First American Financial Corporation has released its latest Real House Price Index (RHPI) covering March 2023 which measures the price changes of single-family properties...

First American Financial Corporation has released its latest Real House Price Index (RHPI) covering March 2023 which measures the price changes of single-family properties across the country adjusted for the impact of income and interest rate changes on consumer house-buying power over time on national, state, and metropolitan areas. Because the RHPI adjusts for home-buying power, it also stands as a total measure of housing affordability.  Overall, the RHPI found in March that housing affordability declined, breaking a four-month streak of improving affordability.  According to First American Chief Economist Mark Fleming two of the three main drivers of the RPHI’s decline in March: nominal home prices and mortgage rates—which both increased—dragging down home-buying power by 2.7% and...