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 ... Read More ›

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. ... Read More ›

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. ... Read More ›

Key Points: Existing-home sales for August are expected to increase 0.5 percent from July’s pace of sales. If realized, this would mark two consecutive monthly increases. While house-buying power is nearly 4 percent greater than last month, and 10 percent above a year ago, it remains 7 percent below the two-year, pre-pandemic average. Even if ... Read More ›

Key Points: In May and June, four of the eight indicators in our model flashed housing recession. While July data is still trickling in, it’s looking like we may narrowly avoid a housing recession. The relationship between housing and economic recessions is complicated and, contrary to what many believe, housing does not always lead economic ... Read More ›

Housing market sales activity in 2024 has closely followed the path of mortgage rates, and we expect that to remain true with July’s existing-home sales data that will publish on July 22. Each month, we use our Existing-Home Sales Outlook Report to ‘nowcast’ existing-home sales based on the historical relationship between sales, demographic ... Read More ›