Home prices reached a new peak for the eighth consecutive month in November, according to First American's latest Home Price Index report, which revealed that price appreciation for small, affordable homes for first-time buyers remained strong, with starter home prices growing the fastest in many U.S. markets.
Read More »2024 Housing Market: Is a ‘Flat Stretch’ Ahead?
The nation’s housing outlook depends largely on the economy and inflation, analysts say, as the industry closes the book on 2023 and approaches the new year.
Read More »Home Sellers’ ‘Suppliers’ Strike’ Holding Back U.S Housing Supply
As home prices hit a new peak for the seventh consecutive month in October, sellers continued their "suppliers’ strike," further constraining the market, according to First American's latest Home Price Index report.
Read More »Updated Home Price Index Report Reveals It’s Better to Rent—For Now
The gap between cost to own and cost to rent narrowed in the third quarter when also factoring in taxes, maintenance, utilities etc. Click through to find out why, in light of sky-high rents, it is still cheaper to rent than to buy in most markets.
Read More »YoY, MoM Increases in Home Prices: Now at All-Time High
On a yearly and monthly basis, home prices increased at a steady pace with only two of the top-30 metropolitan areas reporting declines. Click through to find out what else Septembers’ Home Price Index reveals.
Read More »It’s the 80s Again: Market Closely Resembles That of 40 Years Ago
“The average 30-year, fixed mortgage rate trended upward throughout September, approaching 8% 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,” said Mark Fleming, Chief Economist at First American.
Read More »Millennials Lag Behind Boomers in Homeownership Rates—But for How Long?
“At age 30, the millennial homeownership rate is approximately six percentage points lower than that of their generational predecessors, Generation X, at the same age,” First American Economist Ksenia Potapov said.
Read More »The Critical Role of Stable Mortgage Rates
In a new blog post, First American Chief Economist Mark Fleming explains that " “mortgage rate stability, even if the stabilization occurs at a higher level, is the key to a housing recovery.”
Read More »The Worst of the Lock-in Effect May be Behind Us
“The steep decline in sales driven by the rapid rise in mortgage rates seems to be behind us, as the initial shock of higher mortgage rates has worn off,” said Mark Fleming, the Chief Economist for First American Financial Corporation.
Read More »Nominal House Price Growth Ticked Up in July
Boom-bust markets include Phoenix and Austin, Texas. House prices increased 65% from February 2020 to the peak in May of 2022 for both markets, but have since declined by 9.5%
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