Market Studies

According to the new Knock Sellers-Buyers Market Index, of the top-100 largest metropolitan markets, 98 of them reported home price declines in September, while 15 markets reported home prices falling by more than 10% from their highs set earlier this year.

According to a new survey analysis from the National Association of Realtors, while the share of first-time homebuyers has dropped to record lows, the share of homes purchased in small towns and rural areas reached record highs.

According to October’s Monthly Housing Market Trends Report from Realtor.com, data showed nationwide inventory of active listings grew 33.5% year-over-year to a two-year high.

“The Brookings Institute showed a robust relationship between lower valuations and Black neighborhoods,” wrote Jonathan Liles, Senior Financial Analyst for the FHFA.

New data from HUD revealed an 11% drop in Veteran homelessness from 2020, the largest decline in 5 years, representing an overall 55% reduction in Veterans experiencing homelessness since 2010.

Diminished demand in the housing market has been further dampened by erratic mortgage rates, which dipped slightly this week, as affordability issues continue to put buying significantly out of reach for many.

As inflation continues to affect Americans nationwide, the Young American Renter Survey from Grubb Properties revealed it is also the main financial concern for young renters, influencing their decision to draw back from buying a home.

While Fannie Mae experts predict prices to moderate in 2023, they note that housing supply issues will persist as inventory remains scarce, with effects felt mostly by low- and moderate-income families. Here are the latest findings.

”The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp CoreLogic’s Interim Lead, Deputy Chief Economist.

“With a recession looming and household expenses high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” said Redfin Economics Research Lead Chen Zhao.