국제무역
AEI Housing Market Indicators, November 2025
Key Takeaways
- Recent movements in rates and demand.
· The median purchase rate remained at 6.125% in week 48, 2025. This is down 1.5 ppt. from the series peak in week 43, 2023 and down 1 ppt. from week 17, 2024 (2024 peak).
· Purchase rate lock volume in weeks 47 and 48, 2025 was down 21.8% from the same weeks in 2019, and down 4.1% YoY.
- Home price appreciation (HPA) and months’ supply trends through October 2025.
· October 2025’s preliminary YoY HPA was 1.5%, the lowest level of the series in 12 years, down from 1.7% a month ago and 4.1% in October 2024.
· The YoY spread was 18.8 ppt. between the fastest- (Greenville @ 7.5%) and slowest-growing (Cape Coral @ -11.3%) metros.
- The risk of builder rate buydowns.
· Around 64% of new home sales by the 21 largest builders use permanent buydowns, compared to around 13% of remaining builders.
· The 21 largest builders appear to have used permanent rate buydowns to avoid an estimated 10-12% price cut on these homes.
- What borrowers are experiencing declining mortgage lock-to-close pull-through rate.
· Low FICO borrowers have consistently lower pullthrough rates than their higher FICO counterparts.
· Pullthrough rates for borrowers with high DTI (50%+), high CLTV (96%+), and low income (all not shown) also lag other categories.
- Best and worst metros for first-time homebuyer.
· Across the 60 metros, the median FTB affordability ratio was 3.6, meaning the median FTB spent 3.6 times their household income to purchase a home in 2024.
- Recent movements in rates and demand.
· The median purchase rate remained at 6.125% in week 48, 2025. This is down 1.5 ppt. from the series peak in week 43, 2023 and down 1 ppt. from week 17, 2024 (2024 peak).
· Purchase rate lock volume in weeks 47 and 48, 2025 was down 21.8% from the same weeks in 2019, and down 4.1% YoY.
- Home price appreciation (HPA) and months’ supply trends through October 2025.
· October 2025’s preliminary YoY HPA was 1.5%, the lowest level of the series in 12 years, down from 1.7% a month ago and 4.1% in October 2024.
· The YoY spread was 18.8 ppt. between the fastest- (Greenville @ 7.5%) and slowest-growing (Cape Coral @ -11.3%) metros.
- The risk of builder rate buydowns.
· Around 64% of new home sales by the 21 largest builders use permanent buydowns, compared to around 13% of remaining builders.
· The 21 largest builders appear to have used permanent rate buydowns to avoid an estimated 10-12% price cut on these homes.
- What borrowers are experiencing declining mortgage lock-to-close pull-through rate.
· Low FICO borrowers have consistently lower pullthrough rates than their higher FICO counterparts.
· Pullthrough rates for borrowers with high DTI (50%+), high CLTV (96%+), and low income (all not shown) also lag other categories.
- Best and worst metros for first-time homebuyer.
· Across the 60 metros, the median FTB affordability ratio was 3.6, meaning the median FTB spent 3.6 times their household income to purchase a home in 2024.
많이 본 자료
![[2025.07] 대출규제](/userdata/main/incContent/sideLink/23/aaaqQGcnBTcOc8zW9uLNz20251015165742zqfnw.png)
![[사람이 되고 싶어요2] 환율의 변화](/userdata/main/incContent/sideLink/22/aaaqQGcnBTcOc8zW9uLNz20251015165408vtzoa.jpg)
