Real Estate News 12/11/2023

Today’s News Synopsis:

A homebuyer with the median U.S. income would’ve had to spend a record 41% of earnings on monthly housing costs in 2023, up from 39% in 2022 and 31% in 2021.

In The News:

Redfin – “2023 Has Been The Least Affordable Year for Homebuying on Record—But 2024 Is Looking Up“ (12-07-2023)

“The least affordable markets were Anaheim and San Francisco, where homebuyers with the typical local income would’ve needed to spend over 80% of their pay on monthly housing costs. Detroit and Pittsburgh were the most affordable.”

Realtor.com –  “A Look Back at 2023: The Year the Housing Market Froze Over” (12-11-2023)

“As 2023 comes to a close, Realtor.com wanted to look back at this year of real estate extremes. High home prices and mortgage rates led to few homes going on the market and even fewer sales. Buyers couldn’t afford to buy, sellers couldn’t afford to sell—and everyone was frustrated.”

MortgageOrb  –  “Fannie Mae: Home Prices Will Continue to Rise in 2024-2025, But at a Much Slower Pace” (12-11-2023)

“According to the Q4 2023 Fannie Mae Home Price Expectations Survey (HPES), produced in partnership with Pulsenomics, home price growth will clock in at 5.9% in 2023, followed by slower growth in 2024 and 2025.”

NAHB –  “Top Colors for 2024” (12-11-2023)

“A change in color can be an immediate mood booster in any space, and a new year is a great time for a refresh. With so many options available, though, it may seem daunting to choose. Here are the top styles that paint manufacturers have chosen as their colors of the year for 2024 as a guide.”

NAR –  “Inside Home Systems: A Guide to Heat Pumps (12-06-2023)

“Homeowners in America installed 4 million heat pumps in 2022(link is external), beating out fossil-fuel-powered gas furnaces for the first time ever. Why? Cost savings, efficiency, versatility and safety.”