Tag Archives: Affordability

First American's latest Potential Home Sales Model revealed mortgage rates declined in November, "igniting cautious optimism in the industry.”

According to a new market report from Redfin, in November, pending sales climbed to their highest level since 2022, while new listings rose, representing the first sign of growth in a year and a half.

U.S. rent prices fell for the seventh consecutive month in November, according to a new Realtor.com report, as rental supply outpaced elevated demand in the West and South. However, Northeastern renters continued to struggle with higher costs.

The path to homeownership is becoming increasingly challenging for Americans nationwide, but how much can potential homebuyers afford to spend on a home in today's market? A new Point2 study showed that the median home price is now twice what the average buyer can afford, posing even more financial barriers for those seeking the American Dream.

The nation’s housing outlook depends largely on the economy and inflation, analysts say, as the industry closes the book on 2023 and approaches the new year.

Zillow's latest housing market report revealed that cooling home values, lower mortgage rates, and easing costs made home purchases more affordable for buyers in November, with sellers offering price cuts in increasing numbers.

Here’s how much housing experts predict that national home prices will appreciate over the next two years, with larger gains being predicted for beyond 2026.

“Despite the resurgence in tappable equity among U.S. mortgage holders, elevated interest rates are making homeowners reluctant to extract that wealth,” said Andy Walden ICE’s VP of Enterprise Research.

"Now that we're seeing the beginning of an affordability turnaround, home buyers are still looking for markets where they can capitalize on lower prices," says Realtor.com Chief Economist Danielle Hale.

In addition to high demand for single-family homes, apartments and rental units within driving distance of city centers are selling at a premium.