Affordability

A new ATTOM report found that median single-family home and condo prices decreased from Q3 2022 to Q4 2022 in 56% of Opportunity Zones nationwide, decreasing at least 5% in almost half.

A new Flyhomes survey revealed an estimated 78% of aspiring homeowners have slowed or stopped their home search completely, with the overwhelming majority citing high interest rates.

“That said, it’s important to note that while these examples can shed some light on why homeownership rates are relatively low for Black people, they’re not all the reasons why a person who identifies as Black may struggle to become a homeowner,” said Jacob Channel, LendingTree’s Senior Economist.

After five consecutive weeks of decreases, a slight uptick in mortgage rates forced mortgage app volume to fall nearly 8% week-over-week.

A new report from Redfin revealed the share of homes bought with cash is down slightly from November but remains elevated above pre-pandemic levels as high mortgage rates persist, averaging 6.36% in December.

"Even though rent prices are starting to cool, they are still significantly higher than they were a year ago,” said Amanda Pendleton, Zillow home trends expert. “Renters considering going solo this year must decide how valuable living alone is to them, and if the cost is worth it."

"Mortgage rates declined in January, continuing a trend that began in early November 2022," said Kevin McMahon, President of Optimal Blue, a division of Black Knight.

Surveyed consumers' top areas of concern remain the ability to save money and afford housing payments, with many consumers citing problems affording household necessities, according to a new report from Fannie Mae.

According to a new report from Realtor.com, some 80% of Gen Z respondents who have moved in with a romantic partner say that finances and/or logistics contributed to their decision.

“By Super Bowl weekend, we usually have a good idea how a given year’s housing market will play out. But this year is anything but typical,” said Redfin Economics Research Lead Chen Zhao.