NAR in the News

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Drops in mortgage rates, even marginal ones, are generally welcomed by home buyers sensitive to rates, yet buying activity has stayed persistently low.

U.S. existing-home sales tumbled to a four-year low in April as higher mortgage rates cast a pall on the spring selling season.

NAR Chief Economist Lawrence Yun predicted that interest rates will fall in the long term – a financial decision home buyers and sellers have looked forward to for a while.

Distressed sales, which include foreclosures and short sales, made up just 2% of total sales in April 2024; the reason there are so few foreclosures available today boils down to elevated home values.

Over the past year or so, the housing market has been one of the most unaffordable in history. A home is considered "unaffordable" if it costs more than 28% of a household's annual income.

From 1971 to 2021, the number of people living in multigenerational households quadrupled, reaching 59.7 million, according to a Pew Research Center survey.

Interest rates are high and so are home prices, and that's leading to a lag in home sales.

Home buyers are increasingly turning to family members, most often parents, for help buying a house in overpriced and undersupplied markets, reflecting a shift in the way many families finance homeownership.

Sales of previously owned homes fell 1.9% in April from March to 4.14 million units, on a seasonally adjusted annualized basis.