Key Points: The existing-home share of total sales fell to the lowest level since 2005. The price of the median new home is lower than the price of a median existing home. While the new-home market has outperformed the existing-home market, headwinds may slow the momentum. Existing-home sales transactions continue to languish, around the 4 million ... Read More ›

Key Points: Affordability improved in March, aided by falling mortgage rates, slower house price growth, and rising household income. National house price growth remains modestly positive, but prices declined in 13 of the top 50 markets year over year, while other markets posted strong gains. Market divergence in house price trends is below ... Read More ›

Key Points: There is a strong relationship between the median length of time that people stay in their home, known as tenure, and sales activity. Historically, the median tenure length in the U.S. has been six years, but today it’s reached a historic high of nearly nine years. The drivers behind the rise in tenure length are multi-faceted but ... Read More ›

Key Points: Rising inventory and affordability challenges are cooling price appreciation nationally. House prices have dipped below their peaks in 47 of the top 50 markets. Despite price declines, significant equity buffers remain for those that purchased over the boom period. In February 2025, home buyers received some welcome news as mortgage ... Read More ›

Key Points: The rate lock-in effect peaked in Q4 2023 with a 3.2 percentage point difference between the average prevailing mortgage rate and the average outstanding mortgage rate. Due to lower mortgage rates and steadily increasing share of people buying homes at higher rates, the rate lock-in effect has loosened, prompting higher for-sale ... Read More ›

Key Points: Affordability started the year poorly, but preliminary February data shows some improvement due to lower mortgage rates, slower price appreciation, and rising incomes. Price growth, a key driver of affordability trends, is a function of supply and demand dynamics in the housing market, which can be measured in months' supply. Months' ... Read More ›