Key Points: Existing-home sales are improving, but remain well below pre-pandemic norms. Sales equal just 3.3 percent of U.S. households, compared with a pre-pandemic average of 4.2 percent. Closing that gap would require over one million additional sales at today’s household base, underscoring just how far the market still has to go. ... Read More ›

Key Points: Affordability is improving as income growth outpaces home price gains. Inventory has improved, giving buyers more options than a year ago. Mortgage Rate lock-in and uncertainty will likely keep existing-home sales gains incremental in 2026. Existing-home sales increased in November, and our latest Existing-Home Sales Outlook Report ... Read More ›

Key Points: Mortgage rate lock-in remains a major constraint, but it is no longer tightening. Home sales are recovering faster in states where lock-in has eased more. Life events—not lower rates alone—are gradually restoring housing market turnover. Existing-home sales increased in October, and our latest Existing-Home Sales Outlook Report ... Read More ›

Key Points: Markets with new listings nearer pre-pandemic norms generally have sales activity closer to those norms. Of the 75 metros tracked, 26 are “pace setters,” with both new listings and sales closer to their pre-pandemic averages than the typical market. The strong relationship between new listings normalization and sales volume ... Read More ›

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 ›