Housing demand stays firm, pushing inventory close to negative YOY
Even if we go negative year over year soon, we are in a much healthier spot with inventory than we were from 2020 to 2023.
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Mortgage rates are at yearly highs, but housing demand is still positive
Pending sales rose to 78,006 and purchase apps rose 7% yearly, even as mortgage rates hit highs and yields neared 4.60%.
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Inventory growth making housing more affordable
With inventory at multiyear highs, NAR prices are up 0.9% year over year versus 3.6% wage growth, easing affordability pressure.
Positive housing demand leads to inventory almost going negative YOY
Pending sales rose to 79,220 vs 74,212 last year as rates dipped to 6.42% and inventory growth slowed to 1.49% year over year.
Homebuyer aid broadens to middle class amid price pressures
Homebuyer assistance has moved far beyond the scope of poverty relief — growing into an economic strategy to preserve homeownership.
Mortgage spreads are the only thing keeping rates under 7%
If mortgage spreads were at the highest levels from 2023-2025 with the 10-year yield at this level, mortgage rates would be over 7%.