Real Estate Market Brief
Summary
While lower mortgage rates and easing home prices are improving overall housing affordability, saving for a down payment remains the primary obstacle for first-time buyers, now taking an average of seven years.
Key Points
- Affordability Mixed: Mortgage rates have fallen from over 7% to ~6.19%, and monthly payments are ~$200 lower than a year ago for a median-priced home. However, home prices are nearly flat nationally (up only 0.3% year-over-year) and lag behind consumer inflation.
- Down Payment Hurdle: The typical homebuyer needs 7 years to save for a down payment, down from 12 years in 2022 but double pre-pandemic levels. Down payments are cited as the biggest barrier to homeownership.
- Market Disparities: Home price changes vary significantly by city. Chicago, New York, and Cleveland saw gains, while Tampa, Phoenix, and Dallas experienced declines.
- Supply & Demand Shifts: Active listings are up 12% from a year ago (but still 6% below pre-pandemic levels). Pending home sales rose 3.3% in November, reaching a nearly three-year high, indicating increased buyer activity.
房地产市场简报
摘要
尽管抵押贷款利率下降和房价趋缓正在改善整体住房可负担性，但为首付攒钱仍然是首次购房者的主要障碍，目前平均需要七年时间。
关键点
- 可负担性喜忧参半：抵押贷款利率已从超过7%降至约6.19%，对于中位价房屋，月供比一年前平均减少约200美元。然而，全国房价几乎持平（同比仅上涨0.3%），且涨幅落后于消费者通胀。
- 首付障碍：典型购房者需要7年时间为首付储蓄，虽低于2022年的12年，但仍是疫情前水平的两倍。首付被认为是购房的最大障碍。
- 市场差异显著：房价变化因城市而异。芝加哥、纽约和克利夫兰出现上涨，而坦帕、凤凰城和达拉斯则出现下跌。
- 供需变化：活跃挂牌房源比一年前增加12%（但仍比疫情前水平低6%）。11月成屋待完成销售量增长3.3%，达到近三年来的最高点，表明买家活动增加。
Original Article Link: https://www.cnbc.com/2025/12/30/home-prices-affordable-down-payments-buyers.html