Affordability

Fannie Mae is still predicting recession conditions to occur this year due to a slow down in the economy, and a tightening of credit standards.

According to a new report from Redfin, high home prices and mortgage rates are pushing the monthly mortgage payment on a median-priced home to $2,573.

FHFA Director Sandra L. Thompson will testify before the House Financial Services Committee to discuss the latest measures taken by the Agency to execute its mission of maintaining the safety and soundness of the GSEs, and ensuring access to affordable and sustainable housing.

Existing-home sales dropped 3.4% to a seasonally adjusted annual rate of 4.28 million units at a median price of $388,800.

According to Realtor.com's April Rental Report, rent growth slowed to its lowest rate since the onset of the pandemic, as new data revealed a significant increase in multifamily construction is contributing to lower rent prices and a slowdown in housing shortages.

Based on April’s data, potential existing-home sales increased to a 5.34 million seasonally adjusted annual rate, a 0.45% month-over-month increase. This represents a 53.3% increase from the market potential low point over 30 years ago in February 1993.

While overall U.S. rent growth remains slightly elevated above pre-pandemic rates, higher-priced property gains are normalizing, according to CoreLogic's latest Single-Family Rent Index.

The U.S. Department of Housing and Urban Development and the National Association of Home Builders announced new information surrounding the Innovative Housing Showcase, held to raise awareness of innovative and affordable housing designs with the potential to increase housing supply and reduce housing expenses for owners and renters nationwide.

”Buyers and sellers alike are looking towards the upcoming Federal Reserve meeting with hope, as some experts anticipate the reversal of rate hikes, which could potentially lead to a resurgence in activity.”

Moody’s Analytics U.S. State of Rent Burden report revealed the top metros where median income households bear the heaviest rent burden across the nation, as the national rent-to-income ratio crossed the 30% rent-burdened threshold in 2022.