Housing Data Week: Prices, New Builds, and Affordability Refugees

The real estate sector is set for a data-intensive week, commencing Monday with Realtor.com's End-of-Summer Housing Update, presented by Senior Economist Jake Krimmel. This report will likely provide an overview of current market conditions as the summer season concludes. On Tuesday, Senior Economist Jiayi Xu will release the quarterly Cross Market Report, which is expected to highlight a phenomenon termed 'affordability refugees.' This term describes home shoppers who are compelled to relocate to different markets in search of more affordable housing options, indicating a significant geographical disparity in price trends. Midweek, specifically on Wednesday, Senior Economist Joel Berner will present the quarterly New Construction Report. This report will delve into the demand for newly built homes, offering insights into the construction industry's performance and builder strategies. Thursday will feature two key releases: Jiayi Xu's regular Weekly Housing Data, providing ongoing market analysis, and a "Lowkey Luxe" report focusing on Slidell, Louisiana, by an unnamed author, which will likely explore niche or specific local market characteristics. Also on Tuesday, two significant economic indicators will be analyzed. Commentary will be provided on the June Case-Shiller Index, a widely watched measure of existing home pricing trends. The anticipation is for nearly flat year-over-year results, with an estimated increase of approximately 1%, suggesting that home price appreciation is lagging behind inflation. The report is expected to indicate tighter market conditions in the Midwest and Northeast regions, in contrast to easing conditions in metropolitan areas across the West and South. Concurrently, Joel Berner will dissect the U.S. Census Bureau's monthly new-home sales data to determine if the upward momentum observed in early summer has been sustained. The report will likely address how builders are responding to increased construction costs and market competition, potentially through the offering of buyer incentives such as price reductions or financing assistance. Finally, Senior Economist Hannah Jones will be tracking Thursday's Freddie Mac mortgage rate release. An upward pressure on mortgage rates is anticipated, influenced by recent activity in the bond market and ongoing geopolitical factors, specifically citing the conflict in Iran as a driver of market uncertainty. For comprehensive reports, access to the Market Clock tool, and raw housing data, interested parties are directed to realtor.com/research.