Nationally, affordability improved modestly on a monthly basis in June, driven by slightly lower mortgage rates and positive income growth. However, on an annual basis, affordability nationally remains approximately 4 percent lower than one year ago. Two factors drove the annualized drop in affordability – a 5.6 percent annual increase in nominal ... Read More ›

Even with more existing-home inventory on the market than last year, today’s potential home buyers face one of the least affordable markets in history due to record-high and still-rising home prices and elevated mortgage rates. Each month, we use our Existing-Home Sales Outlook Report to ‘nowcast’ existing-home sales based on the historical ... Read More ›

Apart from the fall of 2023, affordability in May reached its lowest level in over three decades. On a year-over-year basis, affordability declined by nearly 9 percent. Two factors drove the sharp annualized drop in affordability – a 5.9 percent annual increase in nominal house prices, according to our First American Data & Analytics House ... Read More ›

As National Homeownership Month comes to a close, it’s important to examine the current challenges facing the housing market. Nationally, housing affordability has declined compared with one year ago, especially for potential first-time home buyers. According to our First Time Home Buyer Outlook Report, the median renter, who can also be ... Read More ›

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 ›