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Oct 81 min read

Housing Affordability Reaches a Post-Pandemic Milestone

Will small steps turn into big strides?

Market Perspective: Fast Facts About the Housing Market.
Housing affordability has improved annually for the first time since 2021. 4.4% Year over Year improvement. Homebuying power increased in August. Enhanced affordability has been driven by an increase in median household income and decrease in 30-year fixed mortgage rates.
Buyer demand is picking up after September's Fed rate cut. Mortgage-rate locks are up 68% month over month with Mortgage purchase applications up 1% week over week and 9% year over year for the week ending 9/27. Redfin's Homebuyer Demand Index is at the highest level since April, up 9% Month over Month and 2% Year over Year.
 

Sources:
1. First American, August 2024 Real House Price Index.
2. Freddie Mac Primary Mortgage Market Survey.
3. Optimal Blue, Daily Market Briefing, Mortgage Trends & Rate Activity, September 24, 2024.
4. Mortgage Bankers Association, Weekly Applications Survey, week ending September 27, 2024.
5. Redfin Homebuyer Demand Index, October 3, 2024.
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