Key Points: Existing-home sales are hovering just above 4 million annualized sales, far below pre-pandemic levels. Housing contributes to GDP via new construction and ongoing housing services, totaling 16 percent of GDP last quarter. Fewer home sales curbs spending on everything from sofas to remodeling services, acting as a drag on broader ...
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Key Points: Renting is currently more affordable than owning in most major markets, even after adjusting for equity gains. The decision to rent or buy isn’t just financial – it’s also about flexibility versus stability, and lifestyle needs. Local conditions vary widely, and in some markets, modest appreciation still tips the scales in favor of ...
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Key Points: Housing cost burdens reached a new peak in 2023, with 16.9 million homeowners spending more than 30 percent of their income on housing—the highest level in over a decade. Nearly 60% of the increase in newly burdened homeowners since 2019 came from those spending over half their income on housing—showing that affordability challenges ...
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Key Points: Annual affordability improved in 43 of the top 50 U.S. markets in April. 11 markets posted both above-average supply and above-average affordability improvement. Miami leads in supply (7.2 months), while Hartford remains the tightest market (1.7 months). Affordability nationally improved 4.4 percent annually in April, as mortgage rates ...
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Key Points: The existing-home share of total sales fell to the lowest level since 2005. The price of the median new home is lower than the price of a median existing home. While the new-home market has outperformed the existing-home market, headwinds may slow the momentum. Existing-home sales transactions continue to languish, around the 4 million ...
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Key Points: The average monthly cost of owning a home in the U.S. soared to over $1,700 in 2023—a 17 percent increase from 2020—driven by across-the-board cost increases in mortgages, utilities, property taxes, and insurance. While mortgage holders face higher overall expenses, outright owners are seeing their housing budgets stretched more ...
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