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November 2025 National Report with market data through October*

Compared to 1 year ago, the U.S. median house sales price in October 2025, at $420,600, rose 2.2%, while the median condo/co-op price, at $363,700, increased .9%. Existing-home sales rose almost 1% from September and about 3% from October 2024. The number of active listings was essentially flat month over month, but 11% higher year over year. Months-supply-of-inventory ticked down for the second month, indicating a gradual improvement in buyer demand as compared to the supply of listings for sale. Approximately 19% of home sales sold above asking price, and median time on market was 34 days, up 5 days from October 2024. Cash purchases accounted for 29% of transactions; 32% went to first-time buyers; and 2% were distressed sales (foreclosure or short sales). Price reductions were well down from the peak in June, but 20% higher year over year, and over the past 3 months, 7% of contracts were cancelled before close of escrow, up from 5% during the same period last year. The 30-year mortgage rate hit a 12+ month low in late October and then increased slightly through the 3rd week of November. In its last reading, inflation ticked up slightly to 3%, and the Fed made its second 2025 quarter-point benchmark-rate reduction while cautioning that another decrease in December was not certain. Amid substantial and vehement analyst disagreement regarding a possible AI bubble, the S&P 500 and Nasdaq stock market indices have seen considerable volatility and dropped 5-6% in the 3 weeks since peaking on 10/29/25. The consumer confidence reading in early November fell close to a 45-year low, with ongoing concerns regarding prices, personal finances, inflation and job security, though sentiment among affluent households was running significantly higher due to stock market gains. Cryptocurrency values fell more than 25% in the last 6 weeks. The number of new listings coming on market typically hits its nadir in December with a commensurate fall in sales activity. *A national report is a huge generalization of values, conditions and trends across thousands of different markets. The market data above is from the National Association of Realtors (NAR): It is deemed reliable but may contain errors and subject to revision. Last period figures labeled preliminary, and all numbers approximate.

Mortgage Interest Rates in 2023-2025 YTD 30-Year Conforming Fixed-Rate Loans, Weekly Average Readings* 7.8

Per Freddie Mac (FHLMC), on November 20, 2025 the weekly average, 30-year, conforming-loan interest rate was 6.26%.

7.6

Percentage Interest Rate

7.4 7.2 7.0 6.8

Fed begins reducing its benchmark rate.

Jan. 2025

Fed’s 2025 rate cuts

Jan. 2024

6.6

6.4

Jan. 2023

6.2

*Freddie Mac (FHLMC), 30-Year Fixed Rate Mortgage Weekly Average: https://www.freddiemac.com/pmms. Data from sources deemed reliable. Different sources of mortgage data sometimes vary in their determinations of daily and weekly rates. Data from sources deemed reliable but may contain errors. All numbers approximate.

Nov-25

Oct-25

Sep-25

Aug-25

Jul-25

Jun-25

May-25

Apr-25

Mar-25

Feb-25

Jan-25

Dec-24

Nov-24

Oct-24

Sep-24

Aug-24

Jul-24

Jun-24

May-24

Apr-24

Mar-24

Feb-24

Jan-24

Dec-23

Nov-23

Oct-23

Sep-23

Aug-23

Jun-23

May-23

Apr-23

Mar-23

Feb-23

Jan-23

6.0

Jul-23

Rates vary widely according to the property, price, borrower and lender.

Financial Markets, 2024 – 2025 YTD Percentage Increases in S&P 500 & Nasdaq since 1/2/24

10/29/25 ▼

60%

Nasdaq Index: % Change since 01/24 S&P 500 Index: % Change since 01/24 50%

Large changes in stock markets can dramatically affect household wealth, consumer confidence and housing markets, especially more affluent markets.

40%

30% Updated through 11/19/25 20%

▲ Election

▲ 2025 begins Tariff shock ►

10%

Data per MarketWatch.com. Data from source deemed reliable but may contain errors and subject to revision. Financial market values change constantly and all numbers to be considered approximate. Financial markets can be prone to significant volatility even on a short-term basis.

02-Nov-25

02-Oct-25

02-Sep-25

02-Aug-25

02-Jul-25

02-Jun-25

02-May-25

02-Apr-25

02-Mar-25

02-Feb-25

02-Jan-25

02-Dec-24

02-Nov-24

02-Oct-24

02-Sep-24

02-Aug-24

02-Jul-24

02-Jun-24

02-May-24

02-Apr-24

02-Mar-24

02-Feb-24

02-Jan-24

Highlights from the “2025 Profile of Home Buyers and Sellers” Published by the National Association of Realtors®, November 4, 2025*

Characteristics of U.S. Home Buyers & the Homes They Purchased ❑ The median age of home buyers increased to 59 years (up from 31 in 1981); the typical first-time buyer was 40 years old (up from 29 in 1981); the typical repeat buyer was 62 (up from 36). All were historic highs. ❑ 61% of buyers were married couples, 21% single females, 9% single males, and 6% unmarried couples. First-time buyers made up 21% of home purchases, an all-time low: Before the post-2008-crash great recession, the norm was 40%. ❑ 8% of all buyers and 11% of first-time buyers were born in a foreign country. ❑ 24% of buyers had a child under 18 in their home, the lowest % ever: 11% had 1 child, 9% had 2, and 5% had 3 or more children under 18 residing in household.* ❑ 16% of buyers purchased a new-construction home, 84%, a previously owned home. ❑ 76% purchased a detached single family home; 7% a townhouse; 10% a duplex, condo or co-op; 3% a mobile or manufactured home; and 2% a cabin or cottage. ❑ The typical home purchased was 1900 square feet, with 3 bedrooms and 2 baths. For first-time buyers, the median size was 1600 sq.ft. and for repeat buyers, 2000 sq.ft. ❑ 14% of buyers bought a multi-generational home – for the care of aging parents (41%), cost savings (29%), to accommodate children aged 18+ years moving back home (27%), and/or grandchildren living in home (12%). ❑ 65% of buyers had owned their previous home; 26% had been renters; and 9% had lived with parents, relatives or friends. *©National Association of Realtors®: 2025 Profile of Home Buyers and Sellers, published 11/4/25, based on an annual survey of U.S. home buyers and sellers who completed a transaction between July 2024 and June 2025. Used with permission. Data from sources deemed reliable, but may contain errors and subject to revision. Because percentages are rounded, segment percentages may not equal total percentage. All numbers should be considered approximate.

❑ Senior-related housing constituted 17% of purchases by buyers over the age of 60. ❑ Median distance between home purchased and the home moved from was 20 miles. ❑ 44% of buyers bought in the suburbs, 24% in a small town, 14% in an urban/central city location, 15% in a rural area, and 3% in a resort/recreation area. ❑ As the most important factors in choosing a neighborhood, 59% of buyers cited quality of neighborhood, 47% proximity to friends and family, 35% housing affordability, and 31% convenience to job. ❑ 74% of buyers – and 90% of first-time buyers – financed their purchase: 62% of buyers got a fixed rate loan, and 5% an adjustable rate mortgage. The median downpayment was 19% of the purchase price. ❑ 26% paid all cash (an all-time high, up from 7% in 2003). ❑ Buyers typically searched for 10 weeks before purchasing. ❑ Buyers expected to live in their homes for a median of 15 years, and 28% expected never to move again. ❑ 79% of buyers believed that purchasing a home was a good financial investment. ❑ 18% of buyers own more than 1 home. ❑ 88% of buyers worked with a real estate agent. ❑ The U.S. homeownership rate is approximately 65%.

*©National Association of Realtors®: 2025 Profile of Home Buyers and Sellers, published 11/4/25, Based on an annual survey of U.S. home buyers and sellers who completed a transaction between July 2024 and June 2025. . Used with permission. Data from sources deemed reliable, but may contain errors and subject to revision. Because percentages are rounded, segment percentages may not equal total percentage. All numbers are approximate.

Characteristics of U.S. Home Sellers* From the “2025 Profile of Home Buyers and Sellers” by the National Association of Realtors®*

❑ The typical home seller was 64 years old (highest age ever, up from 47 in 2005), and had lived in their home for 11 years (up from 6 years, 2000-2008). ❑ 68% of sellers were married couples, 20% single females, 7% single males, and 3% unmarried couples. 81% of sellers had no children under 18 in the household. ❑ The most common reason for selling was to be closer to friends & family, followed by wanting a larger or smaller home, a change in family situation (marriage, divorce, birth of a child, etc.), because their neighborhood became less desirable, or due to retirement, job relocation, home upkeep issues, affordability, politics, HOA rules, or home insurance cost. ❑ 34% of sellers bought a larger home, 32% a smaller home, and 32% a home of similar size. Sellers under 55 typically purchased larger homes than the one they sold; sellers 55+ usually bought smaller homes. ❑ 66% of sellers moved within the same state; 32% moved 10 miles or less; 23% moved more than 500 miles. ❑ Homes sold were on market for a median 4 weeks, up from 3 weeks in the previous year, selling at a median of 99% of final list price (not adjusted for previous price reductions). ❑ 5% of sales were for-sale-by-owner (FSBO), an all-time low. 30% of FSBO sales were to a relative, friend or neighbor of the seller. ❑ 91% sellers worked with a real estate agent. *©National Association of Realtors®: 2025 Profile of Home Buyers and Sellers, published 11/4/25, per survey of U.S. home buyers and sellers completing a transaction between July 2024 and June 2025. Used with permission. Data from sources deemed reliable, but may contain errors and subject to revision. Percentages are rounded, so segment percentages may not equal total percentage. All numbers approximate.

