housing
Buyers of high-end homes will face the stiffest competition in the Bay Area and the Midwest, where luxury homes rarely come up for sale. Key Takeaways * The Bay Area and the Midwest lead. San Jose, Indianapolis and San Francisco top the list of the 10 hottest luxury markets for
housing
The down payment is only part of the cash hurdle. Even after putting enough down to make the monthly payment affordable, a buyer must still cover closing costs and prepaids. Key Takeaways * The down payment is the first hurdle. A median-income household needs about $159,000 in cash to
housing
Key Takeaways * Affordability has narrowed to a handful of markets. A median-income household with $20,000 to close could buy the typical home in 181 metro areas in 2017; today it can in nine. * Seller credits barely help. Contributions up to the usable limit lift the count only to
housing
Mortgage rates are back near 7%, buyers are pulling back and inventory is rebuilding. But the top of the market has been moving in the other direction. Key Takeaways * The story of the summer is the resilience of the luxury segment. Over the three months ending in July, our model-
housing
Supply is fading. That matters. But a decline in construction does not mean every market has reached an inflection point. The better signal is whether new household demand is beginning to outrun the units already expected to arrive. Apartment deliveries are slowing, and rent growth has started to firm. That
housing
Nationally, the apartment supply boom is fading. After years of record multifamily construction, the wave of completed apartments hitting the market is beginning to recede. That should eventually take pressure off rents. But the next phase won’t look the same everywhere. The metro data tell a more complicated story.
housing
Mortgage rates have climbed back near a one-year high. Months of supply have risen, pointing to weaker price growth. Key Takeaways * Higher mortgage rates caused housing affordability to deteriorate. The payment on the typical U.S. home has risen about $146 a month when compared to February. Despite that,
new construction
New home sales fell in April, another sign that deteriorating household financial conditions are cooling housing demand. The rise in new home inventory sets up future price declines.