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: 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: 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: 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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