Tag Archives: Nominal house prices

According to the First American Real House Price Index, housing affordability dropped to its lowest point in more than three decades, with home prices jumping 2% from June.

As the average 30-year fixed mortgage rate nears 8%, new commentary from First American Chief Economist Mark Fleming details the predictions of where mortgage rates will end up throughout the remainder of the year.

Boom-bust markets include Phoenix and Austin, Texas. House prices increased 65% from February 2020 to the peak in May of 2022 for both markets, but have since declined by 9.5%

Having slowed from recent peaks, house price appreciation in all top 50 markets analyzed in the latest study from First American revealed the housing market is adjusting to the decline in affordability as the hot pandemic sellers’ market transitions in favor of homebuyers.