Based on the current rate of sales, May’s inventory of unsold existing homes grew 3.8% from April to just over 1 million units, equivalent to three months of supply.
Read More »The Best U.S. Cities for Raising a Family in 2023
A new study from WalletHub revealed which cities throughout the nation are ranked the best and worst places to raise a family, with half of the top 10 best areas located in California, while Midwestern cities like Detroit and Cleveland came in last.
Read More »Existing Homes Remain Scarce as Homeowners Stay Put
According to the First American Potential Home Sales Model, housing market potential increased slightly in May, down 5.7% compared to a year ago, and remains squeezed by the ongoing housing supply shortage.
Read More »Bidding Wars are Back Due to Low Inventory
Bidding wars, a trend that rose to record levels during the pandemic, are back due to lack of inventory, meaning that homes sold in May typically went for more than their list price.
Read More »Mortgage Apps Rise Slightly Week-Over-Week
While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.
Read More »May’s Housing Starts Rise Above Expectations
“U.S. housing starts in May came in above consensus expectations at a seasonally adjusted annual rate of 1.63 million, which is 21.7% above the revised April estimate of 1.34 million and 5.7% above the May 2022 rate of 1.54 million,” said First American Economist Ksenia Potapov.
Read More »Home Purchase Mortgage Apps Increased Nearly 17% in May
“Applications for purchase loans were up on a monthly basis and increased annually for the fourth consecutive month," said Joel Kan, MBA’s VP and Deputy Chief Economist. "Our estimate of new home sales also jumped in May, up 16% to the fastest pace of new home sales in 15 months.”
Read More »Housing Vouchers Could Be Key to Reducing Racial Homeownership Gaps
The Housing Choice Voucher homeownership program could help reduce the racial homeownership gap in the U.S., allowing households with a voucher to use it for mortgage payments rather than rent, advancing homeownership opportunities for Black non-Hispanic households.
Read More »Midwest Tops List of Most Popular Cities for Renters
According to RentCafe's June Rental Activity Report, the top four most popular cities for renters are located in the Midwest, while Kansas City, Missouri, was named the most sought-after city by renters nationwide.
Read More »Homeownership Rate Continues to Grow, Particularly Among Below-Median Income Families
Amid larger macroeconomic uncertainties, the total homeownership rate can be attributed to the strong growth in the below-median income homeownership rate, which has sharply increased since 2016.
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