“Affordability declined month-over-month in all of the 50 markets we track, but some markets saw a much sharper decline than others,” said First American Chief Economist Mark Fleming.
Read More »Optimism Growing, But Pending Home Sales Numbers Unchanged
“Although buyers, sellers, and builders are all more optimistic about the housing market, asking home price growth is easing and the typical home sales price is slipping. These point to the nudge that buyers need to act on their improving outlook,” said Realtor.com Chief Economist Danielle Hale.
Read More »Despite Slide in Mortgage Rates, App Demand Declines
Elevated rates continue to both impact homebuyer affordability and weaken demand for refinancing, as the MBA reports overall app volume fell 1.2% week-over-week.
Read More »Declining Home Prices, Softening Labor Market May Increase Foreclosures
While nominal house price appreciation slowed in response to affordability-constrained demand, new data revealed falling house prices could cause foreclosures to jump, according to the First American Real House Price Index,
Read More »Is a Credit Crunch Coming?
“While the NFCI Credit index indicated that credit tightened in March, which reduced housing market potential, the credit tightening was modest and far from recent pandemic lows, and certainly nothing like the Great Financial Crisis period,” said Mark Fleming, Chief Economist at First American.
Read More »New Home Purchase Apps Rise YoY
The MBA reports that despite rates over the 6% mark and low for-sale inventory stunting overall sales, mortgage applications for new home purchases increased 0.6% in March compared to one year ago.
Read More »Mortgage Apps Rebound After Down Week
The MBA reports that overall mortgage application volume rose this week, jumping after a week of declines, as fixed-rates continued to slide toward the 6% mark.
Read More »Potential Home Sales Increase Before Spring Buying Frenzy
“The spring season is typically the busiest time of the year for the housing market,” said Mark Fleming, Chief Economist at First American.
Read More »Single-Family Permits Up Over 7% From January
“Single-family housing permits, a leading indicator of future starts, also increased 7.6% compared with the previous month. The uptick in single-family housing permits and starts aligns with the recent increase in homebuilder sentiment,” said First American Deputy Chief Economist Odeta Kushi.
Read More »Tumultuous 2022 May Lead to Stable 2023
Since the pandemic, the housing market has been tumultuous, to put it lightly. In a new blog post, First American Economist Ksenia Potapov discusses whether this year will follow the same course.
Read More »