Key Points: Mortgage rate lock-in remains a major constraint, but it is no longer tightening. Home sales are recovering faster in states where lock-in has eased more. Life events—not lower rates alone—are gradually restoring housing market turnover. Existing-home sales increased in October, and our latest Existing-Home Sales Outlook Report ...
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Key Points: After a delayed start, younger generations are gaining ground in homeownership, driven by rising earnings, maturing careers, and the decision to form families. Millennials are accelerating purchases in their thirties, matching Gen X by their early forties and positioned to modestly surpass them as incomes grow and family formation ...
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Key Points: Markets with new listings nearer pre-pandemic norms generally have sales activity closer to those norms. Of the 75 metros tracked, 26 are “pace setters,” with both new listings and sales closer to their pre-pandemic averages than the typical market. The strong relationship between new listings normalization and sales volume ...
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Key Points: Mortgage rates are likely to hover in the low-6s, so affordability improves mostly because price growth cools while incomes rise. Inventory edges higher as the rate lock-in effect loosens, but the recovery is uneven by region. New homes keep an edge over the existing-home market as builders sell what’s already built with targeted ...
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Key Points: Sales activity has increased modestly as mortgage rates ease and affordability improves. Mortgage applications hint at rising demand, but not enough to restore “normal” market levels. Potential sellers, who would also likely be buyers, remain reluctant, keeping a lid on the recovery. After a prolonged slump, the existing-home market is ...
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Key Points: Existing-home sales remain well below historical data would suggest for a market of today’s size. Active listings are still 22 percent lower than the 2015–2019 average, and the annual pace of improvement is slowing. Lower mortgage rates and improved affordability should encourage some buyers and discouraged sellers to re-enter the ...
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