Based on an annual survey of U.S. home buyers and sellers who completed a transaction between July 2024 and June 2025

Age of U.S. Home Buyers* The median age of all homebuyers was 59; for firsttime buyers, the median age was 42; and for repeat buyers, 60. All were historic highs.* Factors include an aging population, housing affordability (the growing disparity between wages and home prices), the delay in life milestones (the age at which people marry or have children) and high levels of student debt.

25%

20%

16% 15%

15%

11% 10%

10%

2% 0%

18 to 24 Years

25 to 34

35 to 44

45 to 54

55 to 64

65 to 74

*©National Association of Realtors®: 2025 Profile of Home Buyers and Sellers, published 11/4/25. Used with permission. Data from sources deemed reliable, but may contain errors and subject to revision. Because percentages are rounded, segment percentages may not equal total percentage. All numbers should be considered approximate.

75+ Years

Race/Ethnicity of Home Buyers* 88%

90%

84%

Repeat Buyers

All Buyers

First-Time Buyers 80%

71%

Demographic changes in the U.S. are showing up in the higher percentages illustrated for first-time buyers of non-white race/ethnicity.

70% 60% 50%

National statistics: Respondents could select as many races and ethnicities as they felt applicable, so percentages may add up to more than 100 percent.

40% 30% 20%

12%

10% 4%

8% 3%

10% 0%

White/Caucasian

Hispanic/Latino

Black/African American

Asian/Pacific Islander

*©National Association of Realtors®: 2025 Profile of Home Buyers and Sellers, published 11/4/25, based on an annual survey of U.S. home buyers and sellers completing a transaction between July 2024 and June 2025. Used with permission. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.

Other

How Far Did Sellers Move after Selling?* Based on an annual survey of U.S. home buyers and sellers who completed a transaction between July 2024 and June 2025

32%

30%

34% of sellers moved out of state after the sale of their home.

23%

25%

20%

15%

13% 11%

10%

7% 5%

Within 10 Miles

11 to 20 Miles

21 to 50 Miles

51 to 100 Miles

101 to 500 Miles

Over 500 Miles

Purchase Price as Percentage of Final Asking Price* 31%

31% 30% National statistics, not adjusted for price reductions before offer.

25%

20%

14%

13%

15%

10%

Less than 90% of Final List Price

90% to 94%

95% to 99%

100% of Final List Price

101% to 110%

*©National Association of Realtors®: 2025 Profile of Home Buyers and Sellers, 11/4/25, based on an annual survey of U.S. home buyers and sellers completing a transaction between July 2024 and June 2025. Used with permission. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.

Over 110% of Final List Price

Compass National Real Estate Insights

National, Regional and Metro-Area Home Prices & Appreciation Rates Short-Term & Long-Term Trends

The October 2025 median house sales price ticked up from September, and rose 2.2% year-over-year.

U.S. Median Single-Family-Home Sales Price Monthly Market Dynamics & Seasonality since 2019* Median sales prices can be affected by other factors besides changes in fair market value and typically rise and fall to seasonal supply and demand trends. They usually peak for the year in June. Sales in one month mostly reflect accepted offers negotiated in the previous month.

$425,000 $400,000

June 2022

June 2025

June 2024

June 2023

June 2021

$375,000 $350,000

$325,000 June 2019

$300,000

Appreciation is typically measured year over year to account for market seasonality.

$275,000 $250,000

Updated through October 2025

$251,200 $252,000 $261,500 $269,100 $280,900 $288,500 $283,600 $281,900 $274,400 $273,800 $274,100 $277,000 $268,500 $272,800 $282,600 $288,700 $286,600 $297,900 $309,500 $314,800 $316,000 $317,800 $315,600 $313,700 $311,900 $319,300 $336,100 $351,300 $361,300 $373,700 $371,400 $368,200 $361,800 $362,600 $365,000 $365,300 $360,700 $370,000 $385,400 $401,700 $415,400 $420,900 $405,800 $398,800 $389,600 $384,600 $378,700 $372,000 $365,400 $368,100 $379,500 $390,200 $401,500 $415,700 $411,200 $410,200 $397,400 $396,000 $392,200 $385,800 $382,900 $388,000 $396,600 $411,100 $422,400 $432,900 $427,200 $419,800 $411,400 $411,700 $409,200 $408,500 $398,100 $400,900 $407,300 $418,000 $428,800 $438,600 $432,000 $427,700 $417,600 $420,600

$225,000

| 2020 Pandemic hits

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing single-family home sales, not seasonally adjusted. Does not include new-home sales. Last month price labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

Oct-25

Jul-25

Apr-25

Jan-25

Oct-24

Jul-24

Apr-24

Jan-24

Oct-23

Jul-23

Apr-23

Jan-23

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

$200,000

•

S&P Cotality Case-Shiller National Home Price Index* U.S. Single-Family Home Price Appreciation since 1985 350

300

250

2025

The Case-Shiller Index uses a proprietary algorithm that is based on the repeat sales of the same single-family properties over time to calculate appreciation. (It does not use median sales prices.)

2022

Appreciation is calculated based on a January 2000 value of 100: 330 (the reading in 07/2025) = a value 230% above that of January 2000. The Index is published 2 months after the month specified and reflects a 3-month moving average.*

Pandemic boom

2019

200

2006-07

▲ Pandemic hits

Subprime bubble

150

Market crash & great recession 2000 = 100 ►

100 1990

The index covers the entire country with thousands of different markets, so its readings are best used to identify broad, overall market price trends. Updated through July 2025

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

*Source: https://www.spglobal.com/spdji/en/indices/indicators/sp-cotality-case-shiller-us-nationalhome-price-nsa-index/#overview or https://shillerdata.com/. Not seasonally adjusted. Data from sources deemed reliable, but numbers should considered approximate and subject to revision.

U.S. Median Single-Family-Home Sales Price Long-Term Market Dynamics, by Month, since 1990* 2022-23-24-25

The October 2025 median house sales price ticked up from September, and rose 2.2% year-over-year. $400,000

The median sales price is that price at which half the sales occurred for more and half for less, and can be affected by factors besides changes in fair market value. The regular ups and downs within calendar years mostly reflect the effects of market seasonality. It is not unusual for median sales price to peak for the year in June.

Monthly Median Sales Price

$350,000

$300,000

$250,000

$200,000

2019

Pandemic hits▲

2005-2007

2000 $150,000

Market recession, foreclosure crisis 1990

$100,000

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

Jan-01

Jan-00

Jan-99

Jan-98

Jan-97

Jan-96

Jan-95

Jan-94

Jan-93

Jan-92

Jan-90

Jan-91

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing single-family dwellings only, does not include new-home sales. Last month labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

Jan-16

Updated through October 2025

$50,000

Q3 2025 Median HOUSE Sales Prices & Year-over-Year Appreciation Rates Selected U.S. Metro Areas* Metro Area

Median House Sales Price

San Jose-SunnyvaleSanta Clara, CA $ 1,915,000 Anaheim-Santa Ana, Irvine, CA $ 1,400,000 San FranciscoOakland-Hayward $ 1,315,000 Urban Honolulu, HI $ 1,127,900 San Diego-Carlsbad, CA $ 1,009,500 Los Angeles-Long Beach-Glendale $ 954,100 Bridgeport-Stamford, CT $ 844,900 Boulder, CO $ 804,700 Seattle-TacomaBellevue, WA $ 803,800 Boston-CambridgeNewton, MA, NH $ 803,400 New York-Newark (NY, NJ, PA) $ 774,500 Naples-Immokalee, FL $ 750,000 Wash DC-Alexandria (DC, VA, MD, WV) $ 657,200

Metro Area

“Metro Areas” typically cover much larger regions – multiple counties or even parts of multiple states – than the cities they are named for, with wide variations in values between submarkets. Prices often change between quarters due to seasonality issues.

Median House Sales Price

Denver-Aurora+0.8% Lakewood, CO $ 651,900 Miami-W. Palm +0.1% Beach-Ft Lauderdale $ 639,000 Portland-Vancouver +0.5% (OR-WA) $ 603,400 Salt Lake City, UT -0.9% $ 601,200 Manchester-Nashua, 0.0% NH $ 595,600 Providence-Warwick +0.7% RI, MA $ 554,800 Sacramento+7.8% Roseville, CA $ 550,000 Boise-Nampa, ID -3.3% $ 509,800 Las Vegas-Paradise+0.2% Henderson, NV $ 481,000 Madison, WI +5.9% $ 473,100 Phoenix-Mesa+7.6% Scottsdale, AZ $ 472,200 Austin-Round Rock, -2.0% TX $ 470,300 North Port-Sarasota, +2.3% FL $ 470,000

Metro Area

Median House Sales Price

Asheville, NC -0.4%

$ 466,300 -2.4% Charleston, SC

+1.4%

$ 458,000 +2.0% Hartford, CT

-0.9%

$ 429,100 +6.6%

Nashville-Franklin, +3.3% TN $ Chicago-Naperville+8.0% Elgin (IL, IN, WI) $ Minneapolis-St. Paul +5.5% (MN, WI) $ Tampa-Clearwater-St. -1.8% Petersburg, FL $ Atlanta-Marietta, +3.7% GA $ Dallas-Fort Worth-0.5% Arlington, TX $ Kansas City, +2.9% MO, KS $ Houston-Sugar Land+0.6% Woodlands, TX $ Memphis, -2.4% TN, MS, AR $ Pittsburg, PA -3.1% $

*Data copyright, National Association of Realtors®: All rights reserved. Used with permission. Sales of existing single-family homes, preliminary calculations. May contain errors and subject to revision. All numbers approximate.

426,100 +1.1% 406,800 +4.2%

405,400 +3.1% 400,000 -2.4% 380,300 -0.7% 376,100 -2.1% 357,700 +4.7% 341,600 -1.9% 299,400 +2.9% 251,900 +5.2%

U.S. Median House Price Appreciation Annual Median Sales Prices since 1980* $400,000

This chart is broad illustration of national median house sales price appreciation across a vast range of markets of differing dynamics and values.

