Home affordability better 4 straight months, but home prices still up 31.6% since February 2022
First American Chief Economist Mark Fleming shares key stats worth noting in his latest research note that uses data through February 2023.
– Affordability has improved 4 straight months, but remains down 32% since February 2022.
– Or, more specifically:
– Inflation-adjusted single family home prices rose 31.6% between February 2022 and February 2023.
– Single family home prices are down from peaks in 37 of the top 50 U.S. markets.
– The 5 states with highest February 2022 to February 2023 price gains are:
– The 5 cities with highest February 2022 to February 2023 price gains are:
Mark also discusses whether price corrections from here will lead to a foreclosure wave.
He notes that even though home prices are down in 37 of top 50 markets, much of the equity gained during the pandemic remains.
Example: San Jose has had the sharpest home price declines, but still remains 14% above its pre-pandemic level.
Go check out Mark’s full post at the link below.
Here are a few key stats on home affordability, home prices today one year ago, and whether buyers can buy without sellers taking huge losses.
Check It Out:
– Why Declining House Prices and Softening Labor Market Will Not Trigger a Foreclosure Tsunami