United States Home Decor Markets 2020-2027 by Product Type, Distribution Channel, Income Group, Price and Category – ResearchAndMarkets.com

United States Home Decor Markets 2020-2027 by Product Type, Distribution Channel, Income Group, Price and Category – ResearchAndMarkets.com

The “U.S. Home Decor Market by Product Type, Distribution Channel, Income Group, Price and Category: Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.

The rise in popularity of eco-friendly home decor products among consumers, owing to increase in environment concerns significantly contribute toward the growth of the global market. Moreover, an increase in disposable income and improvement in living standards in the emerging countries such as China and India along with rise in affinity of consumers toward luxury home decor products augment the growth of the home decor market.

However, availability of low-quality and counterfeit products restricts the growth of the market. In addition, dearth of skilled labor, ineffective transportation, and lack of infrastructure facilities may act as a hindrance for the home decor market. On the contrary, The upsurge in demand for trendy, customized, and fashionable designs for home decor products and increase in popularity of home decor products among high-income consumers are anticipated to provide lucrative growth opportunities for the global home decor market.

The U.S. home decor market is segmented into product type, income group, price, distribution channel, and category. On the basis of product type, the market is divided into furniture, home textile, and floor covering. Depending on distribution channel, it is segregated into supermarkets and hypermarkets, specialty stores, e-commerce, and others. By income group, it is fragmented into lower-middle income, upper-middle income, and higher income. As per price point, it is categorized into mass and premium. Based on the category, the market is segmented into eco-friendly and conventional.

The U.S. Home Decor Market is segmented based on service type and end-user. Based on the service type the market is segmented into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening, and other services. Based on end-user, the market is classified into commercial, institutional, residential, and government. The key players in the industry has been dependent on various strategies such as business expansion and product launches to garner higher shares in the U.S. home decor market.

Key Benefits for Stakeholders

  • The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019-2027 identify the prevailing U.S. home decor market opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and supplier’s tenable stakeholder’s make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the size and segmentation assists in determining the prevailing market opportunities.
  • The major countries in each region are mapped according their revenue contribution the industry.
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the sports equipment & apparel industry.

KEY MARKET SEGMENTATION

By Product Type

  • Furniture Textiles
  • Floor Coverings

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Specialty Stores
  • E-commerce
  • Others

By Income Group

  • Lower-middle Income
  • Upper-Middle Income
  • Higher Income

By Price

By Category

  • Eco-friendly
  • Conventional
Read more

United States Home Decor Markets 2020-2027 by Product Type, Distribution Channel, Income Group, Price and Category

The “U.S. Home Decor Market by Product Type, Distribution Channel, Income Group, Price and Category: Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.

The rise in popularity of eco-friendly home decor products among consumers, owing to increase in environment concerns significantly contribute toward the growth of the global market. Moreover, an increase in disposable income and improvement in living standards in the emerging countries such as China and India along with rise in affinity of consumers toward luxury home decor products augment the growth of the home decor market.

However, availability of low-quality and counterfeit products restricts the growth of the market. In addition, dearth of skilled labor, ineffective transportation, and lack of infrastructure facilities may act as a hindrance for the home decor market. On the contrary, The upsurge in demand for trendy, customized, and fashionable designs for home decor products and increase in popularity of home decor products among high-income consumers are anticipated to provide lucrative growth opportunities for the global home decor market.

The U.S. home decor market is segmented into product type, income group, price, distribution channel, and category. On the basis of product type, the market is divided into furniture, home textile, and floor covering. Depending on distribution channel, it is segregated into supermarkets and hypermarkets, specialty stores, e-commerce, and others. By income group, it is fragmented into lower-middle income, upper-middle income, and higher income. As per price point, it is categorized into mass and premium. Based on the category, the market is segmented into eco-friendly and conventional.

The U.S. Home Decor Market is segmented based on service type and end-user. Based on the service type the market is segmented into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening, and other services. Based on end-user, the market is classified into commercial, institutional, residential, and government. The key players in the industry has been dependent on various strategies such as business expansion and product launches to garner higher shares in the U.S. home decor market.

Key Benefits for Stakeholders

  • The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019-2027 identify the prevailing U.S. home decor market opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and supplier’s tenable stakeholder’s make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the size and segmentation assists in determining the prevailing market opportunities.
  • The major countries in each region are mapped according their revenue contribution the industry.
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the sports equipment & apparel industry.

