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.
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“Housing affordability is the result of the tug-of-war between purchasing power, which is the product of household income and mortgage rates, and nominal house price growth,” said First American Economist Ksenia Potapov.
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As housing affordability continues its decline, the latest analysis from First American projects home price appreciation to fall further as the booming sellers’ market seen in early 2022 has now turned in favor of homebuyers.
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