Housing affordability

Recent efforts to open up homeownership opportunities include a proposed $100 million down-payment-assistance initiative within the Biden Administration's 2024 federal budget request.

Almost twice as many homes on sale in February saw a reduction in housing costs compared to a year ago, as elevated interest rates limit how much buyers can afford.

The share of women property holders fell four percentage points from the prior year, according to Zillow

Buyer affordability has decreased by almost 22% in the past year, according to the Mortgage Bankers Association.

The total price of U.S. homes was $45.3 trillion at the end of 2022, down from a record high of $47.7 trillion in June, according to Redfin's report.

Average housing costs have surged over 40% since 2019, outpacing 15% in wage increases, the National Association of Realtors said.

Although housing values have noticeably flattened in recent months, the share of buyers expecting the search for a new residence to become harder grew, according to the National Association of Home Builders.

Despite the significant annual increase, home buyers saw signs of affordability returning in the latter months of the year.

Increases in values were more likely to stick across the Central U.S, while pandemic boomtowns experienced the biggest declines in median housing costs, according to Realtor.com.

Prices were up by less than 9% year-over-year, according to CoreLogic's report.