The October 2017 Real Estate News Roundup

The U.S. housing market continued to show signs of strength earlier this fall. Despite a lot of disruption from hurricanes in big, urban areas, home sales continued their upward trajectory in September.

While many economists projected a 1 percent decline, the U.S. posted a 0.7 percent increase in the sale of existing homes, Reuters reported. That’s more good news for a housing market that continues to show growth despite rapidly increasing prices that have deterred many first-time buyers.

Meanwhile, the sale of newly-built homes also increased nationwide.

Speaking of homes for sale, several intriguing properties hit the market in October. That includes tennis star Serena Williams’ $12 million mansion — as well as a gorgeous ranch in North Texas.

You’ll learn about that and more in our October real estate news roundup. Let’s check it out.

$1 Trillion in Property is at Risk From Rising Seas

The hurricanes in Texas, Florida and the Caribbean earlier this year were a grim reminder of how vulnerable some coastal properties can be to rising waters. But rising sea levels could pose an even bigger threat in the long-term. A study by Zillow says that if sea levels were to rise 6 feet $916 billion worth of U.S. residential real estate could be destroyed. That’s 1.9 million homes. Those types of higher sea levels are projected to happen sometime around 2100, making it a reasonable concern for legacy investments. Miami, New York and Tampa have the most to lose, the report says.

The Ranch Life Awaits

Ever dream of owning a picturesque Texas ranch — the kind of you might imagine in a cowboy movie or one of those truck ads? If so, consider the 11,800 acre ranch in north Texas that just hit the market, according to the Dallas Business Journal. It has a strong name, Broseco Ranch, and a muscular pricetag to match. It’s available for $34.2 million. But you might want to have even more than that at your disposal because the owner is also looking to sell 2,000 Red Angus cattle.

Mortgage Rates Increase Slightly

The U.S. continues to enjoy relatively low interest rates. But those rates have been on the climb for about a year. In October, Mortgage buyer Freddie Mac reported average rates on 30-year, fixed-rate loans climbed from 3.88% to 3.94%. A year prior, that baseline rate was 3.47%. Even after climbing a bit, the rates are considered historically low, giving would-be homebuyers a small advantage in a market otherwise dominated by quickly rising home prices.

A Hot End to the Summer for U.S. Home Sales

Newly-built homes sold at breakneck pace at the end of summer, giving the U.S. an unexpected increase. The sale of those new homes climbed by 18.9 percent compared to September 2016. It’s the highest level of activity since October 2007, CNBC reported. The increase equates to a seasonally adjusted annual rate of 667,000 units. The U.S. hasn’t seen that big of a year-over-year increase since 1992.

No, This Tennis Legend’s Home Doesn’t Have a Court

Serena Williams is selling her house. The tennis star put her Bel Air home on the market for $12 million. It’s a 6,100-square-foot mansion with six bedrooms, seven bathrooms and a private salon. It also has a bar and a private hiking trail, Variety reported. It has a swimming pool an open-air cabana with a fireplace. But, oddly enough, it doesn’t have a tennis court. Perhaps that’s just a little too close to home.