Affordability

The wild ride known as the U.S. housing market slowed dramatically in the fall of 2022, as mortgage rates surged and home prices remained high.

According to a new LendingTree study, a combination of relatively high rates and weak homebuyer demand will likely cause a gradual decline in prices nationwide in 2023. Click to see what else experts predict this year.

Freddie Mac reports that 2023 has begun with a second consecutive week of mortgage rate hikes, with app activity sinking to a quarter-century low as high rates continue to weaken the housing market.

A new report from Redfin revealed homebuyers received concessions such as money for repairs and mortgage-rate buydowns in a record 42% of home sales in the fourth quarter, up 11% from a year earlier and marking the highest share of any three-month period recorded.

According to a new Zillow report, conforming loan updates could open more home options for homebuyers shopping at higher price points and looking to avoid the additional fees of a jumbo loan.

Elevated mortgage rates continue to accentuate affordability concerns, keeping many prospective buyers out of the market. Meanwhile, the MBA reports application volume slid to close out 2022.

First American reports that between September 2022 and October 2022, rose nearly 9% month-over-month, with the rapid annual decline in affordability driven by a 12% annual increase in nominal house prices.

According to a new study by the American Enterprise Institute's Housing Center, all of the 60 largest metros analyzed experienced significant declines in home prices in November, marking the end of the longest home price boom on record.

CoreLogic reports that home price appreciation year-over-year was up for the 130th consecutive month in November, but growth dropped to single digits at just 8.6%.

Southern states are seeing an influx of movers, according to North American Van Lines' 2022 Annual Migration Map, with many Americans migrating to find increased affordability, better quality of life, and lower income taxes.