Affordability

According to Realtor.com’s data, Western shoppers are the most likely to look for out-of-market homes, but Northeastern shoppers sit closely behind in second place. Here's what else the report reveals.

Nationwide home prices increased 2% year-over-year in April compared to the same time last year. In a new report, CoreLogic experts project home price growth in 2023 will fall in line with the historical 4% annual average as mortgage rate uncertainty continues to fuel homebuyer hesitation.

In a new Zillow report, research shows support is growing among both homeowners and renters for "missing middle" housing developments, as 70% of respondents believe new housing is crucial to producing affordability in their community and support building them in their neighborhoods.

While U.S. pandemic migration trends show no sign of reversing, Bank of America Institute's latest housing market report revealed home prices are slowing rapidly even in cities with large inflows of people.

“It's crucial, especially in higher-rate environments, for Americans to talk to a mortgage advisor who can help prepare buyers for the homebuying process, work to determine how much a person can afford and clear up the misconceptions about the many paths to homeownership that exist," said Thomas Parrish, Head of U.S. Retail Lending Product Management at BMO.

As affordability struggles worsen for homeowners and buyers nationwide, for-sale inventory is now at its lowest level since April 2022, according to Black Knight's latest Mortgage Monitor Report for April.

A new study from LendingTree details how buying is only one part of the battle, and once purchased, buyers often face a litany of new challenges that come with being a homeowner.

"Understanding all the costs that come with homeownership can not only impact a buyer's budget, but the type of home they shop for, too," said Zillow home trends expert Amanda Pendleton.

"Lenders saw opportunities dwindle even more during the first quarter as the longest slowdown in mortgage activity in at least 20 years continued," said Rob Barber, CEO at ATTOM.

“Weakening home price growth for the past 12 months is increasing the odds that we may not see a new home price peak this year, for the first time in the history of our listing data, which dates back to mid-2016, and this is likely welcome news to homeshoppers," said Danielle Hale, Chief Economist for Realtor.com.