KEY MARKET SEGMENTATION

By Product Type

  • Furniture Textiles
  • Floor Coverings

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Specialty Stores
  • E-commerce
  • Others

By Income Group

  • Lower-middle Income
  • Upper-Middle Income
  • Higher Income

By Price

By Category

For more information about this report visit https://www.researchandmarkets.com/r/8p7wq1

View source version on businesswire.com: https://www.businesswire.com/news/home/20201008005845/en/

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press

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Boris Johnson’s 95% mortgages will put Britain back on course for a house price crash | Josh Ryan-Collins | Opinion

This week Boris Johnson boasted that his government would “turn generation rent into generation buy” via a return to 95% mortgages for first-time buyers. In other words, easier credit to help more people buy houses.

To say we have been here before would be an understatement of epic proportions. Since the days of Margaret Thatcher, every UK government has sought to cut through the housing affordability problem with the easy and politically popular option of subsidising the demand for homeownership. Generally, this has taken the form of liberalising mortgage regulation or providing direct government subsidies for first-time buyers, most recently the various help-to-buy schemes. All have failed to bring down the price of homes.

More demand for homeownership leads to more more credit flowing into an inherently limited supply of homes. Most housing in the UK is provided at market rates by private landlords and private sector developers. These groups have no incentive to increase the supply of housing to match this increase in demand, since they generate their profits from increasing, not decreasing, prices.

The result, inevitably, is house price inflation. As result, homeownership for younger adults on middle incomes has halved in the UK in the last two decades. Similar outcomes have been seen in other advanced economies – more mortgage credit does not stimulate supply when the provision of housing is left to the market.

British politicians and policymakers seem unable to recognise these simple facts. Indeed, it took a massive financial crisis over a decade ago for politicians to allow the tightening of mortgage regulation in any significant way. Johnson may not be aware of the fact that there were quite a few 95% mortgages around leading up to the housing bubble that precipitated the UK’s 2007-9 banking crisis. The resulting economic catastrophe led to them being phased out. Along with other restrictions on borrowing, these policies helped dampen the growth of UK house prices and household debt (currently around 85% of GDP, down from a record 95% in 2009), although it has been increasing again in recent years.

One can only imagine the Bank of England’s reaction to Johnson’s announcement. The Bank has been carefully nurturing its post-crisis financial stability mandate and delicately implementing “macroprudential policy” powers to stifle excessive lending in the domestic and corporate real estate sector. Johnson clearly doesn’t see much value in such an approach when there are votes to be won.

The UK remains locked in a self-defeating “doom loop”: falling levels of homeownership lead governments to loosen mortgage regulation, resulting in increasing household debt and house prices, leading to a housing bubble and eventually a financial crisis, leading to stricter mortgage regulation, which is then blamed for falling homeownership and so on.

What then is the solution? Do the opposite of current policy. Reduce, rather than increase, the demand for homeownership, and in particular the demand for housing as a financial asset. Implement higher and fairer property or land value taxes that reduce unearned capital gains that generally

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Boris Johnson’s 95% mortgages will put Britain back on course for a house price crash

This week Boris Johnson boasted that his government would “turn generation rent into generation buy” via a return to 95% mortgages for first-time buyers. In other words, easier credit to help more people buy houses.



a person standing in front of a store: Photograph: Guy Bell/REX/Shutterstock


© Provided by The Guardian
Photograph: Guy Bell/REX/Shutterstock

To say we have been here before would be an understatement of epic proportions. Since the days of Margaret Thatcher, every UK government has sought to cut through the housing affordability problem with the easy and politically popular option of subsidising the demand for homeownership. Generally, this has taken the form of liberalising mortgage regulation or providing direct government subsidies for first-time buyers, most recently the various help-to-buy schemes. All have failed to bring down the price of homes.

More demand for homeownership leads to more more credit flowing into an inherently limited supply of homes. Most housing in the UK is provided at market rates by private landlords and private sector developers. These groups have no incentive to increase the supply of housing to match this increase in demand, since they generate their profits from increasing, not decreasing, prices.

