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Schmidt Mortgage Company Blog

Apartment Size Shrinks While Rent Soars

Apartments are getting smaller, yet renters are paying more. This troubling trend could become a growing problem for younger and lower-income individuals, especially those who wish to save up for a down payment on a house. According to a recent report from CNBC, the average size of newly built apartments in 2018 is 941 square feet, which is 5 percent smaller than it was a decade ago. Studio apartments saw an even more significant decrease; they are now 10 percent smaller than they were 10 years ago. However, the cost of rent has increased 28 percent over the same time period.

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Existing-Home Sales Rise for the First Time in Six Months

After six straight months of declines, the number of existing-home sales crept back up in October, according to the latest data from The National Association of Realtors® (NAR). Total existing-home sales are defined as completed transactions that include singe-family homes, townhomes, condominiums and co-ops that are already built; i.e., not new construction. The number of these home sales increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million last month. Sales remain lower on a year-over-year basis with sales down 5.1 percent. What’s behind the trend? NAR’s Chief Economist Lawrence Yun says greater housing inventory has brought more

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Pending Home Sales See Slight Improvement in September

Pending home sales increased 0.5 percent in September with substantial gains in both the West and Midwest regions, according to the latest information from the National Association of Realtors (NAR). The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, increased 0.5 percent to 104.6 in September from 104.1 in August. Despite the small month-over-month improvement, contact signings continued to drop on an annual basis. September marked the ninth consecutive month of annual declines. NAR Chief Economist Lawrence Yun says that although we’re seeing year-over-year decreases, the latest monthly gain indicates a good, stabilizing trend. “This shows that

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Akron

1953 Englewood Ave.
Akron, OH 44312
Phone: (330) 798-4677
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Rocky River

20545 Center Ridge Road
Suite 250
Rocky River, OH 44116
Phone: (440) 356-3242
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Willoughby

35104 Euclid Ave.
Suite 202
Willoughby, OH 44094
Phone: (440) 953-0447
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