Mac, the government-sponsored agencies that back nearly half of all US home purchases, aim to reduce the financial and structural risks of condo buildings. Real estate agents told CNN that the changes could add pressure to the condo market by further driving up HOA fees, increasing the total monthly bill for condo owners, and potentially eroding the savings of a lower purchase price.
As of mid-October, condo sales prices lagged behind single-family home prices in 99 of the 100 largest markets in the United States, according to data from financial services company Intercontinental Exchange provided to CNN. Nationally, single-family home prices rose 1.5% from a year earlier, while condo prices fell 1.1%.
#prices #home #sales #year
With national home prices near record highs and mortgage rates topping 7% in recent weeks, buying a home remains out of reach for many Americans. Condos appear to offer a rare bright spot, with prices falling across the country.
But even with cheaper sales prices, rising homeowners' **** ociation (HOA) fees and one-time special **** sments are driving up ownership costs.
Now, guidelines released this year by Fannie Mae and Freddie Mac, the government-sponsored agencies that back nearly half of all US home purchases, aim to reduce the financial and structural risks of condo buildings. Real estate agents told CNN that the changes could add pressure to the condo market by further driving up HOA fees, increasing the total monthly bill for condo owners, and potentially eroding the savings of a lower purchase price.
As of mid-October, condo sales prices lagged behind single-family home prices in 99 of the 100 largest markets in the United States, according to data from financial services company Intercontinental Exchange provided to CNN. Nationally, single-family home prices rose 1.5% from a year earlier, while condo prices fell 1.1%.
#prices #home #sales #year
19 hours ago
