A range of economic data suggests the US economy may not only avoid a mild recession, as many economists had thought was possible for much of 2023, but could be reaccelerating in some areas. An area that is not showing much progress is housing affordability. While the Federal Reserve Bank of Atlanta National Home Ownership Affordability Monitor Index has improved marginally from the October 2023 low, it’s still within range of historic lows for this indicator. Interest rates remain a key driver for home affordability being low.
Source: Atlanta Federal Reserve, as of April 24, 2024.