Quarterly Economic & Housing Market Outlook
Research & Insights: September 2023
Learn about the where the economy and housing market is heading through the Quarterly Economic & Housing Market Outlook. Here are some key highlights:
Economy: Growth Resilient Amidst Rising Rates
- Growth remains resilient and is expected to remain stable in the second half of 2023.
- Labor market cooling, but still tighter than pre-pandemic levels with unemployment rate equaling 50-year lows.
- Inflation moderating, but still above the Fed target.
Housing Market: Affordability Challenged by Higher Rates – House Prices Resilient
- Mortgage rates on the rise again as Fed continues to raise short-term rates.
- High rates and high house prices continue to impact affordability, purchase applications and home sales.
- Existing home sales declined, while new home sales increased; new listings declined due to the rate-lock effect.
- Home prices rebounded on low supply.
Distressed Supply, Delinquencies & Foreclosures
- Serious delinquency rate for credit cards and autos increased.