$350,000

$250,000

$200,000

$150,000

Annual Median House Sales Price

$300,000

Median sales price is that price where half the homes sold for more and half for less. It is a very general statistic that can be affected by other factors besides changes in fair market value. Annual prices can disguise significant changes that occurred within the calendar year.

Pandemic hits▲

Subprime bubble Foreclosure crisis

$50,000

$62,200 $66,400 $67,800 $70,300 $72,400 $75,500 $80,300 $85,600 $89,300 $94,600 $97,300 $102,700 $105,500 $109,100 $113,500 $117,000 $122,600 $129,000 $136,000 $141,200 $147,300 $156,600 $167,600 $180,200 $195,200 $219,000 $221,900 $217,900 $196,600 $172,100 $173,100 $166,200 $177,200 $197,400 $208,900 $223,900 $235,500 $248,800 $261,600 $274,600 $300,200 $357,100 $392,800 $394,100 $412,400

$100,000

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. National sales of existing single-family dwellings. Does not include condo, co-op or new-home sales. NAR designates the last reading as preliminary and it may be revised. All numbers approximate.

U.S. Year-over-Year Appreciation Rates since 1990 Y-o-Y Change in Annual Median HOUSE Sales Price*

Pandemic boom

20%

18%

Subprime bubble

15%

| Market recovery ►

12%

10% 8%

12%

7% 5%

3% 3%

5% 5% 4% 4%

10%

5% 5%

Foreclosure crisis 1%

0.3%

-1%

-5%

-10%

-15%

-10%

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

Interest rates soar ▲

-4%

Annual appreciation rates often varied widely between states, counties and submarkets within counties. Annual data may disguise significant changes in price appreciation trends within the calendar year.

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

Rounded to the nearest full percentage point, except for 2023. The actual percentage change for 2024 was 4.6%.*

-13% *Data copyright, National Association of Realtors®. All rights reserved. Used with permission. National sales of existing single-family dwellings. Not adjusted for inflation. All numbers approximate, may contain errors and subject to revision. Last period data labeled preliminary and will probably slightly change.

The October 2025 median condo/co-op sales price rose .9% from October 2024.

U.S. Median Condo/Co-op Sales Price Market Dynamics & Seasonality since 2019* 375,000

350,000

Median sales prices typically rise and fall to seasonal supply and demand trends, and peak for the year in late spring. Sales in one month mostly reflect accepted offers negotiated in the previous month. Appreciation is typically measured on a year-over-year basis.

June 2023

June 2022

June 2025

June 2024

June 2021

325,000

300,000

275,000

June 2019

250,000

Updated through October 2025

2020 Pandemic hits

234,700 233,600 244,200 249,500 256,500 259,100 253,900 253,500 248,200 248,100 247,800 254,600 248,200 249,700 263,700 266,900 251,900 261,700 269,200 273,200 272,500 273,000 271,300 272,600 271,400 278,900 292,000 307,000 309,900 318,200 313,900 309,600 302,200 300,500 304,000 307,200 304,300 313,100 330,300 345,700 353,100 354,800 342,200 333,900 331,300 331,000 322,400 317,700 $321,100 $322,400 $337,900 $346,700 $353,300 $362,200 $357,900 $354,200 $353,900 $354,800 $350,100 $343,500 $339,500 $343,000 $357,700 $364,900 $368,900 $371,500 $367,100 $364,600 $362,500 $360,300 $358,200 $358,900 $351,100 $354,800 $363,000 $370,100 $371,900 $374,100 $363,800 $366,200 $359,500 $363,700

225,000

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing condos and co-ops, not seasonally adjusted. Does not include new-home sales. Last month price labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

Oct-25

Jul-25

Apr-25

Jan-25

Oct-24

Jul-24

Apr-24

Jan-24

Oct-23

Jul-23

Apr-23

Jan-23

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

200,000

U.S. Median CONDO/CO-OP Sales Price

The October 2025 median condo/co-op sales price rose .9% from October 2024.

Long-Term Market Dynamics, by Month, since 2000*

2023-24-2025

Generally speaking, condo and co-op sales are typically concentrated in more expensive, urban-area markets, where they constitute a more affordable alternative to houses. They typically make up about 10% of national home sales. The regular ups and downs in median sales price within calendar years mostly reflect the effects of market seasonality.

300,000

250,000

200,000

Monthly Median Condo Sales Price

350,000

2022

2020

2005-06-2007

Pandemic hits▲ Market recession, foreclosure crisis

150,000 2000 100,000

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

Jan-00

Jan-01

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing condo and co-op sales only, does not include new-project sales. Last month labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

Jan-19

Updated through October 2025

50,000

Median CONDO/CO-OP Sales Prices & Year-over-Year Appreciation Rates

“Metro Areas” typically cover much larger regions – multiple counties or even parts of multiple states – than the cities they are named for, with wide variations in values between submarkets.

Q3 2025, Selected U.S. Metro Areas* Metro Area

Median Condo/ Co-op Price

San FranciscoOakland-Hayward $ Los Angeles-Long Beach-Glendale $ San Diego-Carlsbad, CA $ Boston-CambridgeNewton, MA $ Urban Honolulu, HI $ Portland, ME

Boulder, CO $ BridgeportStamford, CT $ New York-Jersey City (NY, NJ) $ Providence-Warwick (RI, MA) $ Wash DC-Alexandria (DC, VA, MD, WV) $

Metro Area

$ 864,100 -6.6% Richmond, VA Worcester $ 655,300 -1.6% (MA, CT) Manchester-Nashua, $ 648,600 -4.7% NH

Condos & Co-ops are more commonly found in more expensive urban locations.

Median Condo/ Co-op Price

Metro Area

Chicago-Naperville-3.3% Elgin (IL, IN, WI) Las Vegas-Paradise376,400 +0.2% Henderson, NV Atlanta-Marietta, 375,800 +0.3% GA 381,900

Median House Sales Price $ 301,600 +3.9% $ 289,700 -1.0% $ 283,100 -5.1%

$ 353,200 -2.9% Hartford, CT $ 610,800 -0.4% Salt Lake City, UT Austin-Round Rock, New Haven-Milford, $ 351,000 -3.5% CT $ 510,900 +0.5% TX Colorado Springs, $ 331,900 +3.8% CO $ 469,600 -2.8% Madison, WI Cape Coral-Fort Portland-Vancouver $ 466,100 -7.0% (OR-WA) $ 326,800 -3.8% Myers, FL Tampa-ClearwaterMiami-W. Palm $ 432,400 +9.6% Beach-Ft Lauderdale $ 320,000 -5.5% St. Petersburg, FL SacramentoDallas-Fort Worth$ 309,200 -7.0% Arlington, TX 408,500 +2.6% Roseville, CA $ Baltimore-Columbia, $ $ 309,000 +2.4% Tucson, AZ 394,200 +2.8% MD Houston-Sugar LandNorth Port-Sarasota, 382,400 +1.1% FL $ $ 303,900 -10.6% Woodlands, TX

*Data copyright, National Association of Realtors®: All rights reserved. Used with permission. Sales of existing condos and co-ops, preliminary calculations. May contain errors and subject to revision. All numbers approximate.

278,700 +6.1% 272,900 +2.1% 271,900 +1.7% 270,500 -11.3%

265,000 -8.6% 243,900 -4.5% 242,100 -4.1%

219,700 -5.1%

National Existing-Home Sales by U.S. Region House, Condo & Co-op Sales, October 2025*

12% Northeast

19%

45%

West

South Region

Midwest

This chart reflects percentages of total existing-home sales by region. The South is even more dominant in new-single-familyhome construction (not illustrated here), where its percentage runs at approximately 60% (per 2023 U.S. Census data). Many factors are at play, including population migration and housing affordability.

24%

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Monthly Summary: Existing house, condo and co-op sales, does not include new-home sales. Percentage of national sales. Data from sources deemed reliable but may contain errors and subject to revision.

Median Existing-Home Sales Prices Since January 2020 by Month, by U.S. Region*

Updated through October 2025 (green column)

Peak monthly median home prices highlighted in red.

$600,000

$500,000 West: Peak median price was in spring 2022. Current price slightly lower.

$400,000

$300,000 Northeast: Recent peak price was far higher than in previous years. Midwest: Recent peak price was significantly higher than in past years.

$200,000

South: Recent peak price was virtually unchanged from mid-2022.

$100,000

Midwest

South

Northeast

*Data copyright, National Association of Realtors®. All rights reserved. Existing single-family and condo/co-op sales. Last month price labeled “preliminary.” Median sales prices can be affected by other factors besides changes in fair market value. These broad national regions contain thousands of markets of differing market trends and prices. Data from sources deemed reliable but may contain errors and subject to revision.

West

U.S. Median House Price Appreciation Rates Long-Term Annual Median Sales Price Changes by Region since 1990 450 400 350

Northeast

Midwest

South

West

Regional home price appreciation rates vary over different periods due to local economic and demographic factors, but over the longer term, trend lines generally run in parallel.

300 250

1990 median house sales price = 100. 200 = 100% home-price appreciation since 1990; 450 = 350% appreciation.

200 Subprime bubble

150

Pandemic hits▲

Foreclosure crisis

100 50

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. National sales of existing single-family dwellings. Does not include condo, co-op or new-home sales. 1990 price = a reading of 100. All numbers approximate, may contain errors and subject to revision.

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

Higher-price segments have seen significant increases in sales. Part of this is simple appreciation, but affluent buyers have also been playing a bigger role in demand.

