Migration

According to the RE/MAX National Housing Report for March 2023, the expected spring surge has arrived, as an influx of homebuyers entering the market in February spurred a 37.7% rise in home sales.

“Rental cost growth relaxed again in February but is still increasing nationwide year-over-year,” said Molly Boesel, Principal Economist at CoreLogic. “Less-expensive metros have emerged as those with the highest appreciating rental costs, as tenants contend with elevated rents and inflation."

While overall sales declined 22% from a year ago, existing-home sales dipped lower in March after month-over-month sales declined in three out of four major U.S. regions, according to a new report from the National Association of Realtors.

The MBA reports a near 9% week-over-week slide in mortgage applications, as cautious buyers proceed through the spring season amid continued affordability challenges and limited supply.

"As expected, the annual rate of increase in home prices has slowed dramatically in response to the rapid and significant increase in interest rates," said Doug Duncan, SVP and Chief Economist at Fannie Mae.

With more than 19 million voucher-eligible households in 2021 but fewer than two million vouchers available across the country's metro areas, Zillow notes that the program needs to be improved and better funded to help more of those in need.

According to a new report from the National Association of Realtors, middle-income homeowners gained more than $120,000 in wealth over the past decade, as homeowners who benefited from home price appreciation were able to drop their debt by 21%.

According to the National Association of Home Builders, builder confidence increased due to a lack of resale inventory despite inflated interest rates, as new construction continues across the market.

To further the Biden Administration’s commitment to addressing the nation’s homelessness crisis, HUD has issued $2.8 billion in Continuum of Care Competition Awards for thousands of local homeless service and housing programs across the U.S.

Both home sellers and homebuyers continue to struggle to navigate the market, with a new seller survey from Realtor.com revealing that home prices are up 7.8% from last year.