Related: Lenders left wondering how PM’s homeowners pledge will be achieved

The result, inevitably, is house price inflation. As result, homeownership for younger adults on middle incomes has halved in the UK in the last two decades. Similar outcomes have been seen in other advanced economies – more mortgage credit does not stimulate supply when the provision of housing is left to the market.

British politicians and policymakers seem unable to recognise these simple facts. Indeed, it took a massive financial crisis over a decade ago for politicians to allow the tightening of mortgage regulation in any significant way. Johnson may not be aware of the fact that there were quite a few 95% mortgages around leading up to the housing bubble that precipitated the UK’s 2007-9 banking crisis. The resulting economic catastrophe led to them being phased out. Along with other restrictions on borrowing, these policies helped dampen the growth of UK house prices and household debt (currently around 85% of GDP, down from a record 95% in 2009), although it has been increasing again in recent years.



a person standing in front of a store: ‘Homeownership for younger adults on middle incomes has halved in the UK in the last two decades.’


© Photograph: Guy Bell/REX/Shutterstock
‘Homeownership for younger adults on middle incomes has halved in the UK in the last two decades.’

One can only imagine the Bank of England’s reaction to Johnson’s announcement. The Bank has been carefully nurturing its post-crisis financial stability mandate and delicately implementing “macroprudential policy” powers to stifle excessive lending in the domestic and corporate real estate sector. Johnson clearly doesn’t see much value in such an approach when there are votes to be won.

The UK remains locked in a self-defeating “doom loop”: falling levels of homeownership lead governments to loosen mortgage regulation, resulting in increasing household debt and house prices, leading to a housing bubble and eventually a financial crisis, leading to stricter mortgage regulation, which is then blamed for falling homeownership and so on.

What then is the solution? Do the

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GOP cool to White House’s $1.6T coronavirus price tag

The latest White House coronavirus relief offer, with a $1.6 trillion price tag, received a cool reception Thursday from congressional Republicans.

The new offer from Treasury Secretary Steven MnuchinSteven Terner MnuchinAmerican Airlines to furlough 19,000 workers On The Money: ‘One more serious try’ on COVID relief yields progress but no deal | Trump tax bombshell shines light on IRS enforcement | Senate passes bill to avert shutdown hours before deadline ‘One more serious try’ on COVID-19 relief yields progress but no deal MORE, which exceeds the original $1.1 trillion Senate GOP package and the $1.5 trillion the White House signaled it could support last month, was made as part of renewed talks this week with Democratic leaders.

But Republicans, including influential chairmen and members of leadership, are warning they can’t support it, creating another potential obstacle for negotiators trying to strike a deal on emergency COVID-19 aid after nearly two months of stalemate.

Asked about the prospect of supporting a $1.6 trillion measure, Senate Finance Committee Chairman Chuck GrassleyCharles (Chuck) Ernest GrassleyThe Hill’s Morning Report – Fight night: Trump, Biden hurl insults in nasty debate GOP seeks to redirect criticism over Trump tax returns Grassley says disclosing Trump’s tax records without authorization could violate law MORE (R-Iowa) was direct: “No.”

“I think we’ve made it very clear that there’s so much money … that isn’t even out of Washington yet,” Grassley said. “We’re more in the neighborhood of something below $1 trillion.”

Rep. Kevin BradyKevin Patrick BradyThe Hill’s Morning Report – Fight night: Trump, Biden hurl insults in nasty debate GOP seeks to redirect criticism over Trump tax returns The Hill’s Morning Report – Sponsored by JobsOhio – Showdown: Trump-Biden debate likely to be nasty MORE of Texas, the top Republican on the House Ways and Means Committee, also appeared unsure he could back a bill with that dollar amount by criticizing the inclusion of a $400 per week federal unemployment benefit.

“How much wasteful spending will we have to swallow to do this?” he said during an interview with Fox Business Network on Thursday.

The pushback comes as Republicans have struggled to unite behind a strategy on the coronavirus relief talks. Senate Republicans initially unveiled a $1.1 trillion package in late July but Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellGOP senators pan debate: ‘S—show,’ ‘awful,’ ’embarrassment’ ‘One more serious try’ on COVID-19 relief yields progress but no deal The Hill’s Campaign Report: Debate fallout l Trump clarifies remarks on Proud Boys l Down to the wire in South Carolina MORE (R-Ky.) warned that he could lose up to 20 of his 53 GOP senators with that measure.

