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U.S. Mortgage Lending Trends Amid Refinancing Surge

• Mortgage originations rose 1.9% quarter-over-quarter, reaching 1.67 million in Q3 2024, driven mainly by increases in refinance and home-equity lending. However, total activity remains 60% below its Q1 2021 peak of 4.16 million loans.

• Purchase loans declined 1.7% to 782,220 in Q3 2024 as tight housing supply and elevated prices limited buyer activity. They now account for 50% of all lending, down from highs in previous years.

• Refinancing surged 6.9% quarterly to 588,000 loans, with the dollar volume jumping 13.5% to $191.1 billion. San Diego, CA, saw a 62.5% annual increase, leading large metro gains.

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Self Storage National Report – November 2024

• Occupancy and revenue declined in Q3 2024, with advertised street rates for 10×10 climate-controlled units falling across all top 30 metros. Non-climate-controlled units showed similar trends, except in Washington D.C., which saw a slight 0.8% increase.

• Tampa was the only metro to show growth in rates, up 1.1% monthly, while Columbus remains the most affordable at $12.63 per unit. Nationwide, average rates fell to $16.35, representing a 3.1% year-over-year decline.

• Construction activity for self-storage remains robust, with 3,389 properties in the pipeline, including 823 under construction. This indicates a longer-term confidence in the market despite current challenges.

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Top five takeaways from the Q3 2024 US CRE industry conditions and sentiment survey

• Capital availability for commercial real estate is expected to rise in 2024, though bank lenders and mortgage REITs may still face limitations. Equity and debt sources are showing more optimism about market conditions.

• While some property sectors are still deemed overpriced, many are now seen as more fairly valued. This shift may encourage increased transactional activity across major real estate sectors.

• Larger institutions are planning to ramp up transactions soon, while smaller institutions aim to be net buyers. Meanwhile, operating and housing-related priorities are gaining prominence but capital issues still dominate the agenda.

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How Housing Affordability Has Dropped Over 5 Years: 5 Metros Where Less Than 30% of Households Can Afford a Home link

• Los Angeles tops the unaffordability list, with a median home price of $1,150,000 and only 13.2% of households able to buy a home. The median income needed for homeownership there is $244,692.

• California dominates with four cities in the top five, including Oxnard, San Diego, and San Jose, where median home prices range from $979,200 to $1,394,000. Oxnard is the least expensive in this group, yet still requires a $213,722 median income.

• New York City is the only Northeast metro on the list, with a median home price of $762,375. Just 28.6% of New Yorkers can afford a home, needing a median income of $184,488 to qualify.

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Frank Lloyd Wright home in Kalamazoo, MI for $1.3mil

Link to the listing

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Vidit

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