Housing affordability

The slowdown in new single-family construction is one of several headwinds homebuilders find themselves facing this summer.

Even with another annual surge of over 20%, the pace of home-price growth eased in May and experts anticipate even further moderation over the next year.

Recent data from several organizations further highlights affordability challenges and souring consumer sentiment, while a growing number of economists think the market has peaked.

California could soon help first-time home buyers with their down payments and mortgage costs under a proposed $1-billion program to make homeownership more financially feasible for low- and middle-income residents.

A larger share felt it was a bad time for both buying and selling, but a growing number expect price growth to slow.

The median rent in the tri-county area jumped 57% from March 2021 to March 2022, according to the latest data from realtor.com.

While housing costs continued to set records, several signs of moderation have begun to appear in the last several weeks, according to Redfin.

Recent affordability and interest rate trends led to “clear evidence” of discouragement among potential consumers in the purchase market in the first three months of 2022, according to the National Association of Home Builders.