National Single-Family Home Sales by Price Segment, October 2025*

8.6%

$1,000,000+

3.1% $100,000 & less 18.3%

7.7% $750,000 - $1,000,000

$100,000 - $250,000

18.5%

$500,000 - $750,000

$250,000 - $500,000

Prices often skew (much) higher in urban metro regions.

43.9%

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Non-seasonally adjusted sample data: Existing house sales, does not include new-home sales. Data from sources deemed reliable but may contain errors and subject to revision. All numbers to be considered approximate.

Compass National Real Estate Insights

Speed of Sale, All-Cash Buyers, Average Number of Offers, First-Time Buyers, Distressed Property Sales

U.S. Median Days on Market – Speed of Sale National Market Dynamics & Seasonality since 2011* 2011

This statistic measures the median time between a listing coming on market and offer acceptance. Spring is typically the period of highest buyer demand and fastest sale – due to the rush of new listings coming on market. Mid-winter – when new listing activity drops to its nadir – usually sees the longest days-on-market readings. Data in one month mostly reflects market dynamics in the previous month.

◄ End of foreclosure crisis/ housing market recession and beginning of the recovery

Days on market in October 2025 were 5 days higher than in October 2024.

100 90 80 70 60 50

Updated through October 2025

40 30

20 10 Pandemic boom

*Realtors® Confidence Index Survey. Data copyright, National Association of Realtors®. All rights reserved. Used with permission. All numbers should be considered approximate good-faith estimates based on a survey of Realtors. Data from sources deemed reliable but may contain errors and subject to revision.

Jun-25

Dec-24

Jun-24

Dec-23

Jun-23

Dec-22

Jun-22

Dec-21

Jun-21

Dec-20

Jun-20

Dec-19

Jun-19

Dec-18

Jun-18

Dec-17

Jun-17

Dec-16

Jun-16

Dec-15

Jun-15

Dec-14

Jun-14

Dec-13

Jun-13

Dec-12

Jun-12

Dec-11

Jun-11

U.S. Percentage of All-Cash Buyers 3-month rolling average

National Market Dynamics since 2015, by Month*

32%

All-cash buyers are typically concentrated among investors and older, more affluent households.

30%

For sales of single-family homes alone, the percentage of all-cash buyers typically runs significantly higher than what is illustrated here for all home types.

28% 26%

The longer-term trend is more meaningful than short-term fluctuations.

24%

▲ Interest rates soar 22% 20% 18% Pandemic hits▲ 16%

*Realtors® Confidence Index Survey. Data copyright, National Association of Realtors®. All rights reserved. Used with permission. 3-month rolling average of NAR existing home data. All numbers are approximate good-faith estimates based on a survey of Realtors. Data from sources deemed reliable but may contain errors and subject to revision.

Jul-25

Jan-25

Jul-24

Jan-24

Jul-23

Jan-23

Jul-22

Jan-22

Jul-21

Jan-21

Jul-20

Jan-20

Jul-19

Jan-19

Jul-18

Jan-18

Jul-17

Jan-17

Jul-16

Jan-16

Jul-15

Jan-15

Updated through October 2025

14%

Share of Sales in Which Buyers Paid All Cash National Home Sales in Selected Price Segments, $200,000+* “All-cash home purchases remain a powerful force shaping the housing market…High-wealth and older households [and investors] are far more likely to purchase homes with cash…Second-home buyers, particularly in vacation markets, also frequently buy with cash.” Excerpted quotes*

61% 58%

60%

51% 50%

40%

35%

1.3% of home sales were for $5,000,000+.

30%

26% 22%

21%

23% 9% of U.S. home sales sold between $1,000,000 & $5,000,000.

20%

69% of U.S. home sales sold between $200,000 and $1,000,000. (21% sold for less than $200,000.)

10%

0% $200,000 $350,000

$350,000 $500,000

$500,000 $750,000

$750,000 $1,000,000

$1,000,000 $2,000,000

$2,000,000 $5,000,000

$5,000,000 - $10,000,000+ $10,000,000

*U.S. home sales in first half of 2025 per Realtor.com Research Report, “Cash Is King: Trends in All-Cash Home Sales,” https://www.realtor.com/research/all-cash-sale-trends-h1-2025/ dated 10/7/25. Percentages rounded. Data deemed reliable but may contain errors and subject to revision. All numbers to be considered approximate.

U.S. Average Number of Offers Received April 2022

Market Dynamics & Seasonality, by Month, since 2016* Spring 2021

The average number of offers received reflects the balance (or imbalance) between buyer demand and the supply of homes for sale. It typically peaks during the spring selling season, normally the most active and competitive of the year. Spring 2016

June 2023

4 Spring 2024

| Pandemic Boom |

Spring 2018

Spring 2025

| Interest rates soar

*Offers on most recent sale, per Realtors® Confidence Index Survey. Data copyright National Association of Realtors®. All rights reserved. Used with permission. All numbers are approximate good-faith estimates based on a survey of Realtors. Data from sources deemed reliable but may contain errors and subject to revision.

Jul-25

Jan-25

Jul-24

Jan-24

Jul-23

Jan-23

Jul-22

Jan-22

Jul-21

Jan-21

Jul-20

Jan-20

Jul-19

Jan-19

Jul-18

Jan-18

Jul-17

Jan-17

Jul-16

Jan-16

Updated through October 2025

U.S. Percentage of Sales with First-Time Buyers National Market Dynamics since 2010** 6-month-rolling average 45%

Even as the proportion of 1st time homebuyers has generally declined, their median age has hit an all-time high (40 years). Reasons include declining home affordability (prices & interest rates), high levels of student and consumer debt, and competition for homes from investors.

40% ▲ 1st time homebuyer tax credit in 2010 35%

| Market recovery ► 30%

Pandemic hits▲

Market recession, foreclosure crisis

| Interest rates soar

25%

Jan-25

Jan-24

Jan-23

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

*per Realtors® Confidence Index Survey. Data copyright National Association of Realtors®. All rights reserved. Used with permission. 6-month-rolling averages. All numbers are approximate good-faith estimates based on a survey of Realtors. Data from sources deemed reliable but may contain errors and subject to revision.

Jan-22

Updated through October 2025

20%

Percentage of Buyers: Non-Primary Residence* National Market Dynamics since 2016

12-month-rolling average 17%

This chart is based on buyers for existing single-family homes, condos and co-ops for investment or as second homes. If calculated just for single-family homes, the percentage would be considerably higher.

16%

15%

14%

Pandemic hits▲

13%

12%

◄◄ The big surge in investor purchases of singlefamily homes began during the post-2007 foreclosure crisis, when institutional investors bought distressed properties in huge quantities at fire-sale prices.

11%

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25

Updated through October 2025

*Investor-rental or vacation use, per Realtors® Confidence Index Survey. Data copyright National Association of Realtors®. All rights reserved. Used with permission. Single-family, condo and co-ops. Good-faith estimates based on survey of Realtors. Data from sources deemed reliable but may contain errors and subject to revision.

10%

U.S. Percentage of Distressed Home Sales Foreclosures & Short Sales as % of Total Sales, by Month, since 2009* 50%

There were 3 huge factors in the 2008-2011 home-price crash: 1) An enormous flood of foreclosure and short sales caused by (predatory) subprime lending, 2) the 2008 collapse in financial markets, and 3) rising unemployment. Soaring mortgage delinquency rates are a leading indicator of crisis in both the housing market and the economy.

45%

Market recession, foreclosure crisis

40% 35%

Due to long-term, fixed-rate mortgages taken out during an extended period of extremely low interest rates, plus substantial home-price appreciation and high homeowner equity, distressed property sales remain close to historic lows.

30% 25% 20% 15%

10% Pandemic hits▼

Updated through October 2025

*per Realtors® Confidence Index Survey. Data copyright National Association of Realtors®. All rights reserved. Used with permission. All numbers are approximate good-faith estimates based on a survey of Realtors. Data from sources deemed reliable but may contain errors and subject to revision.

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-09

Jan-10

2009

Compass National Real Estate Insights

Supply & Demand Trends

New Listings Coming on Market*

The number of new listings in October 2025 continued to decline from its peak in April, but was 5% higher year over year. New-listing activity typically continues to fall until hitting it annual low in December.

National Market Dynamics & Seasonality June 2021

550,000

June 2022

July 2020

April 2025

500,000 450,000

May 2024

May 2023

250,000

December

300,000

December

350,000

December

400,000

▲ Pandemic hits

*Per Realtor.com Research: https://www.realtor.com/research/data/, residential listings posted on site. Data may lag full-month data due to RDC methodology. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Jan-24

Nov-23

Sep-23

Updated through October 2025 Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Nov-20

Sep-20

Jul-20

May-20

Jan-20

100,000

Mar-20

New listing activity ebbs and flows according to seasonal trends, typically hitting its (very) low point in December, then accelerating rapidly in the new year to peak in May or June.

150,000

Mar-24

200,000

U.S. New Listings Coming on Market National Market Dynamics since 2017, 12-Month-Rolling Average Long-Term Trends

460,000

Pandemic hits ▲ 440,000

420,000

Interest rates soar ▲▲

After the precipitous decline from spring 2022 due to soaring interest rates (and the “mortgage lock-in effect”), the 12-month-rolling-average number of new listings has been steadily climbing since the beginning of 2024, but still remains low by historical norms. The 12-month-rolling average is a broad, simplified view of longer-term trends. Each data point reflects the monthly average of the previous 12 months of new listings. This generally deletes the effects of seasonality but can lag short-term changes.

