America’s growing home tenure is threatening potential home sales growth

Potential existing-home sales fell in July as inventory concerns continued to threaten the market’s overall growth, according to First American’s Potential Home Sales Model. According to the company’s analysis, the market potential for existing-home sales fell by 1.2% from 2018, equating a loss of 63,000 sales. First American Chief Economist Mark Fleming said America’s rising tenure length means that there are both fewer buyers and homes on the market, keeping existing-home sales below market potential.

Low mortgage rates spur gain in July’s existing home sales

Existing-home sales rose in July from the prior month, increasing nearly 2.5%, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said falling mortgage rates are improving housing affordability and nudging buyers into the market. However, Yun warns that the supply of affordable housing is severely low, and the shortage of lower-priced homes have pushed up home prices.

HUD awards $28 million to deal with lead paint in public housing

The Department of Housing and Urban Development announced Tuesday that is providing $27.8 million to 38 Public Housing Agencies across the country to reduce lead-based paint hazards in older public housing units. Although lead-based paint was banned for use in homes in 1978, HUD currently estimates that there are approximately 24 million older homes that still have significant lead-based paint hazards

These are the nation’s most affordable housing markets for middle-class families

The era of unusually affordable housing has ended, meaning America’s housing affordability has returned to average historical levels. While this means homes are no longer cheap on a national basis, Redfin’s affordability report suggests the market is still relatively affordable for America’s middle-class families. According to Redfin’s data, in 68 of the 88 most populous American housing markets, a median-priced home is still affordable to families earning the area’s median household income.