By all respects, 2022 was a tumultuous year for the housing market. Annual house price appreciation remained at a double-digit pace for most of the year, mortgage rates increased by nearly 4 percentage points in less than 12 months and, as a result, affordability plummeted. By October, housing affordability had declined by a record 68 percent ...
Read More ›
In November 2022, the Real House Price Index (RHPI) increased by 60 percent on an annual basis. This rapid annual decline in affordability was driven by two factors -- a 7.6 percent annual increase in nominal house prices and a 3.7 percentage point increase in the average 30-year, fixed mortgage rate compared with one year ago. Even though ...
Read More ›
Affordability continued to suffer in October 2022, as the Real House Price Index (RHPI) jumped up by 68 percent on an annual basis. This rapid annual decline in affordability was driven by a 12 percent annual increase in nominal house prices and a 3.8 percentage point increase in the average 30-year, fixed mortgage rate compared with one year ago. ...
Read More ›
In September 2022, the Real House Price Index (RHPI) jumped up by 60.6 percent on an annual basis. This rapid annual decline in affordability was driven by two factors – a 13.5 percent annual increase in nominal house prices and a 3.2 percentage point increase in the average 30-year, fixed mortgage rate compared with one year ago. Even though ...
Read More ›
Affordability continued its rapid decline in August 2022, as the Real House Price Index (RHPI) soared 49 percent on an annual basis. The ongoing and swift decline in affordability was driven by a 15 percent increase in nominal house prices and a 2.4 percentage point increase in the 30-year, fixed mortgage rate compared with one year ago. As ...
Read More ›
Housing affordability continued its rapid annual decline in July 2022, as nominal house prices increased 16.7 percent year over year and the 30-year, fixed mortgage rate increased 2.5 percentage points compared with a year ago. The decline in affordability is reflected in the Real House Price Index (RHPI) jumping up by nearly 54 percent on an ...
Read More ›