Here’s the 3D yield curve we refer to in the episode…

Affordability challenges and structural inventory shortages continue to weigh on buyer activity. Lower rates help, but they are not a panacea for the housing market.

Looking ahead, we believe sales this year will depend on “life happens” moments—job changes, marriages, births, and other personal milestones that drive housing decisions.

Purchase mortgage application data from September indicates additional momentum, with buyers responding to lower rates. This suggests that the modest improvement in pending sales may continue into the fall, especially if affordability conditions stabilize.

Regionally, the Midwest led the way, offering relative affordability that, when combined with lower mortgage rates, helps make the payment-to-paycheck calculation work for many buyers.

... Mark and @odetak.bsky.social compare past and present affordability - even lining up NFL divisions to see who's winning the housing game. Listen to it on your favorite podcatcher, or watch the video version right here:

blog.firstam.com/reconomy-pod...

Exactly! Median renter income in LA was $63,000 and $95,000 in SF.