Author Archives
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Market in Focus: Texas Leading in Population Growth
Based on the Census Bureaus’ latest estimates, the population of the State of Texas grew by 470,708 persons between 2021 and 2022. This nominal increase was the largest of any state. Texas joined California as the second state to have a total population above 30 million, with a total estimated population of 30,029,572 on July 1, 2022. This population growth… Read More ›
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Households’ Real Estate Asset Value Falls for First Time Since 2012
The most recent release of the Z.1 Financial Accounts of the United States shows a decrease in the value of households’ real estate assets over the fourth quarter of 2022. As home prices begin to decrease from pandemic highs, households’ real estate asset value fell for the first time since the first quarter of 2012. The level of households’ real… Read More ›
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Mortgage Activity Increases Despite Mortgage Rate Volatility
Per the Mortgage Bankers Association’s (MBA) survey through the week ending March 3rd, total mortgage activity increased 7.4% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose eight basis points to 6.79%. The FRM rate has risen 61 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose… Read More ›
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Single-Family Market Share Continues to Shift from Large Population Centers
While nationwide single-family housing starts have slowed in the past year, the largest drop on a percentage basis is occurring in the densest counties, due to high housing costs. Meanwhile, multifamily growth was robust throughout much of the nation at the end of 2022, with the notable exception in high-density markets, according to the latest findings from the National Association… Read More ›
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Apartment Absorption Rate Falls but Remains above 60%
Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that the multifamily market continues to have high demand with apartment completions reaching their highest level since the third quarter of 2021. The absorption rate of new condominiums reached 82.0%, the best rate since the third quarter of 2013. With low single-family housing supply… Read More ›
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Mortgage Activity Increases after Dip in Rates
Per the Mortgage Bankers Association’s (MBA) survey through the week ending February 3rd, total mortgage activity increased 7.4% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell one basis point to 6.18%. The FRM rate has fallen around 100 basis points since October of 2022. The Market Composite Index, a measure of mortgage loan application volume,… Read More ›
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U.S. Population Growth Rate Rebounds in 2022
According to the U.S. Census Bureau’s latest estimates, the U.S. resident population grew by 1,256,003 to a total population of 333,287,557. After a historically low growth rate of 0.16% between 2020 and 2021, the U.S. population grew at a rate of 0.38% between 2021 and 2022. The increase in the population growth rate reversed a 6-year trend of declining population… Read More ›
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Mortgage Activity Remains at Low Levels
Per the Mortgage Bankers Association’s (MBA) survey through the week ending January 6th, total mortgage activity increased 1.2% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell sixteen basis points to 6.42%. The FRM rate has remained near 6.4% over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose by… Read More ›