But Sen. Roy BluntRoy Dean BluntGOP senators confident Trump pick to be confirmed by November Sunday shows preview: Lawmakers prepare for SCOTUS confirmation hearings before election SCOTUS confirmation in the last month of a close election? Ugly MORE (Mo.), a member of GOP leadership, predicted Thursday that if there were going to be a deal

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Overnight Health Care: House Democrats slam pharma CEOs for price hikes driven by revenue, executive bonuses | Ex-FDA employees express worries to Congress over politicization of vaccines

Welcome to Wednesday night’s Overnight Health Care, where we’re waiting to see if there’s going to be a deal on a new COVID-19 relief package.



a man wearing a suit and tie: Overnight Health Care: House Democrats slam pharma CEOs for price hikes driven by revenue, executive bonuses | Ex-FDA employees express worries to Congress over politicization of vaccines | Fauci said his mask stance was 'taken out of context' by Trump


© Washington Examiner/Pool
Overnight Health Care: House Democrats slam pharma CEOs for price hikes driven by revenue, executive bonuses | Ex-FDA employees express worries to Congress over politicization of vaccines | Fauci said his mask stance was ‘taken out of context’ by Trump

Top House Democrat: Parties ‘much closer’ to a COVID deal ‘than we’ve ever been’

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The head of the House Democratic Caucus said Wednesday that the negotiators seeking an emergency coronavirus deal are “much closer” to a deal than they have been at any point during the long weeks of on-again-off-again talks.

Rep. Hakeem Jeffries (D-N.Y.) pointed to comments by Treasury Secretary Steven Mnuchin indicating a willingness to embrace $1.5 trillion in new stimulus spending – a number on par with the bipartisan relief package offered last week by the Problem Solvers Caucus – noting that that figure is far closer to the Democrats’ $2.2 trillion package than Republicans have previously backed.

After almost two months of stalled talks, Mnuchin and Speaker Nancy Pelosi (D-Calif.) have resumed the negotiations this week by phone. In some sign that progress is being made, Mnuchin met with Pelosi in the Speaker’s office on Wednesday afternoon.

Read more here.

House Democrats slam pharma CEOs for price hikes driven by revenue, executive bonuses

An explosive staff report from the Democrats on the House Oversight Committee found that the CEOs of Teva and Celgene raised drug prices exponentially for no reason other than to boost profits and inflate executives’ bonuses.

Oversight Democrats at a hearing on Wednesday pressed those CEOs, and put them on the defensive.

Highlights: Internal documents obtained by the committee found Celgene raised the price of the cancer drug Revlimid 22 times.

The drug, approved to treat the blood cancer multiple myeloma, more than tripled in price since its launch in 2005, driven almost exclusively by the need to meet company revenue targets and shareholder earnings goals.

In 2005, a monthly supply of Revlimid was priced at $4,515. Today, the same monthly supply is priced at $16,023, a cost of $719 per pill.

Easy target: The report found that executives at Celgene and Teva specifically targeted the U.S. market for massive increases because Medicare is not allowed to negotiate drug prices.

Context: The Democratic-led report comes just weeks before Election Day, and follows a flurry of mostly empty last-ditch efforts by President Trump aimed at showing he is taking action on drug pricing. Trump has made lowering drug prices a key part of his messaging for years, dating back to the 2016 campaign, but has little to show for all his bluster.

Read more here.

Atlas, health officials feuds add to Trump coronavirus turmoil

The feuds between White House coronavirus adviser Scott Atlas and top public health officials are raising more questions about President Trump‘s response to the COVID-19 pandemic.

Atlas, a

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UK house price rise speeds up in September: Nationwide

FILE PHOTO: An apartment block is constructed behind a row of traditional properties in central London December 11, 2014. REUTERS/Luke MacGregor/Files

LONDON (Reuters) – British house prices rose by the most in four years in September when they jumped by an annual 5.0%, mortgage lender Nationwide said on Wednesday as a sharp rebound in the country’s housing market accelerated.

The increase was stronger than the median forecast of a 4.5% rise in a Reuters poll of economists and average prices hit a fresh record high.