*Per Realtor.com Research: https://www.realtor.com/research/data/, residential listings posted on site. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

Oct-25

Jul-25

Apr-24

Jan-24

Oct-23

Jul-23

Apr-23

Jan-23

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Oct-18

Jul-18

Apr-18

Jan-18

Oct-17

Jul-17

Apr-17

Jan-17

Oct-16

Jul-16

340,000

Apr-25

Updated through October 2025 Jan-25

360,000

Oct-24

380,000

Jul-24

400,000

U.S. Annual New-Listing Volume Number of New Listings Coming on Market by Year, since 2017* 5,566,808

5,750,000

5,607,592 5,487,794 5,206,662

5,305,954

5,500,000

| Mortgage Lock-In Effect Impacts New-Listing Activity|

5,250,000 5,000,000

4,837,242

4,750,000

4,439,854

4,250,000

4,143,164 Spring 2020: Pandemic hits

4,500,000

4,000,000

Spring 2022: Interest rates soar

3,750,000 3,500,000

The number of new listings coming on market in 2024 increased 7% over 2023’s extremely low count, but remained far below long-term norms: About 1 million fewer new listings than the 2017-2021 average.*

3,250,000 3,000,000 2,750,000 2,500,000

2017

2018

2019

2020

2021

2022

2023

2024

U.S. Active Listings On Any Given Day of the Month Market Dynamics & Seasonality since 2016 This is a snapshot measure of how many active listings can be expected on any given day of the specified month. 1,400,000

2017

2018

The daily number of active listings has been flat for the past 4 months, but was up 15% from October 2024. The monthly year-over-year increases have been rapidly declining: The y-o-y increase in May 2025 was 32% from May 2024.

2019

1,200,000

2025 2020

2022

Pandemic hits

| Interest rate increases impact the market | The Pandemic Boom |

*Per Realtor.com Research: https://www.realtor.com/research/data/, house, condo and co-op listings posted on site. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate.

Oct-25

Jul-25

Apr-25

Jan-25

Oct-24

Apr-24

Jan-24

Oct-23

Jul-23

Apr-23

Jan-23

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Updated through October 2025 Jan-21

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Oct-18

Jul-18

Apr-18

Jan-18

Oct-17

Jul-17

Apr-17

Jul-16

Jan-17

200,000

Oct-16

The number of active listings on market on a given day is affected by 1) how many new listings come on market, 2) how quickly buyers purchase them, 3) the sustained heat of the market over time, and 4) sellers pulling their homes off the market without selling. The number typically rises and declines by season.

Oct-20

400,000

2023

2021

Jul-20

600,000

Apr-21

800,000

2024

Jul-24

1,000,000

U.S. Active Listings For Sale within Month Market Dynamics & Seasonality since 2015 May 2015 2,200,000 2,000,000

May 2016

May 2017

June 2018

June 2019

The total number of active listings in October 2025 ticked down slightly from September, but rose about 11% year-over-year. Over the past 6 months, inventory has been running higher than at any time since mid2020, but still lower than pre-pandemic norms.

1,800,000

May 2020

1,600,000

July 2025 July 2021

1,400,000

July 2022

1,200,000

Aug. 2024 Oct. 2023

1,000,000 800,000 600,000

The number of active listings is affected by 1) how many new listings come on market, 2) how quickly buyers purchase them, 3) the sustained heat of the market over time, and 4) sellers removing their homes from the market without selling. The number typically rises and falls by season.

Pandemic boom Updated through October 2025

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25

400,000

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing homes (not new-construction): single-family dwellings, condos, co-ops. Not seasonally adjusted. Last month labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

U.S. Average Monthly Number of Active Listings Annual Average Monthly Listing Inventory since 2017* 1,801,667

1,764,167

1,741,667

1,800,000

The average monthly number of active listings in 2024 rebounded 17% from 2023 to its highest count since 2020, but remained far below pre-pandemic norms.

1,425,833

1,600,000 1,400,000

1,241,667 1,147,500

1,097,500

1,200,000

1,060,000 1,000,000

Spring 2020: Pandemic hits

800,000

Spring 2022: Interest rates soar

600,000 400,000

The number of active listings is affected by 1) how many new listings come on market, 2) how quickly buyers purchase them, 3) the sustained heat of the market over time, and 4) the number of homes removed from the market without selling.

200,000 0

2017

2018

2019

2020

2021

2022

2023

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing Home Listings, not seasonally adjusted: single-family dwellings, condos, co-ops. December 2023 number estimated using trend data through November 2023. Data from sources deemed reliable but may contain errors and subject to revision.

2024

U.S. Active Inventory of Homes for Sale 12-Month-Rolling Average, Long-Term Trends, since 2000* 2007-2008

3,750,000 3,500,000

2011

3,250,000 3,000,000

On a 12-month-rolling-average basis, the number of homes for sale continues to rise, but still runs low by long-term, pre-pandemic standards.

Subprime bubble, market recession, foreclosure crisis

2,750,000 2,500,000 2,250,000

2015 2000

2,000,000

2019 1,750,000 Pandemic hits ▲

1,500,000

Interest rates soar▲

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Updated through October 2025 Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

750,000

Jan-01

1,000,000

*The 12-month-rolling average is a very broad, simplified view of trends, which may lag short-term changes. Each data point reflects the monthly average of the previous 12 months of active listings. Jan-00

1,250,000

2022-23-24-2025

U.S. Pending Listings by Month* Market Dynamics & Seasonality since 2018 Oct. 2020

The daily number of listings in contract in October 2025 continued to fall after peaking in May, but rose about 1.5% year over year. The pending-listing count usually continues to drop until hitting its low in January.

June 2021

May 2022

600,000

500,000

May 2018

400,000

The Pandemic Boom

May 2025

May 2024

May 2023

June 2019

300,000 | Interest rate increases impact the market 200,000

100,000

Oct-25

Jul-25

Apr-25

Jan-25

Oct-24

Jul-24

Apr-24

Jan-24

Oct-23

Jul-23

Apr-23

Jan-23

Oct-22

Jul-22

Apr-22

Updated through October 2025 Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Oct-18

Jul-18

Apr-18

Jan-18

A snapshot measure of how many pending listings (listings under contract) can be expected on any given day of the specified month. It is a measure of buyer demand.

U.S. Pending-Sale Ratio* Market Dynamics & Seasonality since 2016

150%

March 2022

May 2021

Longer-Term Perspective on Demand vs. Supply

The ratio has been declining because the rise in inventory (active listings) has been outpacing the increase in demand (pending listing count).

This chart illustrates the ratio of the pending listing count to the active listing count during the specified month. It is a general measurement of demand vs. supply: Higher percentages reflect stronger buyer demand as compared to the supply of listings available to purchase.*

125%

100%

The pending-sale ratio in October 2025 declined slightly from September, and dropped 5 percentage points year over year.

May 2023 75%

April 2024

| The Pandemic Boom |

50%

Sept. 2019

May 2018

May 2017

April 2025 | Interest rate increases impact the market

| Pandemic hits

25%

*Per Realtor.com Research: https://www.realtor.com/research/data/, residential listings posted on site. Data from sources deemed reliable, but may contain errors and subject to revision. This statistic is specific to Realtor.com Research and does not constitute “absorption rate.” All numbers approximate.

Oct-25

Jul-25

Apr-25

Jan-25

Oct-24

Jul-24

Apr-24

Jan-24

Oct-23

Jul-23

Jan-23

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Oct-18

Jul-18

Apr-18

Jan-18

Oct-17

Jul-17

Apr-17

Jan-17

Oct-16

Jul-16

Apr-23

Updated through October 2025

U.S. Monthly Home Sales Volume Market Dynamics & Seasonality since 2020* June 2021

650,000 July 2020

550,000 500,000 450,000

Number of Home Sales

600,000

Sales in one month mostly reflect market conditions in the previous month when offers were negotiated, and the number typically hits its nadir in January, then rises through late spring. October 2025 sales rose .8% from September, and 2.9% year over year.

June 2022

Updated through October 2025

June 2023

First year of pandemic

May 2024

May-June 2025

400,000 350,000

Jan.-Feb.

300,000 Jan.

* Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing home sales (single-family dwellings, condos and co-ops), does not included new-home sales. Not seasonally adjusted. Last month labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Nov-20

Sep-20

Jul-20

May-20

Mar-20

Jan-20

200,000

Jan.

Jan. Jan-23

250,000

Jan-24

Sales in one month mostly reflect market conditions in the previous month when offers were negotiated. Monthly sales volume usually peaks in late spring, and hits its low point in mid-winter.

U.S. Single-Family Home Sales by Year Annual National Sales Volumes since 1980*

5,000,000

4,000,000

Annual Number of Home Sales

6,000,000

According to preliminary calculations, the number of existing (resale) single family homes sold in 2024 was barely higher than in 2023, basically remaining at the lowest level since the foreclosure crisis. (Including condo/co-op sales, the total count declined slightly from 2023.)

Subprime bubble

Pandemic boom

Foreclosure crisis

3,000,000

2,000,000

Sales volume is affected by buyer demand, as well as the supply of listings available to purchase. 2,973,000 2,419,000 1,990,000 2,697,000 2,829,000 3,134,000 3,474,000 3,436,000 3,513,000 3,010,000 2,914,000 2,885,000 3,150,000 3,427,000 3,544,000 3,519,000 3,797,000 3,964,000 4,495,000 4,651,000 4,604,000 4,733,000 4,974,000 5,443,000 5,959,000 6,180,000 5,677,000 4,420,000 3,660,000 3,870,000 3,708,000 3,787,000 4,128,000 4,484,000 4,344,000 4,646,000 4,838,000 4,892,000 4,742,000 4,765,000 5,066,000 5,413,000 4,480,000 3,659,000 3,671,000

1,000,000

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Number of sales of existing single-family dwellings - does not include new-home sales or condo/co-op sales. All numbers approximate, may contain errors and subject to revision.

