Tag Archives: Affordability

It’s been decades since mortgage affordability has been this bad, leaving some people to give up hope in the American Dream.

Mortgage applications climbed in November, but will home sales accelerate throughout the end of the year? Mark Fleming, Chief Economist at First American, details the state of existing-home sales and more market predictions.

In November, new listings jumped to their highest level since October 2022, while home prices also posted its biggest increase since the same time last year. Pending home sales also continued to rise, but many home purchases fell through at a record rate as some homebuyers got cold feet, according to a new Redfin report.

The median asking rent was down from last month, according to Realtor.com's November 2023 Rental Report, with rental supply outpacing demand in the West and South, causing prices to cool.

As we approach a new year, MortgagePoint took the temperature of industry experts to see what lies ahead for a market that trudged through 2023 hampered by the convergence of rates reaching 20-year highs, a shortage of housing inventory, and inflated home values.

While the average homebuyer can now afford to spend even less on a home, a new Point2 study revealed that the median home price in the U.S. is now 50% higher than the average affordable home price.

After a roller-coaster two years, experts expect a ‘flat stretch’ over the next 12 months, according to a new report.

As mortgage rates continue to ease, homebuyers are still constrained by elevated housing costs, according to Zillow's latest housing report. However, cooling home values did provide some relief in November.

After interviewing over 100 highly placed and senior housing experts, most were positive and optimistic about future home price growth during calendar years 2024 and 2025.

Affordability may make a resurgence in 2024, and markets such as Toledo, Ohio; Oxnard, California; and Rochester, New York are being singled out as potential hot markets. Here are the other markets that are primed to perform next year.