Britain’s housing market has boomed since the coronavirus lockdown with a rush by some buyers for bigger houses outside of urban areas in the new work-from-home age combining with pent-up demand.

Nationwide said about 10% of people it surveyed in September were in the process of moving as a result of the pandemic, rising to 15% in London. A further 18% of those asked said they were considering moving due to the pandemic.

“Behavioural shifts may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown,” Nationwide’s chief economist Robert Gardner said.

Housing industry officials have warned that the mini-boom could run out of steam soon with unemployment expected to rise sharply and COVID-19 cases on the rise again.

Nationwide said prices rose by 0.9% in September from August compared with a forecast of a 0.5% increase in the Reuters poll.

Nationwide said the housing market had also been boosted by finance minister Rishi Sunak’s tax cut on house purchases which he introduced in July as he sought to boost the broader economy after its record 20% contraction between April and June.

Bank of England data published on Tuesday showed mortgage approvals hit their highest in almost 13 years in August.

Reporting by Sarah Young; editing by William Schomberg

Source Article

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Parents jumping on New World Little Garden bandwagon push full set price over $70

The New World Little Garden collection craze has taken root.

The supermarket chain began the six-week promotion on September 7, giving away vegetable, herb and flower seedling kits with every $40 spent – so you’d have to spend $960 over six weeks to collect them all.

The going rate for a full set of New World Little Garden seedlings at auction is currently about $70.

Stuff

The going rate for a full set of New World Little Garden seedlings at auction is currently about $70.

Kiwi parents committed to collecting the full catalogue have adopted a ‘work smarter not harder’ approach and founded numerous community Facebook groups to trade and on-sell excess seedlings of one type in exchange for the plants they don’t have.

Trade Me spokesperson Millie Silvester said the individual seedlings and sets are selling for “big bucks” online.

READ MORE:
* New World’s Little Garden returns after three-year break
* Countdown ‘will be hoping to shift shoppers’ with latest collectibles offer
* New World ditching Little Gardens to focus on food waste
* What to do next to keep your New World Little Garden crops alive
* New World Little Garden full set fetches $210

“There is currently a full set of Little Garden seed pots onsite with a leading bid of $67.80,” she said. 138 people have saved the auction to their watchlist and it’s not due to close for another two days.

Just after New World launched Little Garden people began to search for the various seedlings in online marketplaces.

Last week, a full set of Little Garden seedlings sold for $72 after racking up almost 8,000 views. Interest in the promotion seems to be gaining momentum.

“In the last seven days we’ve seen 3,000 searches for Little Garden, that’s up 76 per cent on the week prior,” said Silvester.

“We typically see the number of listings for these items surge each time New World or Countdown release a new collectables range.”

New World’s Little Garden promotion is back, after a three-year break.

Stuff

New World’s Little Garden promotion is back, after a three-year break.

When the first round of the promotion was nearing its end in 2016, full sets of the seedling kits were fetching more than $200 on Trade Me. The top price achieved was $210.

For context, the same set of plants could be purchased for just over $40 from a garden centre.

There are currently over 110 listings for the branded seedlings on Trade Me and the forces of free market capitalism are on full display.

Individual plants are being listed between $1 and $8 and others have been grouped into sets of three or 10 for varying prices between $10 and $20.

“Pester power is alive and well and it looks like many parents are willing to take the shortcut to fill their kid’s (or their own) seedling set,” said Silvester.

Four-year-olds Rosemary Millar and Myla Olszewski pictured at Just Us Kids Preschool with their New World Little Garden pots in 2016.

Piers Fuller/Stuff

Four-year-olds Rosemary Millar and Myla Olszewski pictured at Just Us Kids Preschool with their New World Little Garden pots in 2016.

New World head of marketing and customer experience Pippa Prain said millions of the seedling kits have been given away and the promotion is “more popular

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British house price boom to fizzle out next year: Reuters poll

By Jonathan Cable

LONDON (Reuters) – British home prices will rise 2.0% this year following a post-lockdown boom in the housing market, according to a Reuters poll, marking a sharp turnaround in views from a 5.0% fall predicted three months ago.

Britain’s economy shrank more than 20% in the second quarter after the government forced businesses to close and citizens to stay home, but it is expected to rebound with 15.8% growth this quarter as some restrictions have been relaxed.

