On Tuesday, September 12, the U.S. Senate Banking Committee will host a hearing titled "Housing Supply and Innovation" at 1:30 p.m. Central.
While mortgage rates continue to inch down from their recent peak, overall housing affordability isn’t improving at a rapid pace, according to a new report from Redfin. With the median U.S. home-sale price up 4.5% year-over-year during the four weeks ending September 3 and mortgage rates remaining above 7%, the typical monthly mortgage payment is $2,612—just $18 shy of the all-time high set in May. High housing costs are continuing to dampen homebuying demand, with mortgage-purchase applications falling to a 28-year low.
Prices are rising due to a supply shortage, as the total number of homes on the market is down 18% year-over-year, representing the biggest decline since February 2022. New listings are also down 9% as many homeowners refuse to part with relatively low mortgage rates. However, there are still more homebuyers than sellers in much of the country.
Witnesses scheduled to speak at the "Housing Supply and Innovation" hearing include Dr. Jenny Schuetz, Senior Fellow, Brookings Institution; Janne Flisrand, Co-Founder and Board Member, Neighbors for More Neighbors; Gregory Good, Chief Real Estate Officer and Director of Asset Management, Invest Newark; and Eric Schaefer, Chief Business Development Officer, Fading West Development.
Dr. Schuetz is a Senior Fellow at Brookings Metro, and an expert in urban economics and housing policy. Dr. Schuetz has written numerous peer-reviewed journal articles on land use regulation, housing prices, urban amenities, and neighborhood change, and her work has appeared in the New York Times, Wall Street Journal, Washington Post, the PBS NewsHour, The Indicator podcast, Vox, and Slate.
Flisrand serves as Co-Founder and Board Member of the group Neighbors for More Neighbors, an organization that addresses the nation’s housing crisis, while attaining to create complete neighborhoods, and also slow climate change.
Good serves as Chief Real Estate Officer and Director of Asset Management for Invest Newark, a group that provides strategic guidance for urban property initiatives. Invest Newark’s goal is to convert abandoned or blighted buildings and empty lots into useful new housing or commercial properties. Prior to joining Invest Newark, Good was Senior Development Officer at the Newark Housing Authority (NHA), responsible for all project management under HUD programs. Good was previously the Economic Development Manager for the City of East Orange, where he crafted partnerships with real estate developers, nonprofits, civic organizations, and small businesses resulting in more than 150 new and refurbished housing units, totaling $40 million in redevelopment.
As Chief Business Development Officer for Fading West Development, Schaefer is responsible for all sales of Fading West products built in the factory, as well as creating strategic relationships with non-profits, municipalities, and developers around Colorado to partner with and to create workforce housing developments. Fading West Development is an integrated manufacturer, developer, and installer of modular homes focused on developing subdivisions of modular homes in rural areas in Colorado. The company builds nearly 200 units per year, designed to be affordable to middle-income homebuyers.
Click here for more information or to register for this event.
Here's what else is happening in The Week Ahead:
- Fannie Mae's Refinance Application-Level Index (RALI) (Tuesday)
- WFG’s Quarterly Economic Outlook (Tuesday)
- MBA Weekly Applications Survey (Wednesday)
- Realtor.com Weekly Housing Market Recap (Wednesday)
- Freddie Mac Primary Mortgage Market Survey (Thursday)
- U.S. Department of Labor's Unemployment Insurance Weekly Claims Report (Thursday)