Affordability

Climate change does not seem to be factoring into homebuyers' decisions on where they are purchasing homes according to Redfin, as nearly 400,000 more people moved into than out of the most flood-prone counties in 2021 and 2022—an increase of 103% over the two years prior.

June is typically the biggest month for home sales, according to the latest RE/MAX National Housing Report, with month-over-month sales rising 5.4% from May. Meanwhile, the average close-to-list price ratio was 100%, meaning homes sold for their average asking price.

According to a new study from RentCafe, rental season is nearing its peak, as new data reveals Southern and Midwestern markets dominated the list of the top 30 most desired cities for renters, with Arlington, Virginia ranked as the most in-demand city for renters in July.

According to Black Knight, the number of serious delinquencies (90-days or more past due) dropped to 471,000 units, the lowest reported since August 2006, a 27% year-over-year drop.

Mortgage lenders cited "cost-cutting" as their most important business priority for the second year in a row, according to Fannie Mae's latest Mortgage Lender Sentiment Survey.

Existing-home sales fell in June, as all four regions recorded year-over-year sales declines, according to NAR, with the South and West posting the largest decreases.

High mortgage rates have pushed monthly mortgage payments to a record $2,656, as slightly lower rates may escalate competition for the limited number of homes available and push up prices for the foreseeable future.

HUD and the Census Bureau report that privately-owned housing units recorded an annual rate of 1,440,000 units in June, down from 922,000 reported year-over-year.

The Biden Administration, along with HUD Secretary Marcia L. Fudge, is calling attention to the significant harm that rental housing junk fees cause to tenants and have outlined steps that the Administration is taking to curb these fees. 

The Housing Supply Expansion Act would reform a 1930s-era labor law by reducing labor costs and administrative burdens on residential construction contractors.