Graphic:
Excerpt:
Housing affordability continues to soar out of reach of most buyers. Not only are prices at a new record level, mortgage rates remain close to 7.0 percent.
Chart Notes
- Case-Shiller measures repeat sales of the same price over time. It is the best measure of price, but it lags. Current data is as of May which reflects sales 1-3 months prior.
- The CPI, OER, and Rent of Primary Residence are all from the BLS.
- OER stands for Owners’ Equivalent Rent. It is the rent one would pay if someone was renting instead of paying a mortgage.
Author(s): Mike Shedlock (Mish)
Publication Date: 30 July 2024
Publication Site: MishTalk