[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1ynqpgczb3n1e":3,"$ffeh0925h8cuz":51,"$fbwk2pqjjqsc7":55},{"item":4,"previous":39,"next":45},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":37,"updatedAt":38},58921,"is-affordability-starting-to-improve","Is Affordability Starting To Improve?","\u003Cp>\u003Cspan style=\"color: rgb(0, 0, 0);\">Over the past couple of years, a lot of people have had a hard time buying a home.\u003C\u002Fspan>\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240812\u002F20240813-is-affordability-starting-to-improve-original.png","\u003Cp>Over the past couple of years, a lot of people have had a hard time \u003Ca href=\"\u002F2024\u002F07\u002F19\u002Fthe-biggest-mistakes-homebuyers-are-making-right-now\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">buying a home\u003C\u002Fa>. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR), \u003Ca href=\"https:\u002F\u002Fwww.cnbc.com\u002F2024\u002F07\u002F30\u002Fhere-are-the-signs-of-an-improving-housing-market.html\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">says\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“Housing affordability is improving ever so modestly, but it is moving in the right direction.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>Here’s a look at the latest data on the three biggest factors affecting home affordability: \u003Ca href=\"\u002F2024\u002F07\u002F25\u002Fhow-the-economy-impacts-mortgage-rates\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">mortgage rates\u003C\u002Fa>, \u003Ca href=\"\u002F2024\u002F07\u002F29\u002Fare-home-prices-going-to-come-down\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">home prices\u003C\u002Fa>, and wages. \u003C\u002Fp>\u003Ch4>\u003Cstrong>1. Mortgage Rates\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Ca href=\"\u002F2024\u002F08\u002F07\u002Fmortgage-rates-down-a-full-percent-from-recent-high\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">Mortgage rates\u003C\u002Fa> have been volatile this year, bouncing around from the mid-6% to low 7% range. But there's some good news. Data from \u003Cem>Freddie Mac\u003C\u002Fem> shows rates have been \u003Ca href=\"https:\u002F\u002Fwww.freddiemac.com\u002Fpmms\u002Farchive\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">trending down\u003C\u002Fa> overall since May (\u003Cem>see graph below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240812\u002F20240813-mortgage-rates-are-declining-steadily-original.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240812\u002F20240813-mortgage-rates-are-declining-steadily-original.png\" alt=\"No Caption Received\">\u003C\u002Fa>Mortgage rates have improved lately in part because of \u003Ca href=\"\u002F2024\u002F07\u002F25\u002Fhow-the-economy-impacts-mortgage-rates\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">recent economic\u003C\u002Fa>, employment, and inflation data. Moving forward, some rate volatility is to be expected. But if future economic data continues to show signs of cooling, experts say mortgage rates could keep going down.\u003C\u002Fp>\u003Cp> Even a small drop can \u003Ca href=\"\u002F2024\u002F07\u002F16\u002Fhow-to-determine-if-youre-ready-to-buy-a-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">help you out\u003C\u002Fa>. When rates decline, it's easier to \u003Ca href=\"\u002F2024\u002F07\u002F22\u002Fhow-affordability-and-remote-work-are-changing-where-people-live\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">afford\u003C\u002Fa> the home you want because your monthly payment will be lower. Just don’t expect them to go back down to 3%.\u003C\u002Fp>\u003Ch4>\u003Cstrong>2. Home Prices\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>The second big thing to think about is \u003Ca href=\"\u002F2024\u002F06\u002F24\u002Fhousing-market-forecast-whats-ahead-for-the-2nd-half-of-2024\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">home prices\u003C\u002Fa>. Nationally, they’re still going up this year, but \u003Ca href=\"\u002F2024\u002F07\u002F29\u002Fare-home-prices-going-to-come-down\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">not as fast\u003C\u002Fa> as they did a couple of years ago. The graph below uses home price \u003Ca href=\"https:\u002F\u002Fwww.spglobal.com\u002Fspdji\u002Fen\u002Findices\u002Findicators\u002Fsp-corelogic-case-shiller-20-city-composite-home-price-nsa-index\u002F#news-research\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">data\u003C\u002Fa> from \u003Cem>Case-Shiller\u003C\u002Fem> to illustrate that point:\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240812\u002F20240813-home-prices-are-moderating-original.