Apart from the fall of 2023, affordability in May reached its lowest level in over three decades. On a year-over-year basis, affordability declined by nearly 9 percent. Two factors drove the sharp annualized drop in affordability – a 5.9 percent annual increase in nominal house prices, according to our First American Data & Analytics House ... Read More ›

Mortgage rates continued their spring surge in April 2024, rising to the highest level in five months and helping drag affordability down by 1.5 percent compared with March, according to the Real House Price Index (RHPI). On an annualized basis, affordability decreased by 9 percent. Two factors drove the year-over-year decline in affordability – a ... Read More ›

In March 2024, mortgage rates increased and affordability fell modestly by 0.1 percent compared with February, according to the Real House Price Index (RHPI). On an annualized basis, affordability decreased by approximately 5 percent. Two factors drove the year-over-year decline in affordability – a 6.2 percent annual increase in nominal house ... Read More ›

Our Existing-Home Sales Outlook Report ‘nowcasts’ existing-home sales based on the historical relationship between sales, demographic trends, house-buying power, and the prevailing financial and economic conditions. Based on our nowcast, we expect March existing-home sales to rise 1.7 percent compared with February, but remain approximately 16 ... Read More ›

In January 2024, mortgage rates declined and affordability improved by nearly 2 percent compared with December, according to the Real House Price Index (RHPI). However, on an annualized basis, affordability decreased by approximately 7 percent. Two factors drove the sharp annualized drop in affordability – a 7.1 percent annual increase in nominal ... Read More ›

On average, nearly 40 percent of all existing-home sales in a year occur during the spring home-buying season between April and June. The warming weather and the end of the academic school year make for a more optimal time to move and fuel the seasonal increase in housing market activity. In the spring of 2023, home sales were lackluster. Housing ... Read More ›