Affordability

According to Realtor.com's August 2023 Rental Report, buying a starter home in the top 50 metros cost approximately 60.3% more than renting, while median U.S. rents experienced their fourth consecutive month of year-over-year declines.

According to Dana Anderson, a Data Journalist for Redfin, median sales prices occurred in eight of the top 50 metropolitan markets, while pending sales fell in all 50 markets at an average rate of 13%.

"Home sales have been stable for several months, neither rising nor falling in any meaningful way," said NAR Chief Economist Lawrence Yun.

Mortgage rates gained just one basis point week-over-week according to Freddie Mac, marking the sixth consecutive week that the 30-year rate exceeded the 7% mark, pushing down home builder sentiment nationwide.

Five Star’s annual Single-Family Rental & Investment Roundtable on Tuesday united investors, service providers, and experts to discuss how volatile factors such as inflation, escalating interest rates, and affordability concerns impact the ongoing growth and investment opportunities within the single-family rental market.

Despite mortgage rates hitting the highest levels seen in a month, the MBA reports a week-over-week rise in overall mortgage application volume, led by renewed interest in FHA and conventional purchase apps.

The Five Star Lending Forum hosted a keynote from Freedom Mortgage CEO Stanley Middleman, as well as an in-depth panel discussion with representatives of Churchill Mortgage Corporation, Fannie Mae, Freddie Mac, Guild Mortgage, Chase, and Xome about how the industry can support the American Dream of homeownership.

Experts from Redfin explain why declining rent costs aren’t showing up in the data just yet, as landlords nationwide are issuing one-time discounts to attract tenants.

In a new blog post, First American Chief Economist Mark Fleming explains that " “mortgage rate stability, even if the stabilization occurs at a higher level, is the key to a housing recovery.”

Purchase demand remained strong in August for newly constructed homes, increasing 20.6% compared to a year ago, according to the MBA Builder Application Survey, while the average loan size for new homes increased to $398,092.