Affordability

How many years' worth of income do homebuyers across the globe need to afford a starter home? A new article revealed the amount required and in which countries beginning homes are affordable to buy—and where they're not.

On an annual basis, existing-home sales (4.09 million) fell to the lowest level in nearly 30 years, while the median price reached a record high of $389,800 in 2023.

According to the National Association of Home Builders, single-family starts are expected to grow in 2024, and while builder sentiment improved, "builders will face growing challenges with building material cost and availability, as well as lot supply," according to NAHB Chairman Alicia Huey.

As housing affordability remains a concern for many Americans, a new Point2 study revealed the biggest U.S. cities where it's easiest for Gen Zers to become homeowners—and locations where it's nearly impossible.

Doug Duncan, Fannie Mae SVP and Chief Economist, forecasts positive things for 2024. But here’s why rates “still have a significant way to go in order to meaningfully reduce the ‘lock-in effect.’”

With his career spanning more than three decades, Ally Financial has announced that industry veteran Douglas Timmerman, President of Dealer Financial Services, will be appointed as the company's interim CEO on February 1, following the departure of sitting CEO Jeffrey J. Brown.

According to Joel Kan, MBA’s VP and Deputy Chief Economist, “Mortgage applications for new homes showed a 22% annual gain in December—the 11th consecutive year-over-year increase in applications.”

Rents are elevating, growing at a much faster pace than home prices in most local U.S. markets. According to new data, however, renting remains more affordable than homeownership for many.

The Census Bureau and HUD report that single-family housing completions rose month-over-month in December, boosting housing supply nationwide.

“Housing affordability remains strained, but things are looking up for Gen Z,” said Redfin Chief Economist Daryl Fairweather.