The Latest Breaking News from Housing Market

If you’re taking the first steps in your career right now, you’re doing so in the face of a high cost of living and an increasingly inaccessible housing market. You may well be facing the reality that you will be worse off than your parents’ generation.

Expected growth in the rental market is likely to remain slow for the rest of the year amid a slow housing market and cooling economy.

“The residential sector now appears to be contracting alongside the recent move higher in mortgage rates,” the bank’s economists wrote.

Some 43,300 mortgages were approved for house purchase in September, marking the lowest monthly total since January 2023.

Chennai luxury housing sales up 143% in 9M 2023: 3,330 units sold, 16,310 units sold across all budget categories. Prices range from ₹15K-40K/sq.ft. Emerging luxury housing market compared to Mumbai, Bengaluru & Delhi. National luxury housing sales up 84,400 units in 9M 2023.

Consumers have been reining in their spending in response to high interest rates and new data may signal a continuation of this trend.

CoreLogic's John Rogers says there's movement from "talking about climate change to real action across the supply chain of building homes."

Incentives offered by homebuilders amid what are otherwise 8% mortgage rates get "at the heart of the affordability issue," housing market expert says.

"Most Boomers locked in low mortgage rates,” the bank said. “The only group that took out mortgage debt meaningfully since 2021 is Millennials, seeing a 20% jump.”

An estimated 53,000 home purchase agreements were canceled in September, Redfin says. The housing market winter is chilly indeed.

The bank expects supply to remain tight but high rates to weigh on affordability, it predicted in its updated 2024 housing outlook.