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 ...
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Since the beginning of the pandemic, the housing market has experienced a series of highs and lows. The housing market was already strong prior to 2020, but the pandemic redefined the role of a home, creating a surge in demand which, coupled with record-low mortgage rates and limited housing supply, powered the housing market to multiple records ...
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Affordability continued to suffer in October 2022, as the Real House Price Index (RHPI) jumped up by 68 percent on an annual basis. This rapid annual decline in affordability was driven by a 12 percent annual increase in nominal house prices and a 3.8 percentage point increase in the average 30-year, fixed mortgage rate compared with one year ago. ...
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Housing market potential in 2023 will remain largely dependent on the path of mortgage rates, which will be heavily influenced by inflation. In November 2022, housing market potential increased by 2.5 percent relative to October, boosted by a slight month-over-month decline in mortgage rates. Even with the modest monthly increase in housing market ...
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In September 2022, the Real House Price Index (RHPI) jumped up by 60.6 percent on an annual basis. This rapid annual decline in affordability was driven by two factors – a 13.5 percent annual increase in nominal house prices and a 3.2 percentage point increase in the average 30-year, fixed mortgage rate compared with one year ago. Even though ...
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In October 2022, housing market potential fell by nearly 4 percent relative to last month and dropped 21 percent compared with October of last year, a decline of 1,334,000 potential existing-home sales. The steep annual decline in market potential was largely a result of higher mortgage rates, which discourage both buyers and sellers from jumping ...
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