Key Points: Cooling price growth has helped boost affordability to its best level since the summer of 2022. Months’ supply—the number of homes for sale relative to the pace of sales—is the regulator of the price ‘thermostat.’ Across metropolitan areas, higher months’ supply aligns with cooler price growth and improving affordability. Housing ... Read More ›

Key Points: Mortgage rate lock-in remains a major constraint, but it is no longer tightening. Home sales are recovering faster in states where lock-in has eased more. Life events—not lower rates alone—are gradually restoring housing market turnover. Existing-home sales increased in October, and our latest Existing-Home Sales Outlook Report ... Read More ›

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Key Points: After a delayed start, younger generations are gaining ground in homeownership, driven by rising earnings, maturing careers, and the decision to form families. Millennials are accelerating purchases in their thirties, matching Gen X by their early forties and positioned to modestly surpass them as incomes grow and family formation ... Read More ›

Key Points: Markets with new listings nearer pre-pandemic norms generally have sales activity closer to those norms. Of the 75 metros tracked, 26 are “pace setters,” with both new listings and sales closer to their pre-pandemic averages than the typical market. The strong relationship between new listings normalization and sales volume ... Read More ›

Key Points: Mortgage rates are likely to hover in the low-6s, so affordability improves mostly because price growth cools while incomes rise. Inventory edges higher as the rate lock-in effect loosens, but the recovery is uneven by region. New homes keep an edge over the existing-home market as builders sell what’s already built with targeted ... Read More ›