The lockdown meant people spent more time indoors and a dash for larger homes and gardens pushed up prices in September, a survey by property website Rightmove showed last week.

That chimed with other surveys that have shown a post-lockdown surge in the market, also helped by a temporary cut in property tax.

Prices will rise 2.0% this year, the Sept. 15-25 poll of 22 property experts showed, but stagnate next year after the tax break finishes and due to an expected spike in unemployment following the closure of the government’s furlough scheme.

“Those who have been hit medically or financially by COVID-19 will have bigger issues to worry about than moving for a bigger garden,” said property market consultant Henry Pryor.

“We may well run out of a pool of buyers prepared and able to move for lifestyle reasons as the flood of negative headlines about the true cost of the pandemic to individuals and the nation starts to become clearer.”

When asked about the risk of the recent surge in prices reversing by the end of the year, respondents were split, with nine saying it was high, seven saying it was low and three saying very low. None said it was very high.

“Sellers are achieving a record share of their asking price, and while this metric isn’t directly correlated with house price growth, it points towards a strong market where price falls are unlikely,” said Aneisha Beveridge at estate agents Hamptons International.

However nearly 80%, or 14 of 18, analysts who responded to an additional question said the risk to their forecasts was to the downside. In a worst case scenario prices will be flat this year – albeit very different to the 11.0% median fall given in June – and fall 3.3% in 2021.

Prices in London, long a hotbed for foreign investors, will flatline this year but recover 1.0% next year and rise 3.3% in 2022. In a worst case they will fall 1.0% this year and 5.0% next, the poll showed.

“London is the only part of the UK where house prices are not rising and affordability has crept in,” said Tony Williams at property consultancy Building Value.

When asked to describe the level of house prices in the capital on a scale of 1 to 10 from extremely cheap to extremely expensive, the median response was 8. Nationally it was 6.

Another distraction for forecasters is that Britain’s transition period after leaving the European Union is due to expire at the

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Affordability Improving Nationally Despite Strong Nominal Price Appreciation, According to First American Real House Price Index

—Recent history has shown that in times of economic distress, lower mortgage rates have offset the affordability drag from faster house price appreciation and lower household income, says Chief Economist Mark Fleming—

First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the July 2020 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time at national, state and metropolitan area levels. Because the RHPI adjusts for house-buying power, it also serves as a measure of housing affordability.

Chief Economist Analysis: Falling Rates, Rising Income Offset Nominal House Price Appreciation in July

“Affordability improved in July as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of increased affordability, outpacing the rise in nominal house price appreciation. The average 30-year, fixed mortgage rate fell by 0.75 percentage points and household income increased 5.5 percent compared with July 2019,” said Mark Fleming, chief economist at First American. “Declining mortgage rates and rising household income levels both increase consumer house-buying power. So, even though nominal house price appreciation jumped 8.2 percent annually in July, it was not enough to offset the affordability boost from declining rates and rising household income.

“While there remains debate regarding the actual end date of the 2020 recession, there is no argument that the economic pain inflicted by the coronavirus continues to linger. Yet, housing affordability nationally has improved, and the housing market remains resilient,” said Fleming. “But, how have nominal house prices and affordability fared in previous economic declines and what can that tell us about today’s housing market?”

How Nominal House Prices Fare During Recessions

“We examined how nominal house prices and the RHPI reacted to the four most recent recessions, including the current pandemic-driven economic downturn,” said Fleming. “It is important to note that a declining RHPI trend line indicates improving affordability, and a rising RHPI trend line signals worsening affordability.

“With the exception of the Great Recession in 2008-2009 and a modest decline in the 1990 recession, nominal house prices have remained flat or risen slowly, but have not declined,” said Fleming. “This demonstrates the ‘downside stickiness’ of house prices during economic decline. In the pandemic-driven recession of 2020, we’ve seen house price appreciation grow faster than in any of the economic declines in our recent past.

“This phenomenon of continued house price appreciation amid economic decline is unique to the housing market because sellers tend to withdraw supply to wait out the economic storm, rather than sell at lower prices,” said Fleming. “During the Great Recession, house prices declined because of a flood of foreclosures and distressed selling, which were a product of rapid house price appreciation not entirely supported by economic fundamentals. In today’s market, nominal house price

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