At the national level, housing affordability declined in August 2020 compared to a year ago and fell compared to July.
While the housing market has undoubtedly had a V-shaped recovery, the labor market hasn’t rebounded yet to its pre-pandemic levels.
Mortgage rates fell slightly this week as mortgage applications rose. Specifically, the 30-year fixed-rate mortgage ticked down to average 2.87% this week from 2.88% the prior week.
Unemployment rates are highest among millennials, Blacks, and those with less than a high school degree.
Income and credit conditions are two main factors that affect the ability of consumers in obtaining a loan, either for a home or other personal property.
The number of people who applied for unemployment benefits dropped last week. Specifically, the unadjusted new jobless claims totaled 786,942 in the week ending September 26, a decrease of nearly 5% from the previous week.
The jobs recovery continued in September, with another 661,000 net new jobs. Government jobs fell as fewer Census takers were needed, and layoffs of school support staff occurred as many courses have gone online.
The 30-year fixed-rate mortgage dropped to average 2.88% this week from 2.90% the prior week. Rates have stabilized below 3% for more than 2 months.
August’s pending home sales pace increased 8.8% last month and jumped 24.2% from a year ago.
This blog post provides a comprehensive picture of housing in America using the trends of the following 9 factors; household growth, homeownership rate, household size, owner and rental vacancy rates, type of homes, adults living with their parents, share of income for housing, home prices, residential mobility.
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