Data

A new Javelin study revealed that a majority of Gen Z’ers and nearly 40% of millennials would consider rent-to-own agreements as an alternative to purchasing as a result of low inventory and historically high mortgage rates.

New Redfin data reveals that Google searches for “homes for sale” were up nearly 50% from their November low during the week ending January 7. Here’s what else the data reveals about the state of the housing market.

A group of top scientists said high inflation levels are being driven by a variety of factors, including the lingering impacts of COVID-19, the war in Ukraine, and ongoing labor shortages.

New Fannie Mae data revealed the pandemic prompted many first-time homebuyers to move from smaller housing units in high-density cities to larger homes in lower-density areas, fueling a rise in home sales and lowering the number of days homes sit on the market.

The number of investors using digitalization to buy newly available single-family homes is growing, as a new report from the Joint Center for Housing Studies shows how the use of data analytics is transforming how residential real estate is bought and sold.

"This year's hottest markets will feel much chillier than they did a year ago," said Anushna Prakash, Economic Data Analyst at Zillow.

The typical asking price slowed to a single-digit pace for the first time since December 2021, according to the Realtor.com Monthly Housing Trends Report, marking a significant slowdown from the peak 18% year-over-year pace seen in 2022.

Joel Kan, MBA’s VP and Deputy Chief Economist, said, “The doubling of mortgage rates over the past year caused credit availability to shrink 18% during the same period. This pivot in the market resulted in lenders exiting certain origination channels to manage their operational costs or stop lending altogether.”

“HUD is committed to making the appraisal process fair nationwide. We must eliminate bias in home valuations so that everyone can equally reap the benefit of wealth—and intergenerational wealth—that come along with homeownership,” said HUD Secretary Marcia L. Fudge.

The 2023 mortgage market began on a positive note, as Freddie Mac reported a week-over-week slide in mortgage rates leading to an uptick in refinance apps.