NAR Finds Typical Home Buyer's Annual Household Income Climbed to Record High of $107,000 in Wake of Rising Home Prices and Mortgage Rates

Key Highlights First-time buyers made up 32% of all home buyers, up from last year’s historic low of 26%, but still below the average of 38% since 1981. The typical down payments for first-time (8%) and repeat (19%) buyers were the highest since 1997 and 2005, respectively. Eighty-nine percent of bo

Instant Reaction: Mortgage Rates, November 9, 2023

Housing consumers have a bit of relief this week as the 30-year fixed mortgage interest rate dipped lower to 7.5%, falling one-quarter of a percent and hitting the lowest point in a month. Despite this, home buyers are facing a more expensive housing market than last year. Based on NAR’s Quarterly R

August 2023 NAR Real Estate Forecast Summit: Residential Update

On August 2, 2023, from 1:00–2:00 p.m. Eastern, NAR held its virtual Real Estate Forecast Summit: Residential Update event, which provided an outlook on the residential market. The discussion also included consideration of international activity in the residential market. A recording of the event wi