Tag Archives: Home Prices

Data compiled by S&P Dow Jones Indices has shown that 11 of the 20 major metro markets reported month-over-month price increases in October, with Detroit keeping pace as the fastest growing market nationwide.

Home prices reached a new peak for the eighth consecutive month in November, according to First American's latest Home Price Index report, which revealed that price appreciation for small, affordable homes for first-time buyers remained strong, with starter home prices growing the fastest in many U.S. markets.

The share of existing-home sales ticked up, ending a five-month slide, according to a new report from NAR, while the median existing-home price also jumped in November, marking a fifth consecutive month of year-over-year price increases.

While the combination of high home prices and interest rates continues to price many potential buyers out of the market, homebuyer mobility has stalled as a result as well. Riordan Frost, Senior Research Analyst for the Joint Center for Housing Studies, reveals the latest predictions surrounding homeowner mobility and what it would take to recover.

The path to homeownership is becoming increasingly challenging for Americans nationwide, but how much can potential homebuyers afford to spend on a home in today's market? A new Point2 study showed that the median home price is now twice what the average buyer can afford, posing even more financial barriers for those seeking the American Dream.

According to Angi's 2023 State of Home Spending report, Americans spent thousands of dollars on home projects this year, with many homeowners choosing to spend more on improvements rather than moving due to elevated housing costs and high mortgage rates.

Zillow's latest housing market report revealed that cooling home values, lower mortgage rates, and easing costs made home purchases more affordable for buyers in November, with sellers offering price cuts in increasing numbers.

Asking rents have declined year-over-year in three of the last four months, according to a new Rent.com report, dropping a total of four times in 2023. As prices continue to climb in the Midwest, other regions saw annual declines in November, as the market continues its seasonal slowdown.

According to Bank of America's latest Homebuyer Insights Report, the estimated number of prospective buyers willing to wait for prices and/or mortgage rates to fall before purchasing a home is down from a whopping 85% recorded in June.

The Joint Center for Housing Studies has released Housing America’s Older Adults 2023 report, revealing that the older population is surging, presenting imminent challenges to supply housing and care for millions of Americans in the coming years.