Affordability

According to a new report from Home Bay, cities with above-average home values have homeless rates about 2.5 times higher than cities with lower-than-average home values, with San Jose, California, having the highest rate of homelessness and the highest home values of any major metro in the U.S.

“Housing inventory and affordability continue to be the top obstacles that hold back potential clients in the housing market," said Jessica Lautz, National Association of Realtors Deputy Chief Economist and VP of Research.

Despite mortgage rates reaching their highest levels since November 2022, overall app volume rose week-over-week, led by an increase in both FHA and VA purchase applications.

The sales numbers may not be where lenders would like to see them yet, but people do want to buy, according to new research, and Matthew Woodhouse of ServiceLink breaks down what homebuyers are saying, and what lenders can do to win their business.

The Investment, funded by the U.S. Department of Housing and Urban Development Office of Multifamily Housing, is a $930 million Rental Assistance Demonstration offering major home improvements and updates to 2,035 rental homes under the umbrella of the New York City Housing Authority.

As the housing market cools somewhat, a new study from Rent. examines landlord sentiment that may grant renters more leverage in negotiating their lease renewals.

Selma Hepp, Chief Economist for CoreLogic, said, “Elevated mortgage rates and high home prices are putting pressure on potential buyers. These dynamics are cooling recent month-over-month home price growth.”

“Mortgage credit availability was essentially unchanged in June, remaining close to the lowest level since early 2013, as the industry continues to operate at reduced capacity,” said Joel Kan, Mortgage Bankers Association VP and Deputy Chief Economist.

"There is no doubt that the housing market has reignited from a home price perspective," said Black Knight VP of Enterprise Research Andy Walden. "Firming prices have now fully erased the pullback we tracked through the last half of 2022 and lifted the seasonally adjusted Black Knight HPI to a new record high in May."

According to HouseCanary's latest Market Pulse report, net new listing volume continues to trail behind contract volume, putting further downward pressure on housing inventory and dampening market activity nationwide.