"a steady flow"
Orphe Divounguy, Senior Economist at Zillow, details the rate at which new homes hit the market
this spring and summer, which also helped strengthen housing inventory and increase the total
value of the market.
"ongoing affordability concerns"
Jiayi Xu, Economist at Realtor.com, reveals that while many Americans remain concerned about
housing affordability and costs, it is unlikely the market will see a new peak rent in 2023, offering a
sense of relief for potential homebuyers and renters.
"plateauing of costs"
Molly Boesel, Principal Economist for CoreLogic, unveils that while U.S. single-family rent growth
has reverted to its long-term average, annual cost decreases represent stabilizing housing costs
rather than a weakening single-family rental market.
"a big impact"
Lawrence Yun, Chief Economist for the National Association of Realtors, explains the stability of
home sales over the past several months and how mortgage rate changes will be affected in the
short term, while job gains are projected to have a steady, positive impact in the long run.
"tug-of-war"
Mark Fleming, Chief Economist at First American, discusses the dependent factors that come
into play when predicting the outlook of housing affordability, including the prediction that median
household incomes are expected to continue to rise and the anticipation of stabilized mortgage rates.
FINAL THOUGHTS
In this month's Final Thoughts, industry experts discuss the state of the housing market,
its outlook, affordability concerns, the result of potential rate hikes, and the likelihood
of stabilizing housing costs as Americans nationwide continue to grapple with the
increasing cost of living and the challenging path to homeownership.
MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News
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October 2023
F I N A L T H O U G H T S