U.S. Existing-Home Sales by Year

7,000,000

6,000,000

5,000,000

4,000,000

Annual Number of Existing- Home Sales

Annual National Sales Volumes since 1990* Subprime bubble

2024 existing-home sales ticked down from 2023 to hit their lowest annual total since 1995.* Pandemic boom

Foreclosure crisis

3,000,000

1,000,000

3,184,000 3,146,000 3,431,000 3,737,000 3,884,000 3,849,000 4,167,000 4,374,000 4,965,000 5,179,000 5,173,000 5,335,000 5,634,000 6,176,000 6,778,000 7,080,000 6,477,000 5,030,000 4,110,000 4,340,000 4,190,000 4,260,000 4,660,000 5,090,000 4,940,000 5,250,000 5,450,000 5,510,000 5,340,000 5,340,000 5,640,000 6,120,000 5,030,000 4,090,000 4,060,000

2,000,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing home sales (single family, condos, co-ops), seasonally adjusted - does not include new-home sales. All numbers approximate, may contain errors and subject to revision.

U.S. Existing-Home Sales Longer-Term Market Dynamics since 2000*

550,000

500,000

450,000

12-Month Rolling Average

2005-2006

Number of Existing-Home Sales

600,000

The 12-month-rolling-average sales volume is comparable to levels during the post-2008 recession. Subprime bubble

The 12-month-rolling average is a very broad, simplified Pandemic boom illustration of long-term trends, which may lag short-term changes. Each data point reflects the monthly average of the previous 12 months of sales.

2000 Market recession & foreclosure crisis

400,000

350,000 ▲ 2010 Tax credit

300,000

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

Jan-00

Jan-01

*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing Home Sales, not seasonally adjusted: single-family dwellings, condos, co-ops. Last month labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

Jan-19

Updated through October 2025

250,000

Months Supply of Inventory (MSI) National Market Dynamics & Seasonality since 2019* MSI measures how long it would take to sell the existing inventory of listings at the current rate of sale. With the increase in the supply of listings outpacing the change in sales, MSI has been climbing sharply. The lower the reading, the stronger the buyer demand as compared to the number of homes for sale. Oct.

June 2019

4.5

June 2025

4.0

Aug.-Sept. 2024

2023 3.5 Early 2019

2.5

2.0

1.5

Months Supply of Inventory

3.0

Fall 2022

Pandemic hits

Early 2025

Pandemic boom: Extremely low inventory Summer 2021

Early 2020

Early 2024 Early 2023

The October 2025 MSI continued to decline from its peak in June, but was the highest October reading in 6+ years.

Early 2021 Early 2022

Updated through October 2025

Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25

1.0

* Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Data for existing homes: houses, condos and co-ops, seasonally adjusted. Last month labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

Months Supply of Inventory (MSI) National Market Dynamics since May 2024*

5.5

6.3 6

MSI: Condos & Co-ops

5.4

5.3

5.2

5.1

MSI: Houses

4.8

4.7 4.4 4.1 3.9

3.9

4.4

4.5

4.4

4.2

4.0

3.9

3.7

3.4

MSI rises and falls to seasonal trends in supply and demand, as well as reacting to changes in economic conditions.

4.3

3.8

3.7

3.5

3.3

3.1

Updated through October 2025

May-25

Apr-25

Mar-25

Feb-25

Jan-25

Dec-24

Nov-24

Oct-24

Sep-24

Aug-24

Jul-24

Jun-24

2.5

* Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Data for existing homes: houses and condos and co-ops. Last month labeled “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision.

Oct-25

3.0

6.3

6.2

5.6

4.5 4.0

6.5

Sep-25

5.0

5.2

May-24

Months Supply of Inventory

5.6

6.5

Aug-25

6.0

6.6

Jul-25

6.5

MSI measures the months it would take to sell the existing inventory of listings at the current rate of sale. Increasing MSI readings indicate a softening or cooling in the market. Readings for both houses and condos/co-ops have been higher year over year, but due to a number of issues, the condo/co-op market (green line) has been weaker than the house market (white line).

Jun-25

7.0

U.S. Months Supply of Inventory (MSI) 12-Month-Rolling Average, Long-Term Trends, since 2000* Months Supply of Inventory (MSI) measures how long it would take to sell the existing inventory of listings at current rates of sales activity. The lower the reading, the stronger buyer demand as compared to the supply of homes for sale.

2008-2009

Months Supply of Inventory

2000

9 8 7

Market recession & foreclosure crisis

With the increase in active listings, the 12-month-rolling MSI has been slowly climbing higher, but still remains slightly lower by pre-pandemic standards. On a monthly basis, the MSI in October 2025 was 4.4 months.

2019

2024-2025

4 3 2

Pandemic boom

*The 12-month-rolling average is a very broad, simplified view of long-term trends: Each data point reflects the monthly average of the previous 12 months MSI readings. It removes seasonality from the calculation, but may lag short-term changes.

Jan-25

Jan-24

Jan-23

Jan-22

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-01

Jan-00

Jan-02

Jan-21

Updated through October 2025

Jan-20

The number of price reductions typically ebbs and flows by season but is also affected by specific market conditions.

U.S. Price Reductions on Active Listings National Market Dynamics & Seasonality since 2018 July-Oct. 2018

500,000

The number of price reductions in October 2025 ticked up very slightly from September, but rose 20% year over year. The monthly year-over-year increases have been declining: The y-o-y increase in May 2025 was 37% above May 2024.

July 2019

June 2025

450,000 400,000

July 2024

Oct. 2022

350,000

Oct. 2023 June 2020

300,000 250,000

Aug.-Sept 2021

200,000 150,000

| Interest rates soar 100,000 50,000

| Pandemic hits

Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted to site. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

0 Oct-25

Jul-25

Apr-25

Jan-25

Oct-24

Jul-24

Apr-24

Jan-24

Oct-23

Jul-23

Apr-23

Jan-23

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Oct-18

Jul-18

Apr-18

Jan-18

Updated through October 2025

Percentage of Listings Reducing Price within Month* National Market Dynamics & Seasonality since 2018 Oct. 2018

20% of active listings reduced their asking price in October 2025, 1.5 percentage points higher than in October 2024.

20%

Oct. 2022 July 2024

Oct. 2023

July 2019

June 2025

16%

Sept 2021

12%

Oct-25

Jul-25

Apr-25

Jan-25

Oct-24

Jul-24

Jul-23

Apr-23

Jan-23

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Jul-18

Apr-18

Jan-18

Oct-18

Apr-24

Updated through October 2025

Jan-24

Pandemic Boom

Oct-23

Jan-21

This chart illustrates the percentage of homes listed for sale which reduced their asking prices within the month specified.*

Oct-20

| Interest rates soar

Compass National Real Estate Insights

Additional Economic Indicators

Mortgage Interest Rates in 2022-2025 YTD 15-Year & 30-Year Conforming, Fixed-Rate Loans* Oct. 2023

Oct. 2022

7.5

7.0

6.0 5.5 5.0

Sept. 2024

Per Freddie Mac (FHLMC), on November 20, 2025, the weekly average, 30-year, conformingloan interest rate was 6.26%, and the 15-year loan rate was 5.54%.

4.5 Jan. 4.0 2022

Weekly Average Rates* 30-Year Fixed

Since 2024 began, the average rate discount for a 15-year fixed-rate loan has generally ranged from 11% to 12.5% off the 30-year rate.

3.5 3.0

15-Year Fixed

*Freddie Mac (FHLMC), Weekly Average Rates: https://www.freddiemac.com/pmms. Different sources of mortgage data vary in their determinations of daily and weekly rates. Rates vary widely according to the property, price, borrower and lender. All numbers are approximate.

Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

2.5 Jan-22

Percentage Interest Rate

Jan. 2024

Jan. 2023

6.5

Jan. 2025

30-Year, Fixed-Rate, JUMBO Mortgage Index* Optimal Blue Mortgage Market Index since 2018 8.0

30-Year Fixed-Rate Mortgage Interest Rate for JUMBO Loans

7.5 7.0

As of 11/18/25, the average, daily, 30year, fixed jumbo loan rate was 6.5%.*

6.5

2024 begins▲

2018

Rates vary according to the property, price, borrower and lender.

6.0

2025 begins▲ Percentage Interest Rate

2023 begins▲

5.5 5.0 4.5 4.0

3.5 Pandemic hits ▲

3.0 2022 begins▲

2.5 2018-01-01 2018-03-02 2018-04-30 2018-06-27 2018-08-24 2018-10-24 2018-12-21 2019-02-20 2019-04-18 2019-06-17 2019-08-14 2019-10-11 2019-12-12 2020-02-12 2020-04-10 2020-06-09 2020-08-06 2020-10-05 2020-12-04 2021-02-04 2021-04-05 2021-06-02 2021-07-30 2021-09-28 2021-11-30 2022-01-31 2022-03-30 2022-05-26 2022-07-27 2022-09-23 2022-11-23 2023-01-26 2023-03-27 2023-05-23 2023-07-24 2023-09-20 2023-11-20 2024-01-23 2024-03-21 2024-05-17 2024-07-18 2024-09-16 2024-11-14 2025-01-17 2025-03-19 2025-05-15 7/16/2025 9/12/2025 11/12/2025

Updated through 11/18/2025

* Optimal Blue, 30-Year Fixed Rate Jumbo Mortgage Index, on a given day. Retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/OBMMIJUMBO30YF. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate.

