The fall usually marks the beginning of the school year, seasonally cooler weather and a seasonally cooler housing market. But, this year, the housing market’s typical autumn slowdown is more pronounced as rapidly rising interest rates discourage buyers and sellers from entering the market. The housing market is not immune to business cycles, and ...
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As mortgage rates have steadily risen, affordability has decreased significantly for home buyers across income levels. However, affordability for the potential first-time home buyer – those currently renting – has faced the most pressure. Nationally, affordability for potential first-time home buyers declined 19 percentage points in June 2022 ...
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Homeownership First-Time Home Buyer Outlook Report Renter Affordability
Housing affordability continued its rapid annual decline in July 2022, as nominal house prices increased 16.7 percent year over year and the 30-year, fixed mortgage rate increased 2.5 percentage points compared with a year ago. The decline in affordability is reflected in the Real House Price Index (RHPI) jumping up by nearly 54 percent on an ...
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August marked the first time in nearly a year that housing market potential increased on a monthly basis, increasing 2.1 percent compared with July to an estimated pace of 5.61 million at a seasonally adjusted annualized rate (SAAR). The month-over-month increase was also the largest monthly increase in housing market potential since December ...
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In June 2022, the Real House Price Index (RHPI) jumped up by 53.3 percent on an annual basis, setting a new record for the fifth month in a row for the fastest year-over-year growth in the more than 30-year history of the series. This rapid annual decline in affordability was driven by an 18.5 percent annual increase in nominal house prices and a ...
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According to our Potential Home Sales Model, the market potential for existing-home sales in July was estimated to be 5.45 million at a seasonally adjusted annualized rate (SAAR), down 0.2 percent compared with last month, and 14.4 percent lower than one year ago.
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