Mortgage refinance loans have more than doubled over the past year as homeowners rush to lock in historically low mortgage rates. Lenders refinanced about 2.55 million mortgages in the first quarter of this year, a 113% jump from the same time period in 2020, according to real estate research firm ATTOM Data Solutions.

“Homeowners lined up to refinance their loans in ever-growing numbers during the first quarter of 2021, making for a highly unusual quarterly increase in total lending activity for that time of year,” says Todd Teta, chief product officer at ATTOM Data Solutions. “The home-mortgage industry almost always slows down in winter, but not this year because of so many homeowners hopping on super-low interest rates to reduce their monthly payments. Eventually, the refi side of the lending business will ease up after enough homeowners get in on the good deals.”

But there’s no sign of that happening anytime soon, Teta adds. The metro areas seeing some of the largest upticks in refinance activity are:

• Las Vegas (up 37.2%)
• Milwaukee (up 31.8%)
• Atlanta (up 31.3%)
• Providence, R.I. (up 31.2%)

ATTOM Data Solutions’ Q1 2021 U.S. Residential Property Mortgage Origination Report shows the following top 10 refi mortgage lenders nationwide.

About two-thirds of consumers who bought a larger home in a different city over the last year have the same or lower housing costs than before their move, according to a new Redfin survey. Seventy-eight percent of respondents say they have the same amount of disposable income or more, and 64% say they moved into a home that is the same size or larger than their previous property. Eighty percent say they are happier since they moved.

Many buyers moved to metro areas that offer more affordable housing. More than a quarter of survey respondents say affordability motivated their move; 22% say lower taxes also was a motivating factor. “For most people, relocating to a different metro area probably wasn’t a knee-jerk reaction to the pandemic,” said Taylor Marr, Redfin’s lead economist. “A lot of Americans had already been considering relocating, but they were blocked from actually making the move because they had to stay close to their office or wanted to live near friends or their child’s school.

“The pandemic and resulting work-from-home culture has removed some of those barriers, allowing many people to choose where they live based on factors like affordability, proximity to family, and weather. And the loosening of social ties that come with remote work, remote schooling, and a lack of in-person events made it somewhat easier for families to leave their comfort zone and try somewhere new. Those people are likely to be satisfied with their moves because the circumstances of the pandemic have allowed them to chase their dreams,” said Marrs.

Fewer paint products are hitting store shelves, resulting in shortages that could hamper summer home improvement projects. “Some of the most commonly used paints are out of stock,” Mike Marcewicz, founder of Mike’s Painting and Home Improvements, told Bay News 9 in St. Petersburg, Fla.

COVID-19 restrictions and the February winter storm in Texas—where many of the raw materials used to make most paints are found—have disrupted supply chains for home products. “In a supply chain already challenged by COVID-19, the February natural disaster in Texas further impacted the complex petrochemical network, causing significant disruptions,” a spokesperson for paint company Sherwin-Williams says. “Recovery has been significant in recent weeks and is improving—but is still far from complete. The pace at which capacity comes back online and supply becomes more robust remains uncertain.”

The paint shortages are happening at a time when new construction and remodeling projects are booming. Builders and contractors say they’re on waiting lists to receive more paint for their projects. Customers should expect a run-up in prices on paint until the shortages subside. Paint firms say that price increases could range from 6% to 40%.

The U.S. median home price continued to post double-digit appreciation in May and reached a record high of $380,000, realtor.com® reports. But the rate of price growth has shown signs of slowing for the second time in 13 months (15.2% year-over-year in May compared to 17.2% annually in April), realtor.com®’s Monthly Housing Trends Report shows.

Prices have been rising due to high buyer demand and a lack of inventory. Inventories are less than half the total number of homes for sale on the market compared to a year ago.

“Home buyers looking to lock in still-low mortgage rates face fierce competition for fewer homes for sale than last year’s historic pandemic lows, pushing up the typical asking price in May to an all-time high for the fourth consecutive month,” said Danielle Hale, realtor.com®’s chief economist. “The good news is that price momentum may be beginning to cool off.”

“While still in double-digits, May was the first non-weather related slowing in price appreciation since April 2020,” Hale added. “And with a normal, summer seasonal peak in home prices expected this year, we could see growth fall back to a more normal single-digit pace in the fall.”

