Real Estate

While households nationwide continue to struggle with the increased cost of living, doxoINSIGHTS’ 2023 State by State Bill Pay Market Report revealed the average American is spending almost $25,000 per year on household expenses, with 73% of consumers reporting that inflation is currently impacting their ability to pay bills.

While rental prices peaked in Q2, they are expected to trend downward in the coming months, as available-for-rent inventory has surged 70% year-over-year. Here’s what else HouseCanary's latest National Rental Report has to reveal.

Realtor.com has found that more than 60% of all listing page views from the top 100 metros went to homes located outside the metropolitan areas where shoppers live.

Home prices are increasing due to the mismatch between supply and demand, as inventory remains low due to the lock-in effect. The total number of homes for sale is down 19%, the biggest drop in a year and a half, and new listings are down 21%.

Researchers from Point2 reveal that even in non-core, secondary, cities, affordable first homes are quickly becoming a thing of the past.

Researchers from Harvard University's Joint Center for Housing Studies point out that lawmakers and regulators proved during the pandemic that policy-based housing solutions are possible in a time of crisis.

According to Odeta Kushi, First American's Deputy Chief Economist, there has never been an official or general agreement on what constitutes a housing recession.

Active housing inventory was reportedly 49.2% below typical pre-pandemic July levels, as Realtor.com reports that on a typical day in July, there were 45,000 fewer homes available to buy year-over-year.

On the heels of Fitch Ratings downgrading the GSEs’ senior unsecured debt ratings to 'AA+' from 'AAA,’ Freddie Mac reports the fixed-rate mortgage climbed nine basis points week-over-week, inching closer to the 7%-mark.

“Sharply lower housing inventory in the U.S. and higher borrowing costs across the world have dented international buyers for two straight years,” said NAR Chief Economist Lawrence Yun.