Key Points: Comparing the pace of home sales today to past decades without considering the growing number of households is misleading. Existing-home sales as a percentage of total households have declined to early 1990s levels, just above 3 percent, and well below the long-run average of 4.1 percent. The number of new-home sales as a percentage of ...
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Key Points: Recessions don’t always mean falling home sales – the housing market has remained resilient in many past downturns. Lower mortgage rates can offset economic uncertainty – the Federal Reserve often cuts rates in a recession, making homes more affordable. Every recession is different – unlike the Great Recession, most downturns haven’t ...
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Key Points: The spring season is crucial for the housing market, existing-home sales increase by an average of approximately 45 percent from the seasonal lows of December through February to the peak months of April through June Despite rising inventory, affordability remains a challenge due to high home prices and elevated mortgage rates. We’re ...
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Key Points: Existing-home sales are projected to end 2024 higher than one year ago. Housing supply has increased in 34 of the top 50 markets we track on a year-over-year basis. Our analysis suggests a strong and positive relationship between increasing new listings and improving sales. Despite a year marked by elevated interest rates and the ...
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Key Points: Despite an increase in mortgage rates, leading indicators of sales point to a modest pickup in sales activity in November. Inventory turnover has steadily increased to reach 0.95 percent as of October 2024 —that’s 95 in every 10,000 existing homes for sale. The recent increase in inventory helps to coax some potential buyers off the ...
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Key Points: Upwardly revised economic data, strong employment numbers, and the election have lowered bond market expectations for future rate cuts relative to the Fed’s projections, pushing up mortgage rates. Holding income constant, house-buying power decreased by more than $10,000 in October due to the 25-basis point increase in mortgage rates. ...
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