Overview

• Mortgage rates have fallen to a 10-week low, sparking a rise in mortgage applications for the fourth consecutive week, although the volume of applications remains 19% lower than the same time last year.
• Rents are decreasing in several cities, including Austin, Texas; Dallas, Texas; Orlando, Florida; Portland, Oregon; and Phoenix, Arizona, making renting a more affordable option for many.
• Despite a projected slight decrease in housing costs in 2024, the supply of existing homes is expected to remain strained, with a predicted 14% drop in inventory year over year.
• Home prices rose 3.9% year-over-year in September, marking the third consecutive month of increases and pushing the index to the highest level ever recorded.
• Rental prices are beginning to level off as residential construction has rapidly increased, boosting multifamily completions to their highest levels in the first two quarters since the 1980s.