The Real House Price Index (RHPI) measures affordability in the context of changes in consumer house-buying power, incorporating fluctuations in household income, mortgage rates and nominal house prices. In June, housing affordability declined on a year-over-year basis for the fourth month in a row, following two years of increasing affordability. ...
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First American Deputy Chief Economist Odeta Kushi was interviewed on CNBC and Yahoo! Finance last week, discussing potential moderation of the housing market and affordability challenges with CNBC and providing perspective on July housing starts data and the implications for the housing market with Yahoo! Finance.
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When potential first-time home buyers consider making the transition to homeownership, they ask themselves whether it makes more financial sense to keep renting, or to buy. The pandemic has undoubtedly impacted that calculation. Annual house price appreciation skyrocketed during the pandemic, reaching an average of 17.5 percent annual growth in ...
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Housing affordability declined on a year-over-year basis for the third month in a row in May, following a two-year streak of rising affordability. The decline in May occurred even as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of greater affordability relative to one year ...
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In today’s housing market, the power is very clearly in the hands of the seller. In April, First American Data & Analytics’ nominal house price index increased 16.2 percent year over year, the fastest pace since 2005. Rapid appreciation is driving declines in affordability, despite rising incomes and lower mortgage rates. Nationally, according ...
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Housing affordability on a year-over-year basis declined in March for the first time since January 2019, ending a more than two-year streak of rising affordability. The long run of increasing affordability snapped, even as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of ...
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