Eye On Housing
Author Archives
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Existing Home Sales Strongest Since 2006 Despite Supply Limits
Fueled by low mortgage interest rates and strong demand, annual existing home sales reached 15-year high in 2021, according to the National Association of Realtors (NAR). However, supply has continued to lag due to ongoing supply-chain disruptions and inventory fell to lowest level since January 1999, keeping home prices elevated and pricing out first-time and young buyers. Total existing home… Read More ›
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Inflation Hits 39-Year High
Led by higher prices for shelter and used vehicles, consumer prices soared by 7.0% in December from a year ago. It was the largest year-over-year gain since June 1982. However, energy prices fell in December, ending a long series of increases. Supply-chain constraints and strong consumer demand related to the pandemic and the reopening of the economy have contributed to… Read More ›
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Consumer Confidence Improved in December
Consumer confidence continued to improve in December as inflation concerns eased after hitting a 13-year high last month. Spending intentions for homes, cars, and major appliances all increased. However, consumer spending will continue to face headwinds from higher prices, Omicron surge and reduced fiscal stimulus in 2022. The Consumer Confidence Index, reported by the Conference Board, rose 3.9 points from… Read More ›
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Existing Home Sales Rise in November Despite Low Inventory
Fueled by low mortgage interest rates and strong demand, existing home sales increased for a third straight month in November, according to the National Association of Realtors (NAR). However, supply has continued to lag due to ongoing supply-chain disruptions, keeping home price elevated and pricing out first-time and young buyers. Total existing home sales, including single-family homes, townhomes, condominiums and… Read More ›
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Apartment Absorption Surged while Condominium Absorption Remained Steady
Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the second quarter of 2021 due to strong demand and low vacancy rates. The absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) rose by 15 percentage points to… Read More ›
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Pending and Existing Home Sales Jump in October
Despite low inventory and increasing affordability concerns, both pending home sales and existing home sales jumped in October, according to the National Association of Realtors (NAR). Though the market remains strong and sales is on pace for its strongest sales in 15 years, higher home prices continue to price out first-time and young buyers. The Pending Home Sales Index (PHSI)… Read More ›
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Existing Home Sales Surge in September while First-time Buyers are Priced Out
As inventory improved in recent months, existing home sales surged to 8-month high in September, according to the National Association of Realtors (NAR). Though housing demand remains strong as buyers want to take advantage of low mortgage rates before rates rise further, higher home prices are pricing out first-time and young buyers. Total existing home sales, including single-family homes, townhomes,… Read More ›
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Auto Loans and Mortgages for Younger Households
Homeownership continues to be a primary driver of household wealth, according to the 2019 Survey of Consumer Finances (SCF). Though homeownership rates increase with age, young households, those under the age of 35, experienced the largest gains for homeownership in 2019. Additionally, the share of young households with home mortgage debt and auto loans increased, while share with education loans… Read More ›
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Homeownership Rates by Race and Ethnicity
The Survey of Consumer Finances (SCF) provides detailed information on the finances of U.S. families, including income, net worth, balance sheet components, credit use, and other financial outcomes. A previous analysis indicated that the primary residence continued to be the largest asset category on the balance sheets of households in 2019 and it accounted for about one quarter of all… Read More ›
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Consumer Confidence Falls to 7-month Low in September
Consumer confidence fell for a third consecutive month in September, as concerns about the Delta variant and higher prices continued to dampen optimism. Spending intentions for homes, cars, and major appliances all retreated. However, consumer confidence was still at a high level and the consumer price index has shown signs of easing inflation. The Consumer Confidence Index, reported by the… Read More ›