Key Points: Annual affordability improved in 43 of the top 50 U.S. markets in April. 11 markets posted both above-average supply and above-average affordability improvement. Miami leads in supply (7.2 months), while Hartford remains the tightest market (1.7 months). Affordability nationally improved 4.4 percent annually in April, as mortgage rates ... Read More ›

Key Points: Affordability improved in March, aided by falling mortgage rates, slower house price growth, and rising household income. National house price growth remains modestly positive, but prices declined in 13 of the top 50 markets year over year, while other markets posted strong gains. Market divergence in house price trends is below ... Read More ›

Key Points: Rising inventory and affordability challenges are cooling price appreciation nationally. House prices have dipped below their peaks in 47 of the top 50 markets. Despite price declines, significant equity buffers remain for those that purchased over the boom period. In February 2025, home buyers received some welcome news as mortgage ... Read More ›

Key Points: Comparing the pace of home sales today to past decades without considering the growing number of households is misleading. Existing-home sales as a percentage of total households have declined to early 1990s levels, just above 3 percent, and well below the long-run average of 4.1 percent. The number of new-home sales as a percentage of ... Read More ›

Key Points: Affordability started the year poorly, but preliminary February data shows some improvement due to lower mortgage rates, slower price appreciation, and rising incomes. Price growth, a key driver of affordability trends, is a function of supply and demand dynamics in the housing market, which can be measured in months' supply. Months' ... Read More ›

Key Points: National affordability improved on an annual basis in December. If mortgage rates ease to 6.5 percent by the end of the year, income growth trends lower but remains positive, and nominal house price growth moderates, affordability will improve a modest 2 percent by the end of the year. Even with a potential 2 percent improvement by ... Read More ›