How “Higher for Longer” Impacts the Housing Market
By
Mark Fleming on March 22, 2024
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 ...
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Revisiting Boom-Bust Markets After Recovery in House Price Growth
By
Mark Fleming on February 27, 2024
In December 2023, home buyers received a welcome holiday gift as mortgage rates fell and affordability improved by 6 percent over November, according to the Real House Price Index (RHPI). However, on an annualized basis, affordability decreased by nearly 9 percent. Two factors drove the sharp annualized drop in affordability – a 7.7 percent annual ...
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House Prices Reach a New Peak, But Not Everywhere
By
Mark Fleming on January 23, 2024
In November 2023, the Real House Price Index (RHPI) leaped 11 percent on an annual basis. Affordability improved modestly on a monthly basis, as mortgage rates fell from the previous month. Two factors drove the sharp annual decline in affordability – a 7.7 percent annual increase in nominal house prices, according to our First American Data & ...
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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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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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