This is the first time the price spread converged since the housing crisis ended in July 2012.
In addition to younger Millennials, Gen Z members are also likely to fuel the demand for housing over the next couple of years, especially if affordability improves.
Since May 2022, the appraisal gap has seen a precipitous decline at the same time that higher mortgage rates are squeezing buyers.
Following an unprecedented boom in global housing prices, countries are experiencing pricing corrections.
With current mortgage rates at over 6%, the vast majority (99%) of outstanding mortgage debt has a lower mortgage rate locked in.
Although more than half of homes sold within 30 days, the median number of days they are staying on the market is growing.
After down payment amounts barreled downward during the housing crisis of the Great Recession, they have since steadily increased. Recently, the pandemic incited a surge that has led to record highs.
As mortgage rates slow the buying frenzy, long-standing housing supply pressures began to ease. However, the supply of homes remains lower than pre-pandemic averages.
The share of single-family homes purchased by investors went from 16% in 2020 to 24% in 2021, and the outsized presence of mega-investors raises concerns that they are driving up prices and muscling potential homeowners out of the market.