Short-lived mortgage rate relief boosted affordability to a 19-month high in September
A new Zillow analysis reveals that middle-income households could afford more homes in September 2024 than in any month since February 2023. When mortgage rates averaged 6.18% in September, 27.7% of homes for sale were affordable, up from 22.7% in May when rates were at 7.06%. However, rates have since climbed back to 6.78% by mid-November, highlighting market volatility.
In October 2024, all 50 largest metro areas showed improved affordability compared to the previous year. Pittsburgh led with 72.1% affordable listings, while Los Angeles remained least affordable at 1.6%. Sun Belt markets, particularly Austin, saw the largest year-over-year improvements in affordability.
Una nuova analisi di Zillow rivela che le famiglie a reddito medio potrebbero permettersi più case a settembre 2024 rispetto a qualsiasi mese da febbraio 2023. Quando i tassi ipotecari erano mediamente del 6,18% a settembre, il 27,7% delle case in vendita era accessibile, in aumento rispetto al 22,7% di maggio, quando i tassi erano al 7,06%. Tuttavia, i tassi sono aumentati nuovamente al 6,78% a metà novembre, evidenziando la volatilità del mercato.
Nel mese di ottobre 2024, tutte le 50 aree metropolitane più grandi hanno mostrato un miglioramento dell'accessibilità rispetto all'anno precedente. Pittsburgh ha guidato con il 72,1% delle inserzioni accessibili, mentre Los Angeles è rimasta la meno accessibile con l'1,6%. I mercati del Sun Belt, in particolare Austin, hanno registrato i maggiori miglioramenti anno su anno nell'accessibilità.
Un nuevo análisis de Zillow revela que los hogares de ingresos medianos podrían permitirse más viviendas en septiembre de 2024 que en cualquier mes desde febrero de 2023. Cuando las tasas hipotecarias promediaron el 6.18% en septiembre, el 27.7% de las casas en venta eran asequibles, un aumento con respecto al 22.7% en mayo, cuando las tasas estaban en 7.06%. Sin embargo, las tasas han vuelto a subir al 6.78% a mediados de noviembre, destacando la volatilidad del mercado.
En octubre de 2024, las 50 áreas metropolitanas más grandes mostraron una mejor accesibilidad en comparación con el año anterior. Pittsburgh lideró con un 72.1% de anuncios asequibles, mientras que Los Ángeles se mantuvo como la menos asequible con un 1.6%. Los mercados del Sun Belt, particularmente Austin, vieron las mayores mejoras año tras año en la asequibilidad.
새로운 질로 분석에 따르면, 중간 소득 가구는 2024년 9월에 2023년 2월 이후 가장 많은 주택을 구매할 수 있는 것으로 나타났습니다. 9월에 주택 담보 대출 금리가 평균 6.18%였을 때, 판매 중인 주택의 27.7%가 저렴했으며, 이는 7.06%의 금리였던 5월의 22.7%에서 증가한 수치입니다. 그러나 이후 금리는 11월 중순까지 6.78%로 다시 상승하며 시장의 변동성을 강조했습니다.
2024년 10월에는 50개 주요 대도시 지역 모두가 이전 해에 비해 개선된 접근 가능성을 보였습니다. 피츠버그가 72.1%의 저렴한 주택 목록으로 선두에 올랐고, 로스앤젤레스는 1.6%로 가장 비쌌습니다. 썬벨트 시장, 특히 오스틴은 접근 가능성에서 가장 큰 연간 개선을 보였습니다.
Une nouvelle Analyse de Zillow révèle que les ménages à revenu moyen pourraient se permettre davantage de logements en septembre 2024 que dans n'importe quel mois depuis février 2023. Lorsque les taux hypothécaires étaient en moyenne de 6,18% en septembre, 27,7% des maisons à vendre étaient abordables, contre 22,7% en mai, lorsque les taux étaient de 7,06%. Cependant, les taux ont depuis grimpé à 6,78% à la mi-novembre, mettant en évidence la volatilité du marché.
En octobre 2024, les 50 plus grandes zones métropolitaines ont montré une amélioration de l'accessibilité par rapport à l'année précédente. Pittsburgh a mené avec 72,1% de logements abordables, tandis que Los Angeles est restée la moins abordable avec 1,6%. Les marchés du Sun Belt, en particulier Austin, ont connu les plus grandes améliorations d'une année sur l'autre en matière d'accessibilité.
Eine neue Zillow-Analyse zeigt, dass Haushalte mit mittlerem Einkommen im September 2024 mehr Häuser erwerben könnten als in jedem Monat seit Februar 2023. Als die Hypothekenzinsen im September durchschnittlich bei 6,18% lagen, waren 27,7% der zum Verkauf stehenden Häuser erschwinglich, ein Anstieg von 22,7% im Mai, als die Zinsen bei 7,06% lagen. Die Zinsen sind jedoch bis Mitte November auf 6,78% gestiegen, was die Volatilität des Marktes unterstreicht.
Im Oktober 2024 zeigten alle 50 größten Ballungsräume eine verbesserte Erschwinglichkeit im Vergleich zum Vorjahr. Pittsburgh führte mit 72,1% erschwinglichen Angeboten, während Los Angeles mit 1,6% am wenigsten erschwinglich blieb. Die Märkte im Sun Belt, insbesondere Austin, verzeichneten die größten jährlichen Verbesserungen in der Erschwinglichkeit.
