The National Association of Realtors’ Q3 2024 report highlights how persistently low housing supply is driving affordability challenges, with median home prices rising 3% in September for the 15th straight month of year-over-year gains.
The Fannie Mae Home Purchase Sentiment Index® (HPSI) rose 1.8 points in September to 73.9, its highest level in over two years, driven by record consumer optimism that mortgage rates will decline.
Fannie Mae’s ESR Group revised downward its forecast for existing home sales, predicting an annual sales rate at its lowest since 1995, due mainly to the lock-in effect and persistent affordability constraints.
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