“This holiday season, homeowners are the ‘grinches,’ hoarding housing supply from willing buyers and keeping upward pressure on prices," said Mark Fleming, Chief Economist at First American. But the question remains: Will the New Year offer discouraged homebuyers more hope?
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Homebuying Power Weakens as Housing Affordability Plummets
Consumer homebuying power decreased from June to July 2023 and decreased 11.0% year-over-year, according to the First American Real House Price Index, sending housing affordability to its lowest level in more than three decades.
Read More »Are Rising Mortgage Rates Slowing House Price Appreciation?
First American Financial Corporation released the March 2022 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying ...
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