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 »Home / Tag Archives: Real House Price Index
Pandemic-Era Sellers’ Market Experiences Rapid Decline
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.
Read More »House-Buying Power Exceeds Median Home Prices in Most Markets
First American Financial Corporation has released its latest iteration of their Real House Price Index (RHPI) for September which measures the price changes of single-family properties across national, state, and metropolitan areas, which are adjusted based on income, interest rates, and home-buying power. The ultimate goal of this is to provide ...
Read More »Wage Growth and the Affordability Crisis
Economists have cited gains in hourly wages as one of the keys to improving affordability in housing. Are wages finally starting to keep up with home price appreciation?
Read More »