- Increased home affordability across all 50 largest metro areas compared to previous year
- September 2024 saw highest affordability levels in 19 months
- 12 markets showed more than 50% of homes as affordable for middle-income households
- Mortgage rates increased from 6.18% in September to 6.78% by mid-November
- Major California markets remain highly unaffordable with less than 15% of listings accessible to middle-income households
- Volatile mortgage rates creating uncertainty for homebuyers
Insights
The data reveals significant regional disparities in housing affordability across major U.S. markets. Pittsburgh leads with 72.1% of listings being affordable, while Los Angeles trails at just 1.6%. The temporary dip in mortgage rates to
Sun Belt markets showed the most substantial year-over-year improvements in affordability, with Austin leading at +13.2 percentage points. The subsequent rate increase to
The volatility in mortgage rates is creating significant short-term opportunities and challenges for both buyers and real estate companies. For Zillow, this environment could drive increased engagement with their BuyAbility tool as consumers seek real-time affordability insights. The improved year-over-year affordability metrics across all 50 major markets, despite higher rates than September, suggests a potential market adjustment through price moderation.
The regional affordability variations present strategic opportunities for Zillow's business development, particularly in high-affordability markets where transaction volume potential is greater. The trend toward Sun Belt markets showing the largest affordability improvements could indicate future growth opportunities in these regions.
Unpredictable rate movements are quickly changing the affordability picture for home shoppers
- Lower mortgage rates in September brought the share of homes a middle-income household could comfortably afford to a 19-month high.
- Mortgage rates have already climbed back to nearly
7% , highlighting the need for real-time data for buyers to understand what they can afford. - Mortgage rates remain lower than they were a year ago. Even with the increase in October, the share of affordable listings was greater than a year earlier in all of the nation's 50 largest metro areas.
Mortgage rates have been moving quickly over the past few months, which can make a big impact on what home shoppers can afford. In May, when mortgage rates averaged
"Affordability remains the top challenge for first-time home buyers especially, and buying power can change quickly with the unpredictable nature of mortgage rates," said Orphe Divounguy, a senior economist for Zillow Home Loans. "Buyers should expect more ups and downs ahead for mortgage rates. While there's no guarantee, signs point to rates moving a bit lower into next year. However, the path will be bumpy, and buyers should stay ready to move forward when the time is right for them."
Mortgage rates are proving to be extremely volatile, having risen to
October market trends
In October, when mortgage rates averaged
Many markets with the greatest gains from last year in the share of listings affordable to a middle-income household are in the Sun Belt.
Large markets in
Metro Area* | Share of Affordable | Share of Affordable | Share of Affordable |
27.2 % | 27.7 % | 22.7 % | |
11.4 % | 11.6 % | 10.5 % | |
1.6 % | 1.9 % | 1.5 % | |
43.2 % | 42.3 % | 35.8 % | |
28.1 % | 28.9 % | 20.4 % | |
39.6 % | 40.7 % | 32.2 % | |
44.3 % | 44.5 % | 36.4 % | |
51.2 % | 51.7 % | 44.6 % | |
23.9 % | 24.8 % | 21.0 % | |
46.0 % | 47.4 % | 37.9 % | |
11.6 % | 12.7 % | 9.3 % | |
24.0 % | 26.0 % | 18.2 % | |
14.0 % | 15.3 % | 10.7 % | |
12.6 % | 13.2 % | 9.7 % | |
61.5 % | 60.7 % | 56.5 % | |
17.1 % | 16.7 % | 12.7 % | |
50.6 % | 51.0 % | 40.9 % | |
4.2 % | 4.3 % | 2.7 % | |
26.5 % | 27.4 % | 21.3 % | |
22.9 % | 23.0 % | 17.2 % | |
56.2 % | 56.2 % | 50.2 % | |
64.2 % | 64.6 % | 60.2 % | |
22.3 % | 22.9 % | 18.0 % | |
33.0 % | 33.9 % | 26.4 % | |
33.1 % | 34.4 % | 25.5 % | |
18.5 % | 19.5 % | 15.2 % | |
10.5 % | 10.6 % | 6.9 % | |
72.1 % | 73.1 % | 64.4 % | |
53.5 % | 53.3 % | 44.9 % | |
26.3 % | 27.0 % | 17.8 % | |
18.9 % | 19.6 % | 17.1 % | |
51.2 % | 50.6 % | 43.6 % | |
45.4 % | 45.4 % | 37.3 % | |
59.5 % | 60.1 % | 49.3 % | |
57.2 % | 56.5 % | 49.7 % | |
7.2 % | 7.0 % | 4.1 % | |
18.6 % | 20.6 % | 13.3 % | |
43.9 % | 45.3 % | 36.9 % | |
14.5 % | 17.5 % | 12.0 % | |
39.9 % | 41.0 % | 31.7 % | |
46.4 % | 44.8 % | 39.6 % | |
42.7 % | 42.5 % | 32.7 % | |
40.3 % | 42.2 % | 32.1 % | |
47.7 % | 48.0 % | 42.4 % | |
43.1 % | 44.8 % | 36.1 % | |
48.4 % | 48.4 % | 41.0 % | |
36.9 % | 38.5 % | 30.4 % | |
22.7 % | 23.9 % | 14.6 % | |
41.8 % | 41.3 % | 36.0 % | |
63.7 % | 64.8 % | 55.7 % | |
54.8 % | 54.7 % | 48.7 % |
*Table ordered by market size
**Assuming a median-income household and
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1 Average of the weekly 30-year, fixed-rate mortgage rates during the month, according to the Freddie Mac Primary Mortgage Market Survey.
2 A household is considered able to afford a home if the estimated monthly mortgage payment on that home would cost no more than
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SOURCE Zillow
FAQ
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