What’s the Outlook for the Housing Market in 2024?

By Mark Fleming on November 29, 2023
The housing market has been on quite the roller coaster ride since the beginning of the pandemic. While it was strong prior to 2020, the onset of the pandemic and the societal changes it triggered redefined the role of a home. As work-from-home became the new normal, a house was no longer just a dwelling or a vehicle for wealth creation, but also ... Read More

Housing Interest Rates Affordability

Could the Affordability Crunch Ease in 2024?

By Mark Fleming on November 28, 2023
In September 2023, the Real House Price Index (RHPI) jumped up by 15 percent on an annual basis, dragging housing affordability to the lowest point in over three decades. Two factors drove the sharp annual decline in affordability – a 6.2 percent annual increase in nominal house prices, according to our First American Data & Analytics House ... Read More

Interest Rates Real House Price Index Affordability

The Blight, the Bright, and What Seems Just Right in 2024

By Mark Fleming on November 21, 2023
The surge in mortgage rates from mid-2022 through 2023 triggered a housing recession, with the most pronounced impact felt in a steep decline in sales, while prices have remained relatively stable. Specifically, existing-home sales plunged to a more than 12-year low in September of this year. Rising mortgage rates have a dual impact on the housing ... Read More

Potential Home Sales Mortgage Rates

Will Re-Accelerating House Price Appreciation Flip the Rent vs. Own Dynamic Again?

By Mark Fleming on October 31, 2023
In August 2023, the Real House Price Index (RHPI) jumped up by nearly 25 percent on an annual basis, dragging housing affordability to the lowest point in over three decades. Two factors drove the sharp annual decline in affordability – a 5.4 percent annual increase in nominal house prices, according to our First American Data & Analytics ... Read More

Interest Rates Real House Price Index Affordability

1980s Déjà Vu for the Housing Market

By Mark Fleming on October 17, 2023
The average 30-year, fixed mortgage rate trended upward throughout September, approaching 8 percent in early October. Higher mortgage rates have a dual impact on the housing market – reducing affordability for buyers and strengthening the rate lock-in effect for potential sellers. The combination of reduced affordability and an even stronger rate ... Read More

Interest Rates Potential Home Sales tenure

When Boomers and Millennials Collide: Tectonic Shifts in Demographics are Coming

By Ksenia Potapov on October 6, 2023
Demographic trends are a fundamental driver of housing demand and supply and analyzing them can help us anticipate how many people will need housing, as well as roughly when, where and what kind of housing. During the pandemic, the peak of millennial demand for homeownership coincided with record-low mortgage rates and a shortage of homes for ... Read More

Housing Millennials Baby Boomers Homeownership