Approximately 123,000 households rely on Section 8 vouchers to help pay rent, and the program remains a central tool for addressing housing affordability and homelessness.
If demand picks up notably in the coming months and outpaces supply growth, home prices will inevitably rise.
The report noted that beyond the immediate employment of film crew and production staff, the industry creates a multiplier effect throughout the local economy.
If demand picks up notably in the coming months and outpaces supply growth, home prices will inevitably rise.
WASHINGTON—Existing-home sales increased by 1.7% month-over-month in February, according to the National Association of Realtors Existing-Home Sales Report released on March 10.
Month-over-month sales rose in the Midwest, South and West, and fell in the Northeast. Year-over-year sales rose in the South and fell in the Northeast, Midwest and West.
Affordability improved for the eighth consecutive month, according to NAR’s Housing Affordability Index—increasing to 117.6 in February from 117.1 in January and 103.1 a year ago. This marks the highest level since March 2022.
“Housing affordability is improving, and consumers are responding,” said NAR Chief Economist Dr. Lawrence Yun. “Still, there is a long way to go to return to pre-pandemic levels of transaction activity. There are more than 6 million more jobs than in 2019, yet home sales per year are down by one million.”
“Despite the modest gain in home sales, actual housing demand remains muted relative to wage growth and job gains,” Yun added. “Wage growth is now outpacing home price growth by almost four percentage points. Mortgage rates are also measurably lower compared to a year ago.”
Yun noted that inventory is growing, but sluggishly. “If demand picks up notably in the coming months and outpaces supply growth, home prices will inevitably rise. That is why increasing supply is so important to help limit home price growth, improve housing affordability, and boost transactions,” he said.
$398,000: Median existing-home price for all housing types, up 0.3% from one year ago ($396,800)—the 32nd consecutive month of year-over-year price increases.
The Housing Affordability Index rose to 117.6 in February, up from 117.1 in January and 103.1 a year ago.
Year-over-year, affordability improved across all regions.
Single-Family Homes in February
Condominiums and Co-ops in February
6.05%: The average 30-year fixed-rate mortgage in February, according to Freddie Mac, down from 6.10% in January and 6.84% one year ago.
The report noted that beyond the immediate employment of film crew and production staff, the industry creates a multiplier effect throughout the local economy.
The original complaints filed against the village, Rockland County and developers stemmed from HUD funding they had received for a 62-unit condominium development that was sold “in a discriminatory fashion.”
The company announced a total of 12 Saks Fifth Avenue store closings and three Neiman Marcus closures.
“HGAR will continue to advocate for policies that promote housing opportunity, protect property rights, and support a fair, transparent, and functional housing market for everyone.”
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