Mortgage closing costs are high. Transfer taxes are a big reason.
Closing costs averaged $4,661 nationally in 2024: LodeStar
Single-family construction permits decline in April for the fourth month in a row
Multifamily permits have also dipped year to date: NAHB
Rent growth slows in May as inventory increases
A greater number of available rentals and a cooling housing market have combined to give renters more negotiating power
Cheaper rents contributing to ‘neutral’ housing market: Zillow
Monthly rental prices are roughly $100 less than average mortgage payments
Home price growth expected to ebb through 2026: Fannie Mae expert panel
Economists continue to dial back their predictions
In another sign of a buyer’s market, fewer homes are selling above asking price
Spring housing trends are starting to resemble the early pandemic months: Redfin
Labor shortages, immigration crackdowns take a toll on the construction industry
A lack of skilled workers costs builders more than $10 billion annually, study finds
May foreclosure filings fall, but repossessed homes spike
Lenders repossessed 34% more homes last month compared to 2024
Consumer inflation concerns eased in May
Labor market sentiment also improved after cratering in April: New York Fed
Payrolls increase more than expected in May
The labor market shows strength, but some analysts still viewed the results with caution