Housing affordability

While purchasing power grew for the 16th straight month in April, surging property values and increased mortgage rate forecasts will keep driving down affordability, according to First American.

Home prices grew at a record annual pace in April but indicators of a possible slowdown popped up in May, Redfin noted.

Remote workers looking across the country for an inexpensive house have a wide net to cast, but a few important socioeconomic factors can narrow the search.

Companies in the government mortgage market that serves low income, entry-level buyers are facing higher forbearance rates and more financial strain than others, making homeownership increasingly unattainable as credit remains tight.

As consumers search for homebuying advantages, local lenders discuss the 12 metro areas where it’s more affordable to purchase a property rather than rent a comparable house, according to Realtor.com data.

Even as properties spent the least time ever on the market and the average sale-to-list home price ratio broke 100%, some indicators point to a slight reversal, which could head off “runaway home price speculation or a housing bubble,” Redfin chief economist Daryl Fairweather said.

That means depreciation is a risk that could creep back into some regions, potentially requiring lenders and government-related agencies to consider it when setting down payment requirements or managing loan workouts once forbearance ends.

The increase won’t hurt the incentive for the average home shopper, but it means those who were looking to “buy the dip” in prices amid the pandemic may have missed their chance.

That growth could be attractive to a housing finance industry that needs to find new loan sources as easy rate-and-term refinances dwindle.

Stuck between local zoning hurdles and a lack of ideal federal financing, ADUs could be an important aspect to unlocking much-needed inventory.

The $10 million program appears to be the first of its kind in the nation.

The number of home listings collapsed to the lowest level on record, leaving “nearly all of the shelves empty,” Glenn Kelman said in the company’s latest home sales report.

Despite intensified demand and plummeting inventory, consumer home purchasing power made gains behind falling interest rates in October, according to First American.

October's annual appreciation rate was at its fastest since April 2014, CoreLogic said.

The coronavirus pandemic has made for a rough year for a number of industries in Central Texas, but the home construction sector hasn't been one of them.

With a dearth of inventory, September generated the largest price growth in the housing market since May 2014, according to CoreLogic.

Low mortgage rates and strained supply drove the housing market price growth to a 26-month high in August, according to CoreLogic.

Consumer home purchasing power gained steam in July thanks to plummeting interest rates and gains in the median income despite steady price growth, according to First American.

More counties have median home prices above their historic averages for typical wage earners, the company found.

Outside the densely populated coastal hubs, annual home sales grew by leaps and bounds, as buying patterns shifted toward more space with less emphasis on proximity to urban centers, according to Redfin.