Data

The MBA reports that week-over-week, mortgage application volume fell 1.8%, partly driven by a 10% decrease in FHA applications as the overall average purchase loan size hit $432,700,

Five California metros have been named the least affordable cities and worst cities to purchase a home for first-time homebuyers, according to a new study from WalletHub. Multiple Golden State areas were also ranked for the highest cost of living throughout the U.S.

At the conclusion of Fed’s two-day July meeting, the Federal Open Market Committee moved to raise the base interest rate by 25 basis points, with all members voting in favor of the action.

According to a new report from Down Payment Resource, the number of homebuyer assistance programs available to help people finance homes inched forward 0.5%, offering more opportunities to those who remain financially worried about housing costs.

In addition, although the Case-Shiller Index fell by 0.5% year-over-year, CoreLogic’s Chief Economist Dr. Selma Hepp noted that "while the annual decline reflects price drops that occurred in 2022, recent above-average price gains indicate an inflection ahead.”

While rents for one-bedroom units experienced their first year-over-year decline since 2020, prices remain 24.1% higher than 2019. However, Realtor.com’s June 2023 Rental Report predicts slowing inflation throughout the remainder of the year and continued financial relief for renters' budgets.

States including Florida, Texas, and Arizona exploded in popularity despite increasing climate change risk from storms, drought, wildfires, and extreme heat—but some insurance companies are pulling out of these markets.

A new report from the Joint Center for Housing Studies revealed Black, Hispanic, and Asian households were far more likely than white households to fall behind on housing payments during the pandemic. Black renters were most vulnerable, with one in four reporting being behind on rent in 2020.

Housing demand remains strong across the U.S., according to the RE/MAX National Housing Report for June, as home sales rose 5.4% from May, posting the highest median sales price since June 2022's peak price of $426,000.

While mortgage rates remain elevated nationwide, the NAHB reports that low existing inventory helped push builder confidence up in July.