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.

Download the Reports

Outlook chart image 2023

Economic & Housing Market Outlook

See impacts of inflation, mortgage rates, home prices, and delinquencies and foreclosure activity within the U.S. housing market in the 2023 Quarterly Economic & Housing Market Outlook.

Outlook report 2023

Monthly Report

Recent data suggest cooling inflation, increasing new home sales as existing homeowners are locked into their low mortgage rates, and rising home prices.