Mortgage rates have fallen, but are homes more affordable?

Mar 25, 2024
When you take mortgage rates, housing prices and incomes into account, homes are 44% less affordable than they were two years ago.
New home sales were 6% higher than the same time last year. But that doesn't mean the new homes are more affordable.
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Most millennials are homeowners now

Sep 28, 2023
Millennials have faced challenges to homeownership for years. Now, a slim majority of millennials own a home.
As of 2022, the majority of millennials now own homes.
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Furniture sellers adapt to a nationwide drop in sales

Sep 15, 2023
Sales at furniture stores have been sliding amid a cooling housing market and weakening consumer sentiment about making big purchases.
AJ Venable at Urban Links Furniture & Appliances in Baltimore. He said his customers have become more price-sensitive.
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"Life happens." Why some home buyers and sellers forge ahead in spite of interest rates

Sep 13, 2023
People motivated to buy or sell homes in this market are often hitting significant milestones, from babies and back-to-office mandates to downsizing and retirement.
Even though interest rates are high, some home buyers have been spurred to move by big personal changes.
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Homebuilders are feeling a bit more confident

Jul 18, 2023
Builders find there's high demand for new developments, but they're also finding it harder to convince banks to loan them money.
Despite increased confidence, homebuilders still face a number of challenges. One of those challenges is getting a loan.
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When moving means a higher mortgage rate, why sell?

Jun 22, 2023
Last month, 20% fewer existing homes were sold than in May 2022. People are staying put — and staying together — to avoid higher costs.
Lots of people are choosing to stay put in their homes even if they’d like to sell.
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Homebuilders' optimism keeps building

Jun 19, 2023
More buyers are turning to newly constructed homes as fewer owners of existing homes choose to sell.
New houses currently make up about 1 in 3 homes for sale, a much larger proportion than in the past, housing economist Robert Dietz says.
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For public good, not for profit.

How a decline in home sales also trips up retail

May 16, 2023
When people buy new homes, they buy a lot of other things too, like furniture, appliances and electronics. When home buying slows, that can have a real ripple effect on other industries.
Today’s retail sales numbers showed people spent less on things like building materials and garden supplies in April than they did a year ago. Home Depot also reported today that sales dropped in the first quarter.
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The price of lumber is way down, but that won't do much to bring down new home prices

Apr 7, 2023
Lumber prices have stabilized after unprecedented volatility.
Stacks of lumber are offered for sale at a home center in Chicago, Illinois. Prices for lumber have recently come down from pandemic highs.
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New home sales rise in the South and West, but sag in Northeast

Mar 24, 2023
Affordability is attracting people to sunnier climes — and that's helping to heat up those regions' economies.
"The fastest-growing cities nationwide are located in the South and West, so builders are responding to that demand," says Odeta Kushi, deputy chief economist at First American.
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