Duncan continued: “With the 30-year mortgage rate once again approaching 7%, it’s yet to be seen whether mortgage demand will finally cool in response, or whether higher rates will simply further suppress supply. If the latter, we expect additional near-term home price appreciation. One consequence of the stronger home price environment is that new home construction is well-supported. Unfortunately, any hopes of a better-balanced home supply situation may rest on the ability of homebuilders to meet ongoing demand.”
According to Altos Research, there were 470,458 active single-family
Even though the inflation growth rate has cooled a good deal, single-family home prices remain quite stubborn.
Fannie Mae’s Home Price Index increased 3.0% year over year in Q2 2023, a decline from Q1 2023’s revised annual growth rate of 4.9%. On a quarterly basis, the national index – which measures the average, quarterly price change for all single-family properties (no condos) in the U.S., rose a seasonally adjusted 1.9% in Q2 2023. It was an acceleration from a 1.3% growth rate in the first quarter.
The consumer-price index, which tracks details ⇒
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