July Housing Starts: Backlogged
Limited access to key building supplies has upped prices for materials and translated to higher list prices for would-be homebuyers.
Market Trends
Share of Homes Sold Way Over List Doubles
The number of homes selling for huge sums over list price has risen rapidly since the start of the year. More than twice as many home sold for $500,000 or more over their original list price in Q2 than in Q1.
Zillow July 2021-July 2022 Home Value and Sales Forecast
Zillow expects home values to grow 12.1% between July 2021 and July 2022, and to end 2021 up 20.3% from December 2020.
The Typical U.S. Renter is Expected to be ‘Housing Cost Burdened’ By the End of 2021
Rent paid as a share of income is forecast to rise beyond 30% by December for the typical U.S. renter, which is considered housing burdened.
Mortgage Rates Rise on Economic Reports
While the uncertainty presented by the Delta variant and other factors continues to limit some upward movement to mortgage rates, the increasing likelihood of a shift in monetary policy later this year has jostled rates loose from their half-year lows.
Forbearance Exits Will Likely Add to Inventory Starting in August
A significant share of homeowners exiting forbearance programs in coming months will likely end up listing their home for sale.
Pandemic Impacts Felt More Strongly by Lower-Income, Renter and Households of Color
Black, Latinx, lower-income & renter households were more likely to report housing and economic challenges brought on by the pandemic.
Mortgage Rates Fall Further on Delta Variant Developments
Mortgage rates fell further this week, reaching their lowest level in six months as investors reevaluate their outlook for long-term economic growth.
Mortgage Rates Fall Slightly But Hold Firm After Fed Announcement
Mortgage rates drop after FHFA removes the refinance fee and delta variant concerns.
May 2021 Case-Shiller Results & Forecast: Growth Continues Climb
The forces that have propelled home price growth to new highs over the past year remain in place and are offering little evidence of abating.
