Key Points: Despite an increase in mortgage rates, leading indicators of sales point to a modest pickup in sales activity in November. Inventory turnover has steadily increased to reach 0.95 percent as of October 2024 —that’s 95 in every 10,000 existing homes for sale. The recent increase in inventory helps to coax some potential buyers off the ...
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Key Points: Affordability fell by 2.6 percent on a month-over-month basis, snapping a four-month streak of improving affordability. House-buying power declined by more than $14,000 due to the increase in mortgage rates since October. If the average mortgage rate decreases to the year-end consensus industry forecast of 6.2 percent and annual house ...
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Key Points: The homeownership rate for millennials has consistently lagged behind previous generations by as much as 7 percentage points – despite higher education levels and similar incomes. Despite these setbacks, millennials have narrowed the gap as they near middle age, catching up to Gen X at age 38, and closing the gap more quickly than Gen ...
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Key Points: Upwardly revised economic data, strong employment numbers, and the election have lowered bond market expectations for future rate cuts relative to the Fed’s projections, pushing up mortgage rates. Holding income constant, house-buying power decreased by more than $10,000 in October due to the 25-basis point increase in mortgage rates. ...
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Key Points: National affordability improved on an annual basis for the second consecutive month yet remains low historically. In deciding whether to rent or own, it’s important to remember the wealth-building power of equity accumulation. Even homeowners who bought at the height of the housing boom in 2006 have gained $169,000 in equity, while ...
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Key Points: Existing-home sales as a percentage of total households are historically low, at just 2.9 percent. By contrast, the pre-pandemic average was 4.4 percent. Only 94 of every 10,000 existing homes are for sale, lower than the pre-pandemic historical average of 220 of every 10,000 homes. Given the current number of households in the U.S. ...
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