Migration

“More than a decade of home price increases has given homeowners record amounts of equity, which protects them from foreclosure should they fall behind on their mortgage payments,” said Molly Boesel, Principal Economist at CoreLogic.

According to a new report from Redfin, home prices saw a small increase in January as mortgage-rate drops begin to bring homebuyers back to the market.

A new study from the Joint Center for Housing Studies revealed that annual household growth between 2019 and 2021 averaged between 2.0 million and 2.4 million per year, fueled primarily by millennials.

As homebuyers nationwide face inflationary home prices, those who purchased a home relocated at an unprecedented rate in Q4, as elevated mortgage rates and economic uncertainty drove many homebuyers to more affordable areas.

A new Veterans United Home Loans survey revealed that high home prices are among the top reasons that impact the decision to buy a new home among service members and Veterans. However, many remain optimistic about homebuying in 2023 despite ongoing affordability challenges.

The share of homes that sold above their list price also fell to levels last seen in June 2020.

“Home prices nationwide are still positive, though mildly,” said NAR Chief Economist Lawrence Yun. “Markets in roughly half of the country are likely to offer potential buyers discounted prices compared to last year.”

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“Renting is more affordable in the majority of markets, despite rental rates continuing to rise over the past year,” said Rick Sharga, EVP of Market Intelligence for ATTOM.

The RE/MAX National Housing Report revealed new listings recorded the largest month-to-month decline in December 2022, while markets with the biggest decrease in year-over-year new listing percentages were found in Sunbelt cities such as Las Vegas and Los Angeles.