2.0

Inflation: Consumer Price Index (CPI), 2021 – 2025 YTD* Year-over-Year Percentage Change, by Month 8.9 8.6 8.5 8.4 8.28.2 8.2 7.9 7.8 7.5 7.1 7.1 6.8 6.46.4 6.2 6.0

4.2

2.7

The general “CPI-All Items” inflation reading for September 2025 ticked up slightly to 3%. “Core CPI” (all items except food & energy, not illustrated on this chart) also came in at 3%.*

8 7 6

CPI - All Items

4.94.9 4.1

Updated through 10/24/25 release

3.73.7 4 3.53.4 3.3 3.3 3.3 3.23.1 3.13.2 3.1 3.02.9 2.93.02.8 2.93.0 3 2.72.7 2.6 2.62.7 2.42.32.4 2.4

1.7 1.4

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25

The “target inflation rate” for the Federal Reserve Bank is 2%.

*Consumer Price Index for All Urban Consumers: All Items in U.S. City Average [CPIAUCSL], per Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/graph/?g=8dGq. Data from U.S. Bureau of Labor Statistics. CPIAUCSL is a price index of a basket of goods and services paid by urban consumers. This index includes roughly 88 percent of the total population. Percentages rounded. Data from sources deemed reliable but may contain errors and subject to revision.

Year-over-Year Percentage Change

5.35.35.25.4 4.9

Federal Funds Interest Rate since 1981 & Economic Interventions by Federal Reserve Bank*

Updated October 29, 2025

In September 2024, the Fed reduced the rate by a half point, and then by a quarter point in November and December. In September and October 2025, the rate was reduced twice, by a quarter point each time.

◄ Early 1980’s: Fed aggressively raises fed funds target rate to lower inflation rate

Early 1990’s recession: Fed drops target interest rate 18 times, 1990-92

2022/2023/2024: Acting to counter inflation, Fed increases target rate 11 times, then pauses 8/2023 – 8/2024

Dotcom crash, 9/11 attack: Fed drops fed fund rate 12 times, 2001-02

Subprime crash: Fed drops rate 10 times to effectively zero in 2007-08

10 8 6

Junk bond boom

2019, 2020, 2021: With the pandemic, the Fed drops the rate to effectively zero

Dotcom boom

High-tech & pandemic booms

Subprime boom

* Per Federal Reserve Bank of St. Louis and New York; https://fred.stlouisfed.org/series/FEDFUNDS; Last reading per https://www.newyorkfed.org/markets/reference-rates/effr. Other data referenced from sources deemed reliable but may contain errors and subject to revision.

Jun-25

May-24

Apr-23

Mar-22

Feb-21

Jan-20

Dec-18

Nov-17

Oct-16

Sep-15

Aug-14

Jul-13

Jun-12

May-11

Apr-10

Mar-09

Feb-08

Jan-07

Dec-05

Nov-04

Oct-03

Sep-02

Aug-01

Jul-00

Jun-99

May-98

Apr-97

Feb-95

Mar-96

Jan-94

Dec-92

Nov-91

Oct-90

Sep-89

Aug-88

Jul-87

Jun-86

May-85

Apr-84

Mar-83

Feb-82

0 Jan-81

% Federal Funds Interest Rate

S&P 500 Cyclically-Adjusted Price to Earnings (CAPE) Ratio* By Month since January 1985 50

The CAPE ratio is a stock market valuation measure created by economist Robert Shiller. It is defined as the current price of the S&P 500 Index divided by the moving-average of 10 years of inflationadjusted earnings and is principally used to assess likely future returns 1999-2000 over longer periods. A higher CAPE ratio can suggest investors are expecting higher future growth, or that the stock market is overvalued. 2025

Dotcom bubble

2018

2021

As of November 1, 2025, the ratio is at its highest reading since the dotcom bubble.

Pandemic boom ▲ Tariff shock

2007 Historical average since 1985 Pandemic hits

1987

Dotcom crash

Financial markets crash

15 2008-2010

Updated November 1, 2025

*Source: Robert Shiller, https://shillerdata.com/. Data from sources deemed reliable, but numbers to be considered approximate and subject to revision.

Economic Policy Uncertainty Index* By Month since January 2000 April 2025

450

The Economic Policy Uncertainty Index reading in October 2025 continued to drop, having plummeted since April’s tariff shock, though remaining relatively high by long-term norms.

400

Pandemic hits

The Economic Uncertainty Index is constructed from data analysis of 1) an index of search results from 10 large newspapers for terms related to economic and policy uncertainty, 2) reports by the Congressional Budget Office, and 3) the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters.*

350

May 2025

300 August 2025

250

Sept. 2025

Dotcom crash & 9/11

200

Oct. 2025

150 Subprime crash & great recession

100

2025

*Source: 'Measuring Economic Policy Uncertainty' by Scott Baker, Nicholas Bloom and Steven J. Davis, 3component index, www.PolicyUncertainty.com, https://www.policyuncertainty.com/us_monthly.html. Data from sources deemed reliable, but numbers to be considered approximate and subject to revision.

2025

2024

2023

2022

2021

2020

2019

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

2018

Updated through October 2025

U.S. Jobs Report* Monthly Change in Number of Jobs, in Thousands*

Monthly Change in U.S. NonFarm Employment, in Thousands 500

482

Weak employment growth in recent months has raised both fears regarding the U.S. economy and hopes of interest rate cuts by the Federal Reserve Bank. Note: BLS often revises its monthly estimates, sometimes very substantially: For example the original May-June 2025 estimate of 291,000 new jobs was revised down to 6,000.

287

323

310

303

400

290

278

256

246

240

300 261

240

236

210 184 165

Updated as of 11/20/25 BLS release

193

182

200 158

146

118

111 87 88

120

119

102

100

71 44 19

*U.S. Bureau of Labor Statistics, “All employees, thousands, total nonfarm, seasonally adjusted”: https://data.bls.gov/timeseries/CES0000000001&output_view=net_1mth. Last 2 readings are labeled “preliminary” and often substantially revised. Data from sources deemed reliable but may contain errors.

0 Sep-25

Aug-25

-4

Jul-25

Jun-25

May-25

Apr-25

Mar-25

Feb-25

Jan-25

Dec-24

Nov-24

Oct-24

Sep-24

Aug-24

Jul-24

Jun-24

May-24

Apr-24

Mar-24

Feb-24

Jan-24

Dec-23

Nov-23

Oct-23

Sep-23

Aug-23

Jul-23

Jun-23

May-23

Apr-23

Mar-23

Feb-23

Jan-23

-13

National Unemployment Rate Since January 2000, Percentages by Month*

The national unemployment rate in September 2025 ticked up to 4.4%, the highest reading since 2021. 2009

6 2000 4 Pandemic hits

*U.S. Bureau of Labor Statistics, Unemployment Rate, from Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/UNRATE. Data deemed reliable but may contain errors and subject to revision.

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

Jan-01

Jan-00

Updated through September 2025

Percentage Monthly Unemployment Rate

U.S. Housing Affordability since 1989 Principal & Interest Payment as % of Median Family Income* 4-Quarter Rolling Average: Updated through Q3 2025

2022-23-24-25 26%

2005-2007 ▲ Peak: late 1980’s boom

24% 22%

2001

1990 – 1999

Subprime bubble

The lower the percentage, the more affordable the housing.

20% 18%

2019 Sept. 2008 markets crash ▲ 16%

The National Association of Realtors® Housing Affordability Index measures the percentage of median family income required to pay the monthly principal and interest payment of the median priced single-family home in the U.S. Based on purchase with 20% downpayment at the prevailing “effective mortgage rate.”

Foreclosure crisis

▲ Interest rates soar ▲ Pandemic boom: historic lows in interest rates

14% 12%

1989.1 1989.4 1990.3 1991.2 1992.1 1992.4 1993.3 1994.2 1995.1 1995.4 1996.3 1997.2 1998.1 1998.4 1999.3 2000.2 2001.1 2001.4 2002.3 2003.2 2004.1 2004.4 2005.3 2006.2 2007.1 2007.4 2008.3 2009.2 2010.1 2010.4 2011.3 2012.2 2013.1 2013.4 2014.3 2015.2 2016.1 2016.4 2017.3 2018.2 2019.1 2019.4 2020.3 2021.2 2022.1 2022.4 2023.3 2024.2 2025.1

10%

*Data copyright, National Association of Realtors®: https://www.nar.realtor/research-andstatistics/housing-statistics/housing-affordability-index. All rights reserved. Used with permission. Based on quarterly sales of existing single-family dwellings. Last reading marked “preliminary.” Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

Percentage of U.S. Adults Saying They’re “Just Getting By” or “Finding It Difficult to Get By” Financially* Without H.S. Degree

53%

Hispanic Adults

37%

W/High School Degree

36%

W/Children at Home

35%

Black Adults

35%

All U.S. Adults

27%

Without Children

24%

White Adults

23%

Asian Adults

18%

W/Bachelor's Degree+

13%

Adults without a high school degree reported the greatest financial insecurity

More than one quarter of adults felt financially challenged

Self-reported financial insecurity by educational attainment, race/ethnicity and parental status.* “Inflation topped the list of financial challenges, followed by the costs of basic living expenses and housing.”* Adults with a bachelor’s degree or better reported the least financial insecurity

*Per USAFacts, https://usafacts.org/articles/how-are-americans-doing-financially/, 2024 data, updated 9/2/25, using survey data from the Federal Reserve. Data from sources deemed reliable, but not guaranteed and may contain errors. All numbers are approximate.