Larger metros may post a slowdown sooner than other markets. The largest metros, for example, reported lower annual price gains than the national rate and also had some of the largest numbers of new homes added to the market, realtor.com® reported. The nation’s 50 largest metros had a 12.4% increase in new listings compared to a year ago. The largest gains were in Buffalo, N.Y. (up 64.3%); Philadelphia (up 52.5%); and Washington, D.C. (up 48.9%).

Overall, among the 50 largest U.S. metros, the largest list price increases in May occurred in Austin, Texas (+32.2%); Riverside, Calif. (+21.5%); and Las Vegas (+18.5%).

Real estate pros have increasingly been using drones to capture aerial photos and videos of their listings or even the interiors. New Federal Aviation Administration rules may even allow for greater use too.

The FAA has recently eased some restrictions and expanded some drone rules by authorizing operations at night as well as over people and over moving vehicles. A new “Window to the Law” video—produced by the National Association of REALTORS®’ legal team—shares how this could expand drone use among real estate professionals.

However, the timelines vary as to when some of these new rules take effect.

For example, FAA’s new Remote Identification Rule will not go into effect until Sept. 15, 2023, to allow drone operations over people. It requires drones to transmit identifying information about the drone and its operator. This would be accessible by law enforcement agencies to identify any unsafe operations. Many newer drones will have a built-in remote identification broadcast function.

FAA’s Operations Over People and at Night Rule, which already took effect March 16, may open real estate pros up to capturing aerial twilight photos and videos of their listings. Certified drone pilots who have completed an updated initial test or an updated recurrent online training regimen will now be able to fly drones at night. The drone must include flashing anti-collision lights.

“These are exciting changes that generate more opportunities for drones to create impactful and creative marketing, but it’s important that you are familiar with the FAA’s rules, as well as any state or local laws that may impact your operation before your next drone operation,” Katie Garrity, associate counsel at NAR, says in the Window to the Law video.

Drone operators must have a pilot certification and be ready to show it upon request. Also, the FAA’s rules in 2016 added requirements and limitations on drone operations, including weight, altitude, and speed limits.

Real estate pros who hire a drone operator to capture photos or videos of their listings will want to ensure the company has insurance coverage and the flyer has a current and up-to-date pilot certificate. Learn more requirements to protect your brokerage against liability in The Window to the Law video.

The challenges to build a home continue to mount for the nation’s builders. Material shortages—such as for lumber, appliances, windows, and doors—are at the tightest levels in history, the National Association of Home Builders reports.

About 90% of builders recently surveyed across the country reported shortages of appliances, framing lumber, oriented strand board, plywood, and more, the survey shows. The shortages have worsened over the past year when fewer than 40% of builders reported a decrease in building products and materials.

The latest building material shortages are increasing building timelines and prompting a delay in construction. It’s also leading to higher prices.

National Association of Home Builders

Some home buyers are seeking their pets’ feedback as they tour homes for sale. Twenty percent of 1,000 U.S. adults surveyed by Ally Home in April said they bring their pets to look at homes. Women are more likely to bring their pet with them on a house hunt than men—24% versus 15%, respectively.

“Purchasing a home is one of the most significant investments most Americans will make in their lives, so it makes sense that we want our four-legged friends to feel at home,” said Glenn Brunker, president of Ally Home.

Indeed, a survey conducted by the National Association of REALTORS® in 2020 found that 43% of households would be willing to move to better accommodate their pet.

In Ally Home’s survey, nearly a quarter of respondents—24%—say that having a dedicated space for pets is a major consideration when organizing a home.

Millennials most commonly said that pets influence their home decisions—including not just choosing a home but making changes to a home for a pet, creating a dedicated space for the pet, or even buying a bigger bed to accommodate the pet.

Pets aren’t the only ones influencing home renovation projects, however. During the pandemic, more Americans have become more interested in remodeling. Thirty-one percent of women and 24% of men say they spend a lot of time fantasizing about renovations.

“The time spent at home helped us reevaluate what matters most in our living spaces,” Brunker said. “This awareness helps first-time home buyers more confidently navigate today’s competitive real estate landscape to find a home that fits their lifestyle.”