Rising rents are keeping consumer prices elevated. The Federal Reserve therefore cannot yet relax on its monetary tightening policy.
Married couples account for the largest share of home buyers at 61%, while unmarried couples account for 10% of the market but are a sizeable share of the first-time buyer market at 18%.
At the national level, housing affordability rose in December compared to the previous month, according to NAR’s Housing Affordability Index.
The rate on a 30-year fixed mortgage ticked up to 6.12% from 6.09% the previous week.
The National Association of REALTORS® reported that home prices continued to rise in the fourth quarter of 2022.
Multi-generational buying is back near an all-time high at 14%. This is up from 11% in the 2021 report.
In January, net new payroll job gains (those receiving steady W-2 statement salaries) totaled 517,000. Net job gains should continue because there are far more job openings than the number of unemployed searching for jobs.
The rate on a 30-year fixed mortgage dropped to 6.09% from 6.13% the previous week.
In 2022, 15.6% of young adults aged 25 to 34 lived at home with family. In 2020, the share of young adults aged 25 to 34 living at home grew to the highest share recorded since 1960, 17.8%.
After a historically low moving rate in 2021, data indicates that even fewer Americans moved across the country in 2022. Using the United States Postal Service® change-of-address data, we see a persistent declining migration trend for 2022.
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