New Existing-Home Sales Outlook Report Projects February Uptick in Sales, Despite Rising Mortgage Rates

By Mark Fleming on March 13, 2024
On average, nearly 40 percent of all existing-home sales in a year occur during the spring home-buying season between April and June. The warming weather and the end of the academic school year make for a more optimal time to move and fuel the seasonal increase in housing market activity. In the spring of 2023, home sales were lackluster. Housing ... Read More

Interest Rates Federal Reserve Potential Home Sales Mortgage Rates

Revisiting Boom-Bust Markets After Recovery in House Price Growth

By Mark Fleming on February 27, 2024
In December 2023, home buyers received a welcome holiday gift as mortgage rates fell and affordability improved by 6 percent over November, according to the Real House Price Index (RHPI). However, on an annualized basis, affordability decreased by nearly 9 percent. Two factors drove the sharp annualized drop in affordability – a 7.7 percent annual ... Read More

Interest Rates Real House Price Index Affordability

House Prices Reach a New Peak, But Not Everywhere

By Mark Fleming on January 23, 2024
In November 2023, the Real House Price Index (RHPI) leaped 11 percent on an annual basis. Affordability improved modestly on a monthly basis, as mortgage rates fell from the previous month. Two factors drove the sharp annual decline in affordability – a 7.7 percent annual increase in nominal house prices, according to our First American Data & ... Read More

Interest Rates Real House Price Index Affordability

Will Falling Mortgage Rates Spark an Existing-Home Sales Rush to Close 2023?

By Mark Fleming on December 18, 2023
In the month of October, existing-home sales hit the lowest level since 2010 as a result of the higher mortgage rate environment. Rising mortgage rates reduce affordability, all else held equal, for buyers and strengthen the rate lock-in effect for potential sellers. However, mortgage rates declined in November, igniting cautious optimism in the ... Read More

Interest Rates Potential Home Sales tenure Mortgage Rates

What’s the Outlook for the Housing Market in 2024?

By Mark Fleming on November 29, 2023
The housing market has been on quite the roller coaster ride since the beginning of the pandemic. While it was strong prior to 2020, the onset of the pandemic and the societal changes it triggered redefined the role of a home. As work-from-home became the new normal, a house was no longer just a dwelling or a vehicle for wealth creation, but also ... Read More

Housing Interest Rates Affordability

Could the Affordability Crunch Ease in 2024?

By Mark Fleming on November 28, 2023
In September 2023, the Real House Price Index (RHPI) jumped up by 15 percent on an annual basis, dragging housing affordability to the lowest point in over three decades. Two factors drove the sharp annual decline in affordability – a 6.2 percent annual increase in nominal house prices, according to our First American Data & Analytics House ... Read More

Interest Rates Real House Price Index Affordability