Real Estate Weekly Updates

As the American housing market continues its upward trajectory, the dream of homeownership is becoming increasingly challenging, especially for first-time homebuyers. Home affordability is a complex issue influenced by a myriad of factors, including wage growth, housing supply and mortgage rates, all of which have a profound impact on a buyer’s ability to enter the market. The National Association of Realtors (NAR) highlights that while there has been a slight moderation in price increases, the affordability index continues to paint a bleak picture for many aspiring homeowners. This index is a key economic indicator that assesses whether a typical family earns enough to qualify for a mortgage loan on a typical home, given current price and interest rate conditions. Recent trends have shown particularly sharp declines in affordability in high-demand regions such as the Northeast and West, where housing supply is struggling to keep up with demand.