Affordability

A recent NAHB member poll found that building materials remain a big challenge for home builders, but new issues are coming to the forefront.

The MBA reports that the national median mortgage payment applied for by purchase applicants increased 2.3% in December 2022, going from $1,920 to $1,964.

While Texas remains a popular migration destination for Californians, California had the most people interested in moving to Washington, D.C., a change of pace from usually warmer climates.

As existing-home sales fall for the 12th consecutive month, Freddie Mac reports that the rise in rates to 6.50% has exacerbated affordability issues for homebuyers nationwide.

A four-month high in mortgage rates has led to a steady decline in overall mortgage application volume, as the MBA reports purchase applications falling to levels last seen in 1995.

While unemployment and mortgage rates have both dropped recently, unsustainably high consumer spending and inflationary pressures are expected to push the economy into a recession during Q2 of 2023.

According to a new Redfin report, the Bay Area housing market lost more value in percentage terms than anywhere else in the country as demand waned, while Florida continued to see large gains.

A new analysis from RentCafe revealed the average size of new apartments in 2022 was 887-square-feet, a 54-square-foot drop from a decade ago, due to more studios and one-bedroom apartments entering the market.

According to recent data, the U.S. is short approximately four million housing units, a gap which is only growing, as well as the number of over-burdened renters and owners.

According to the MBA’s Builder Application Survey, new home purchases applications decreased in January, although applications remain 42% higher compared to 2022’s totals.