Affordability sank to its lowest level since 2008 in October, as two of the three key drivers of the Real House Price Index (RHPI) swung in favor of reduced affordability relative to one year ago. Higher mortgage rates and record year-over-year nominal house price growth triggered a nearly 20 percent jump in the RHPI (rising RHPI values indicate ...
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In November 2021, housing market potential decreased modestly month-over-month to a 6.26 million seasonally adjusted annualized rate (SAAR), according to our Potential Home Sales (PHS) model. Housing market potential in November increased 7.2 percent compared with one year ago and remains significantly higher than the pre-pandemic level. Demand ...
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At first glance, the outlook for the 2022 housing market is a familiar one – strong millennial demand for homes constrained by an ongoing, historic housing supply shortage. This supply-demand imbalance generated the record house price appreciation seen in 2021 and, given this dynamic shows few signs of changing, we expect house price appreciation ...
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According to the Real House Price Index (RHPI), which measures housing affordability in the context of changes in consumer house-buying power, affordability in September declined to its lowest level since 2008. Two of the three components of consumer house-buying power swung toward declining affordability. Record nominal house price growth and ...
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In September 2021, existing-home sales increased to a 6.29 million seasonally adjusted annualized rate (SAAR). Prior to the pandemic, the housing market had not reached this sales pace since 2006. We may see another strong month in October, as housing market potential increased 10.3 percent compared with one year ago to 6.27 million (SAAR), ...
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In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the digital future of mortgage lending and real estate settlement, and the innovative technologies that are making an end-to-end digital home-buying experience a reality with Eddie Oddo, vice president of ...
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