Key Points: Mortgage rates are expected to remain above 6 percent, but affordability may improve modestly due to positive wage growth and slightly lower rates. Inventory will remain historically low, with a slight increase expected if mortgage rates moderate. However, the mortgage lock-in effect will prevent a return to pre-pandemic inventory ...
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Key Points: Affordability fell by 4 percent on a month-over-month basis, the second consecutive month of decline. Yet affordability remains improved on an annual basis. Housing supply has increased nationally and in 49 of the top 50 markets we track on a year-over-year basis. As more homes are listed for sale, the power dynamics can shift in favor ...
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Key Points: Affordability fell by 2.6 percent on a month-over-month basis, snapping a four-month streak of improving affordability. House-buying power declined by more than $14,000 due to the increase in mortgage rates since October. If the average mortgage rate decreases to the year-end consensus industry forecast of 6.2 percent and annual house ...
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Key Points: The homeownership rate for millennials has consistently lagged behind previous generations by as much as 7 percentage points – despite higher education levels and similar incomes. Despite these setbacks, millennials have narrowed the gap as they near middle age, catching up to Gen X at age 38, and closing the gap more quickly than Gen ...
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Key Points: National affordability improved on an annual basis for the second consecutive month yet remains low historically. In deciding whether to rent or own, it’s important to remember the wealth-building power of equity accumulation. Even homeowners who bought at the height of the housing boom in 2006 have gained $169,000 in equity, while ...
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Key Points: The NFC West has the highest median sales prices because it’s home to three of the most expensive markets in the country: San Francisco, Los Angeles, and Seattle. The AFC north has the lowest median sale prices because it includes two of the least expensive markets in the country – Cleveland and Pittsburgh. Markets comprising the NFC ...
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