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 ›

Key Points: Sales activity has increased modestly as mortgage rates ease and affordability improves. Mortgage applications hint at rising demand, but not enough to restore “normal” market levels. Potential sellers, who would also likely be buyers, remain reluctant, keeping a lid on the recovery. After a prolonged slump, the existing-home market is ... Read More ›

Key Points: Existing-home sales remain well below historical data would suggest for a market of today’s size. Active listings are still 22 percent lower than the 2015–2019 average, and the annual pace of improvement is slowing. Lower mortgage rates and improved affordability should encourage some buyers and discouraged sellers to re-enter the ... Read More ›

Key Points: National sales remain weak despite rising inventory, highlighting the importance of distinguishing between active listings and new listings. Across the top 75 markets, sales are strongly correlated with the flow of new listings. The outlook for new listings growth—and thus sales—will hinge on the tension between the mortgage rate ... Read More ›

Key Points: Affordability is likely to improve by year end, but will remain historically constrained. Higher inventory levels in Southern and Western markets will put more downward pressure on prices, moving these markets towards more buyer-friendly conditions. Existing-home sales will be driven by “life happens” events, but will remain limited by ... Read More ›

Key Points: Preliminary data from June and July indicate that affordability on an annual basis has improved for six consecutive months. Despite slowing price growth nationally, national house prices are unlikely to experience a significant and sustained decline. Tighter lending standards, stronger credit quality, significant equity cushions and a ... Read More ›