The housing market is struggling to gain momentum with mortgage rates above their levels from a year ago. Higher rates have a dual impact on sales – pricing out buyers who lose purchasing power and keeping some potential sellers rate-locked in. Our Existing-Home Sales Outlook Report ‘nowcasts’ existing-home sales based on the historical ... Read More ›

Mortgage rates continued their spring surge in April 2024, rising to the highest level in five months and helping drag affordability down by 1.5 percent compared with March, according to the Real House Price Index (RHPI). On an annualized basis, affordability decreased by 9 percent. Two factors drove the year-over-year decline in affordability – a ... Read More ›

In the housing market, the seller and the buyer are, in many cases, the same. To buy a new home, you must sell the home you already own. For several years, a persistent and historic lack of supply has restrained the housing market, but a recent uptick in inventory is poised to boost sales activity as the spring home-buying season peaks. Our ... Read More ›

In March 2024, mortgage rates increased and affordability fell modestly by 0.1 percent compared with February, according to the Real House Price Index (RHPI). On an annualized basis, affordability decreased by approximately 5 percent. Two factors drove the year-over-year decline in affordability – a 6.2 percent annual increase in nominal house ... Read More ›

Our Existing-Home Sales Outlook Report ‘nowcasts’ existing-home sales based on the historical relationship between sales, demographic trends, house-buying power, and the prevailing financial and economic conditions. Based on our nowcast, we expect March existing-home sales to rise 1.7 percent compared with February, but remain approximately 16 ... Read More ›

In January 2024, mortgage rates declined and affordability improved by nearly 2 percent compared with December, according to the Real House Price Index (RHPI). However, on an annualized basis, affordability decreased by approximately 7 percent. Two factors drove the sharp annualized drop in affordability – a 7.1 percent annual increase in nominal ... Read More ›