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: National affordability improved on an annual basis for the second consecutive month yet remains low historically. In deciding whether to rent or own, it’s important to remember the wealth-building power of equity accumulation. Even homeowners who bought at the height of the housing boom in 2006 have gained $169,000 in equity, while ...
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Key Points: National affordability improved on an annual basis for the first time since 2021. If mortgage rates ease further to 6 percent by the end of the year, income growth trends towards historical average, and nominal house price growth slows but remains positive, affordability will improve by over 7 percent by the end of the year. Industry ...
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Key Points: In July, affordability improved annually in 12 markets for the first time since 2021. Despite the improvement in affordability, the only 17 percent of consumers indicated that it’s a good time to buy a home, down from 19 percent in June, according to the Fannie Mae Home Purchase Sentiment Index (HPSI). Affordability nationally remains ...
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Nationally, affordability improved modestly on a monthly basis in June, driven by slightly lower mortgage rates and positive income growth. However, on an annual basis, affordability nationally remains approximately 4 percent lower than one year ago. Two factors drove the annualized drop in affordability – a 5.6 percent annual increase in nominal ...
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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 ...
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