What’s the Outlook for the Housing Market in 2024?
By
Mark Fleming on November 29, 2023
The housing market has been on quite the roller coaster ride since the beginning of the pandemic. While it was strong prior to 2020, the onset of the pandemic and the societal changes it triggered redefined the role of a home. As work-from-home became the new normal, a house was no longer just a dwelling or a vehicle for wealth creation, but also ...
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Could the Affordability Crunch Ease in 2024?
By
Mark Fleming on November 28, 2023
In September 2023, the Real House Price Index (RHPI) jumped up by 15 percent on an annual basis, dragging housing affordability to the lowest point in over three decades. Two factors drove the sharp annual decline in affordability – a 6.2 percent annual increase in nominal house prices, according to our First American Data & Analytics House ...
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Will Re-Accelerating House Price Appreciation Flip the Rent vs. Own Dynamic Again?
By
Mark Fleming on October 31, 2023
In August 2023, the Real House Price Index (RHPI) jumped up by nearly 25 percent on an annual basis, dragging housing affordability to the lowest point in over three decades. Two factors drove the sharp annual decline in affordability – a 5.4 percent annual increase in nominal house prices, according to our First American Data & Analytics ...
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1980s Déjà Vu for the Housing Market
By
Mark Fleming on October 17, 2023
The average 30-year, fixed mortgage rate trended upward throughout September, approaching 8 percent in early October. Higher mortgage rates have a dual impact on the housing market – reducing affordability for buyers and strengthening the rate lock-in effect for potential sellers. The combination of reduced affordability and an even stronger rate ...
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Affordability Sinks to Lowest Point in Over Three Decades
By
Mark Fleming on September 25, 2023
In July 2023, the Real House Price Index (RHPI) jumped up by nearly 17 percent on an annual basis, bringing housing affordability to the lowest point in over three decades. Two factors drove the sharp annual decline in affordability – a 4 percent annual increase in nominal house prices and a 1.4 percentage point increase in the 30-year, fixed ...
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Return of the Housing Recession
By
Mark Fleming on September 18, 2023
Our Potential Home Sales Model, which measures what a healthy market for home sales should be based on the economic, demographic and housing market environments, decreased by 0.2 percent in August, and remains 3.4 percent lower than one year ago. While it seems that the steep decline in sales driven by the rapid rise in mortgage rates is behind ...
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