Personal income increased by 0.3% in September, following a 0.2% up in August and a 0.3% increase in July, according to the most recent data release from the Bureau of Economic Analysis. The gains in personal income were largely driven by increases in wages, salaries, and personal current transfer receipts. However, the pace of personal…
With elevated interest rates and rising home prices, 103.5 million households in the United States cannot afford a $495,750 median-priced new home. The growing affordability crisis makes housing a top issue for voters in the 2024 presidential election. Both presidential candidates have offered housing policy proposals to address our nation’s housing supply and affordability challenges….
As of 2023, nearly 40% of homeowners in the United States are mortgage-free, the highest level seen in the past 13 years. With elections approaching, it is valuable to analyze the share of mortgage-free homeowners across congressional districts, as these patterns often provide insights into the local housing market as well as demographic shifts. Both…
All-cash purchases accounted for 7.9% of new home sales in the third quarter of 2024, marking the highest level this year but lowest level for the third quarter since 2022, according to NAHB analysis of the latest Census Quarterly Sales by Price and Financing report. Among mortgaged home sales, FHA-backed and VA-backed sales fell while…
With housing affordability at a multidecade low, housing costs have become a major issue in the 2024 presidential election. While NAHB reports the national homeownership rate from the Census Bureau’s Housing Vacancy Survey on a quarterly basis, examining characteristics across congressional districts provides valuable insights. A recent NAHB analysis of 2023 American Community Survey shows…
Home buyers moved off the sidelines in September following the Federal Reserve’s recent move to cut interest rates for the first time in four years. Sales of newly built, single-family homes in September increased 4.1% to a 738,000 seasonally adjusted annual rate from a downwardly revised August number, according to newly released data from the…
