Affordability has now improved for three straight months, yet remains down 39 percent since January 2022, according to the Real House Price Index (RHPI). Nominal house price appreciation has slowed dramatically in response to dampened demand. Nationally, annual nominal house price growth peaked in March 2022 at 21 percent, but has since ... Read More ›

The spring season is typically the busiest time of the year for the housing market. According to data from First America Data & Analytics, historically approximately 36 percent of existing-home sales for the year occur from March through June. The housing market’s seasonal pattern is driven by factors such as weather, holidays and the ... Read More ›

While affordability has fallen 48 percent since December 2022, as measured by the Real House Price Index (RHPI), affordability has improved for two straight months. Nominal house price appreciation has slowed dramatically in response to dampened demand. Nationally, annual nominal house price growth peaked in March at 21 percent but has since ... Read More ›

There’s no question that the housing market fell into a deep freeze in the second half of 2022. Excluding the early months of the pandemic, the pace of existing-home sales fell below 5 million seasonally adjusted sales for the first time since 2014. Yet, signs have emerged that sales activity may pick up in the months ahead. Purchase mortgage ... Read More ›

In November 2022, the Real House Price Index (RHPI) increased by 60 percent on an annual basis. This rapid annual decline in affordability was driven by two factors -- a 7.6 percent annual increase in nominal house prices and a 3.7 percentage point increase in the average 30-year, fixed mortgage rate compared with one year ago. Even though ... Read More ›

Housing market potential closed 2022 on a two-month upswing, increasing by 3.0 percent relative to November. Despite the second consecutive month-over-month uptick, housing market potential remained down 17 percent compared with December of last year, a decline of 1,065,000 potential existing-home sales. The steep annual decline in market ... Read More ›