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US Housing Market Navigates Affordability Challenges in 2025
- 2025/04/01
- 再生時間： 2 分
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あらすじ・解説
The US housing market continues to face challenges in early April 2025, with high mortgage rates and limited inventory constraining sales activity. According to the National Association of Realtors, existing home sales rose 4.2% month-over-month to a seasonally adjusted annual rate of 4.26 million in February, but remained 1.2% below year-ago levels. The median existing-home price was $398,400, up 3.8% from February 2024.
New home sales also showed signs of life, increasing 1.8% month-over-month to an annual rate of 676,000 in February. However, sales remain well below pre-pandemic levels due to affordability concerns. The median new home price stood at $414,500.
Housing inventory remains tight, with total housing inventory at the end of February at 1.24 million units, up 5.1% from January but still historically low. Unsold inventory sits at a 3.5-month supply at the current sales pace.
Construction activity is picking up modestly, with housing starts rising to a seasonally adjusted annual rate of 1.393 million units in February. However, high costs continue to challenge builders, with construction material costs up 34% since December 2020 according to the National Association of Home Builders.
Mortgage rates have eased slightly but remain elevated, with the average 30-year fixed rate at 6.62% as of late March. This is keeping many potential buyers and sellers on the sidelines.
Looking ahead, experts forecast subdued home price growth of 2-3% for 2025 as the market remains constrained. However, an improving economy and potential Fed rate cuts later in the year could provide some relief. The housing shortage remains a key issue, with estimates of a deficit of 1.5 million homes nationwide.
Policymakers are focused on boosting supply, with the Biden administration proposing measures to increase affordable housing construction. However, local zoning restrictions remain a major hurdle in many areas. Overall, the housing market faces an uncertain path ahead as it grapples with affordability challenges amid economic crosscurrents.
New home sales also showed signs of life, increasing 1.8% month-over-month to an annual rate of 676,000 in February. However, sales remain well below pre-pandemic levels due to affordability concerns. The median new home price stood at $414,500.
Housing inventory remains tight, with total housing inventory at the end of February at 1.24 million units, up 5.1% from January but still historically low. Unsold inventory sits at a 3.5-month supply at the current sales pace.
Construction activity is picking up modestly, with housing starts rising to a seasonally adjusted annual rate of 1.393 million units in February. However, high costs continue to challenge builders, with construction material costs up 34% since December 2020 according to the National Association of Home Builders.
Mortgage rates have eased slightly but remain elevated, with the average 30-year fixed rate at 6.62% as of late March. This is keeping many potential buyers and sellers on the sidelines.
Looking ahead, experts forecast subdued home price growth of 2-3% for 2025 as the market remains constrained. However, an improving economy and potential Fed rate cuts later in the year could provide some relief. The housing shortage remains a key issue, with estimates of a deficit of 1.5 million homes nationwide.
Policymakers are focused on boosting supply, with the Biden administration proposing measures to increase affordable housing construction. However, local zoning restrictions remain a major hurdle in many areas. Overall, the housing market faces an uncertain path ahead as it grapples with affordability challenges amid economic crosscurrents.