Market Trends

“While the NFCI Credit index indicated that credit tightened in March, which reduced housing market potential, the credit tightening was modest and far from recent pandemic lows, and certainly nothing like the Great Financial Crisis period,” said Mark Fleming, Chief Economist at First American.

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.

A new report from Zillow has found that younger generations still believe owning a home is part of the American dream but believe they might need to win the lottery in order to achieve that dream.

"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.

The MBA reports that despite rates over the 6% mark and low for-sale inventory stunting overall sales, mortgage applications for new home purchases increased 0.6% in March compared to one year ago.

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.