It’s a No-Bust Scenario for National House Prices
Data from June and July point to signs that affordability has steadily improved over the past six months thanks to a slowing of national housing price growth. While not near the levels of the pre-pandemic housing market, falling mortgage rates and rising household incomes are helping to relieve the historically low affordability across the country. While economic uncertainty and still-elevated mortgage rates play a role in housing prices dropping, the lack of supply balances the delicate scale of buyer affordability and builder risk, preventing a dramatic increase or decrease in housing price growth overall.
