Affordability

A new study from Redfin revealed Americans are now hesitant to sell their homes as mortgage costs soar, due to many having low interest rates locked in amid nationwide inflation and ongoing economic uncertainty.

Lasting more than a decade, the longest-running home price boom has come to an end, as new Research from American Enterprise Institute showed significant price declines from record peaks in almost all of the nation's 60 largest metros.

A recent Bank of America survey revealed that as inflation persists, an estimated 75% of young adults are seeking more ways to earn additional income, as challenges of achieving their financial goals remain constrained.

A new StorageCafé study showed the South dominated the list of the 20 most family-friendly cities, with the Lone Star State grabbing five spots in the rankings, as Plano, Texas, was named the best city in which to raise a family.

A new report from Citizens Financial found that homeowners are following their home’s equity more closely as prices continue to fluctuate.

According to a new market analysis from ATTOM, lenders issued 660,767 residential refinance mortgages in Q3 of 2022, marking the smallest count recorded since Q1 of 2019, down 31% from Q2 of 2022.

“The historic drop in mortgage rates is a tick in the ‘good news’ box for the housing market, as lower rates deliver an immediate win for prospective buyers’ pocketbooks,” said Taylor Marr, Redfin’s Deputy Chief Economist.

NAR reports that existing-home sales nationwide faded for the ninth straight month to a seasonally adjusted annual rate of 4.43 million.

The MBA reports an uptick in overall mortgage application volume week-over-week, led by a 4% rise in home purchase applications, despite an 88% year-over-year drop-off in refinance activity.

“Demand for rentals is slowing because economic uncertainty is prompting many renters to stay put, and persistent inflation is shrinking renter budgets. That’s causing rent growth to cool,” said Taylor Marr, Redfin’s Deputy Chief Economist.