Migration

The median U.S. housing payment is down from October’s record high, as new listings increase and mortgage-purchase applications are up nearly 20% from their November low, according to a new housing report from Realtor.com

U.S. rent prices fell for the seventh consecutive month in November, according to a new Realtor.com report, as rental supply outpaced elevated demand in the West and South. However, Northeastern renters continued to struggle with higher costs.

“Credit availability in November declined to its lowest level in four months, driven by reduced offerings of non-QM and jumbo loan programs,” said Joel Kan, MBA’s VP and Deputy Chief Economist. “The conforming and government indices were unchanged over the month but remained close to multi-year lows.”

“Renters are finally catching a break," said Redfin Chief Economist Daryl Fairweather. "Better deals are easier to come by because landlords are doling out concessions and rents have started falling in a meaningful way. Rising supply also means renters have more good options to choose from."

The Workforce Housing Tax Credit Act would help to close the homeownership gap by establishing a middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes.

Housing advocates say a secure home and neighborhood can help prevent isolation-related illnesses.

The path to homeownership is becoming increasingly challenging for Americans nationwide, but how much can potential homebuyers afford to spend on a home in today's market? A new Point2 study showed that the median home price is now twice what the average buyer can afford, posing even more financial barriers for those seeking the American Dream.

The nation’s housing outlook depends largely on the economy and inflation, analysts say, as the industry closes the book on 2023 and approaches the new year.

According to Angi's 2023 State of Home Spending report, Americans spent thousands of dollars on home projects this year, with many homeowners choosing to spend more on improvements rather than moving due to elevated housing costs and high mortgage rates.

Zillow's latest housing market report revealed that cooling home values, lower mortgage rates, and easing costs made home purchases more affordable for buyers in November, with sellers offering price cuts in increasing numbers.