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240812\u002F20240813-home-prices-are-moderating-original.png\" alt=\"No Caption Received\">\u003C\u002Fa>If you're thinking about buying a home, slower price growth is good news. \u003Ca href=\"\u002F2024\u002F06\u002F12\u002Fhome-prices-arent-declining-but-headlines-might-make-you-think-they-are\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">Home prices\u003C\u002Fa> went up a lot during the pandemic, making it hard for many people to buy. Now, with prices rising more slowly, buying a home may feel less out of reach. As Odeta Kushi, Deputy Chief Economist at \u003Cem>First American\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Ffor-potential-first-time-home-buyers-it-may-be-memphis-or-bust\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">says\u003C\u002Fa>: \u003C\u002Fp>\u003Cblockquote>\u003Cem>“While housing affordability is low for potential first-time home buyers, \u003C\u002Fem>\u003Cstrong>\u003Cem>slowing price appreciation and lower mortgage rates could help\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> – so the dream of homeownership isn’t boarded up just yet.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Ch4>\u003Cstrong>3. Wages\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Another factor helping with affordability is rising wages. The graph below uses \u003Ca href=\"https:\u002F\u002Fwww.bls.gov\u002Fces\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">data\u003C\u002Fa> from the \u003Cem>Bureau of Labor Statistics\u003C\u002Fem> (BLS) to show how wages have increased over time:\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240812\u002F20240813-wages-climbing-at-a-faster-pace-original.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240812\u002F20240813-wages-climbing-at-a-faster-pace-original.png\" alt=\"No Caption Received\">\u003C\u002Fa>Look at the blue dotted line. It shows how wages usually go up in a typical year. On the right side of the graph, you'll see wages are rising even faster than normal right now – that's the green line.\u003C\u002Fp>\u003Cp>This helps you because if your income increases, it's easier to afford a home. That’s because you won't have to spend as much of your paycheck on your monthly mortgage payment.\u003C\u002Fp>","\u003Cp>When you put all these factors together, you see mortgage rates are trending down, home prices are rising more slowly, and wages are going up faster than usual. Though affordability is still a challenge, these trends are \u003Ca href=\"\u002F2024\u002F07\u002F18\u002Funlocking-homebuyer-opportunities-in-2024\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">early signs\u003C\u002Fa> things might be starting to improve.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240812\u002F20240813-mortgage-rates-are-declining-steadily-original.png",false,[17,21,25,29,33],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},35,"Mortgage Rates","mortgage-rates",{"id":30,"name":31,"slug":32},322,"Affordability","affordability",{"id":34,"name":35,"slug":36},325,"Economy","economy","2024-08-13T10:30:00Z","2024-08-13T10:30:16Z",{"id":40,"slug":41,"title":42,"featuredImage":43,"publishedAt":44,"contentType":10,"isVideo":15},58787,"are-there-more-homes-for-sale-where-you-live","Are There More Homes for Sale Where You Live?","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240809\u002F20240812-are-there-more-homes-for-sale-where-you-live-original.png","2024-08-12T10:30:00Z",{"id":46,"slug":47,"title":48,"featuredImage":49,"publishedAt":50,"contentType":10,"isVideo":15},59021,"the-great-wealth-transfer-a-new-era-of-opportunity","The Great Wealth Transfer: A New Era of Opportunity","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240813\u002F20240814-The-Great-Wealth-Transfer-A-New-Era-of-Opportunity-original.png","2024-08-14T10:30:00Z",{"cover":52,"open":53,"shareSpread":54},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[56,60,61,65,69,73,74,78,82,83,87,91,95,99,103,107,111,115,119,123,127,131,132,136,140,141,145,149,153,157],{"id":57,"name":58,"slug":59},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":62,"name":63,"slug":64},6,"For Sellers","sellers",{"id":66,"name":67,"slug":68},7,"Foreclosures","foreclosures",{"id":70,"name":71,"slug":72},8,"Infographics","infographics",{"id":22,"name":23,"slug":24},{"id":75,"name":76,"slug":77},11,"First-Time Buyers","first-time-buyers",{"id":79,"name":80,"slug":81},34,"Senior Market","senior-market",{"id":26,"name":27,"slug":28},{"id":84,"name":85,"slug":86},38,"Move-Up","move-up",{"id":88,"name":89,"slug":90},41,"For Sale by Owner","for-sale-by-owner",{"id":92,"name":93,"slug":94},42,"Featured","featured",{"id":96,"name":97,"slug":98},45,"New Construction","new-construction",{"id":100,"name":101,"slug":102},52,"Luxury \u002F Vacation","luxury--vacation",{"id":104,"name":105,"slug":106},53,"Rent vs. Buy","rent-vs-buy",{"id":108,"name":109,"slug":110},80,"Time-sensitive","time-sensitive",{"id":112,"name":113,"slug":114},81,"Outdated","outdated",{"id":116,"name":117,"slug":118},147,"Internal","internal",{"id":120,"name":121,"slug":122},148,"Do Not Autopost","do-not-autopost",{"id":124,"name":125,"slug":126},320,"Inventory","inventory",{"id":128,"name":129,"slug":130},321,"Agent Value","agent-value",{"id":30,"name":31,"slug":32},{"id":133,"name":134,"slug":135},323,"Buying Tips","buying-tips",{"id":137,"name":138,"slug":139},324,"Downsize","downsize",{"id":34,"name":35,"slug":36},{"id":142,"name":143,"slug":144},326,"Equity","equity",{"id":146,"name":147,"slug":148},327,"Forecasts","forecasts",{"id":150,"name":151,"slug":152},328,"Selling Tips","selling-tips",{"id":154,"name":155,"slug":156},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":158,"name":159,"slug":160},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]