Continued Claims for Unemployment 4-Week Moving Average since January 2022* 1,950,000 1,900,000 1,850,000

1,800,000 1,750,000 1,700,000 “Continued claims, also referred to as insured unemployment, is the number of people who have already filed an initial claim, who have experienced a week of unemployment and then filed a continued claim to claim benefits for that week of unemployment.” Federal Reserve Bank of St. Louis

1,650,000 1,600,000 1,550,000 1,500,000 1,450,000 1,400,000

1,350,000 2022-01-01 2022-02-01 2022-03-01 2022-04-01 2022-05-01 2022-06-01 2022-07-01 2022-08-01 2022-09-01 2022-10-01 2022-11-01 2022-12-01 2023-01-01 2023-02-01 2023-03-01 2023-04-01 2023-05-01 2023-06-01 2023-07-01 2023-08-01 2023-09-01 2023-10-01 2023-11-01 2023-12-01 2024-01-01 2024-02-01 2024-03-01 2024-04-01 2024-05-01 2024-06-01 2024-07-01 2024-08-01 2024-09-01 2024-10-01 2024-11-01 2024-12-01 2025-01-01 2025-02-01 2025-03-01 2025-04-01 2025-05-01 2025-06-01 2025-07-01 2025-08-01 2025-09-01

Updated through September 25, 2025

*U.S. Employment and Training Administration, 4-Week Moving Average of Continued Claims (Insured Unemployment), per Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CC4WSA. Seasonally adjusted. Data deemed reliable but may contain errors and subject to revision.

1,300,000

Quarter to Quarter Change in U.S. Real GDP Seasonally Adjusted Annual Rate, since 2022*

GDP is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. “Real GDP” values are inflation-adjusted estimates.

4.4% 4%

3.4% 3%

2.7%

3.2%

3.0%

2.8%

3.1%

2.4% 2%

3.0% 2.4%

1.6%

1% Updated through Q2 2025 estimate released on 7/30/25*

0.3% 0%

Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 -1%

-1.0% -2%

Gross Domestic Product (GDP) “gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy. In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well.” International Monetary Fund

*U.S. Bureau of Economic Analysis, Real Gross Domestic Product, Percent Change from Preceding Period, Quarterly, Seasonally Adjusted Annual Rate, per Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/A191RL1Q225SBEA. Data from sources deemed reliable, but may contain errors, and readings are subject to subsequent revision by the Bureau of Economic Analysis.

-0.5%

Orange counties saw year-over-year % declines in population; green signifies y-o-y increases.

Map published March 13, 2025

100 Cities & Towns with Largest Population Gains, July 1, 2023 to July 1, 2024 Population gains in the last 12-month period were largely driven by immigration.

July 1, 2021 to July 1, 2022

July 1, 2022 to July 1, 2023

July 1, 2023 to July 1, 2024 Percentage Population Change in 12-Month Period

State populations typically increase over time, but in recent years, there have been significant variations between states mostly due to domestic and foreign migration trends. These can have substantial effects on housing markets.

Top States by Population, 2024

State Population Changes since the Pandemic Hit

2,000,000

Selected States

1,834,023

2,400,000

2,141,373

U.S. Census Estimates: April 1, 2020 to July 1, 2024*

U.S. Census estimates for state population changes from April 1, 2020 to July 1, 2024.*

1,600,000

12,705

66,805

67,368

75,842

103,039

161,872

162,479

182,169

211,837

232,005

250,594

315,403

424,274

360,579

400,000

467,123

604,525

800,000

179,807

The factors behind state population changes are net domestic migration (state to state), net-foreign immigration, and natural causes (births & deaths). Population changes have significant impacts on state and local housing markets.

1,200,000

*U.S. Census Annual Estimates of Resident Population Change for U.S. States: https://www.census.gov/newsroom/press-kits/2024/national-state-population-estimates.html. Published by Census 12/2024. Data from sources deemed reliable but may contain errors. All numbers should be considered approximate and subject to revision in later Census estimates.

CA NY (336,524)

-800,000

(124,411)

-400,000

(60,134)

FL NC GA AZ SC TN WA UT NJ CO VA ID NV MA PA CT WI D.C. HI (9,106)

(111,656)

State Percentage Population Changes since the Pandemic Hit U.S. Census Estimates: April 1, 2020 to July 1, 2024* 8.8%

Selected States

8.5%

7.3%

U.S. Census estimates for state % population changes from April 1, 2020 to July 1, 2024.*

7.1% 7.0% 5.9% 5.8%

The factors behind state population changes are net domestic migration (state to state), netforeign immigration, and natural causes (births & deaths). Population changes have significant impacts on state and local housing markets.

5.2% 4.6%

4.4%

4% 3.3% 3.2% 2.3% 2%

2.1%

1.9% 1.8% 1.5%

1.1% 0.6%

-2%

TX UT SC

AZ NC NV TN GA WA CO NJ VA CT D.C. MA WI PA CA

Small percentage population changes in a highly populated state can lead to large percentage changes in states with much lower populations. *U.S. Census Annual Estimates of Resident Population Change for U.S. States: https://www.census.gov/newsroom/press-kits/2024/national-state-population-estimates.html. Published by Census 12/2024. Data from sources deemed reliable but may contain errors. All numbers should be considered approximate and subject to revision in later Census estimates.

LA NY

-0.3%-0.6% -0.9% -1.3% -1.7%

National Unemployment Rate by Age Segment Average Monthly Percentage, January – May 2025* 8.0%

8 ◄ Those aged 20 to 24 years have by far the highest unemployment rate. Within this segment, men have an unemployment rate of 9.2%, and women, 6.9%.

People who reported being currently, or recently, looking for work, are counted as unemployed. People who are not currently employed, and are not looking for work, are counted as not in the labor force. This latter group may include college students, non-working parents, caretakers, or retired people.

3.2%

2.9%

3.0%

Percentage Unemployment Rate

4.2%

7 6

5 4 3 2 1 0

20-24 Years

25-34 Years

35-44 Years Years of Age

45-54 Years

*Per U.S. Bureau of Labor Statistics, https://www.bls.gov/web/empsit/cpseea10.htm. Data deemed reliable but may contain errors and subject to revision. All numbers to be considered approximate.

55+ Years

Homeowner’s Equity U.S. Residential Real Estate Since 1980, in Billions of Dollars $35,000

$30,000

$25,000

20242025

In Q1 2025, the value of household equity in owner-occupied real estate was $34.5 trillion dollars. The increase in equity is due to rising home values (especially during the pandemic boom), the increase of owner-occupied housing in newly constructed homes, and the rising share of homes owned free and clear (as aging baby boomers pay off their home loans). According to U.S. Census data, almost 40% of owner-occupied homes are now mortgage-free.

$20,000 2020: Pandemic hits ▲ 2006

$15,000

$10,000

2000 1990 $5,000

Foreclosure crisis

Updated through Q2 2025 1980-01-01 1981-01-01 1982-01-01 1983-01-01 1984-01-01 1985-01-01 1986-01-01 1987-01-01 1988-01-01 1989-01-01 1990-01-01 1991-01-01 1992-01-01 1993-01-01 1994-01-01 1995-01-01 1996-01-01 1997-01-01 1998-01-01 1999-01-01 2000-01-01 2001-01-01 2002-01-01 2003-01-01 2004-01-01 2005-01-01 2006-01-01 2007-01-01 2008-01-01 2009-01-01 2010-01-01 2011-01-01 2012-01-01 2013-01-01 2014-01-01 2015-01-01 2016-01-01 2017-01-01 2018-01-01 2019-01-01 2020-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01

Data per Federal Reserve Bank, “Households: Owners’ Equity in Real Estate: https://fred.stlouisfed.org/series/OEHRENWBSHNO. Not seasonally adjusted or adjusted for inflation. Data from sources deemed reliable but may contain errors and subject to revision.

Average Annual Home Insurance Cost for $300,000 in Coverage Comparative Costs in Selected States, per Bankrate, September 2025* STATE

Avg. Annual Cost

STATE

Avg. Annual Cost

STATE

Avg. Annual Cost

Nebraska

$ 6,366

Arizona

$ 2,343

Idaho

$ 1,392

Louisiana

$ 6,274

Michigan

$ 2,266

Pennsylvania

$ 1,311

Florida

$ 5,761

Illinois

$ 2,174

Wyoming

$ 1,306

Kansas

$ 4,402

Missouri

$ 2,147

Hawaii

$ 1,296

Texas

$ 4,101

Georgia

$ 1,979

Wisconsin

$ 1,287

Kentucky

$ 3,643

New York

$ 1,861

Utah

$ 1,283

Colorado

$ 3,375

Massachusetts

$ 1,698

Maine

$ 1,218

Mississippi

$ 3,353

Virginia

$ 1,687

New Jersey

$ 1,206

Minnesota

$ 2,812

Connecticut

$ 1,677

Oregon

$ 1083

Montana

$ 2,788

Maryland

$ 1,664

Nevada

$ 1074

North Carolina

$ 2,676

Indiana

$ 1,657

New Hampshire

$ 1040

Tennessee

$ 2,639

California

$ 1,632

Delaware

$ 966

South Carolina

$ 2,611

Washington

$ 1,520

Alaska

$ 957

Rhode Island

$ 2,423

Washington DC

$ 1,498

Vermont

$ 816

Many factors affect home insurance costs including susceptibility to natural disasters like severe weather events and fire; property construction; local construction costs; and state regulation of insurers. Overall, rates have been rapidly accelerating with increasing damage claims, and often vary enormously between regions of the same state. *Per Bankrate: https://www.bankrate.com/insurance/homeowners-insurance/homeowners-insurancecost/#cost-by-state. Rates refreshed September 2025. The average annual home insurance premium for a home with a dwelling coverage amount of $300,000. Will not include flood or earthquake insurance. Data from sources deemed reliable but may contain errors and subject to revision.

National Rent of Primary Residence Since Mid-1983, Monthly CPI Measurement* 2025

When home prices increase, it increases the household wealth of homeowners. When rents rise, it’s a positive for investors, but has negative financial effects for tenants.

400

2020

350

Pandemic hits▲

This chart measures the change in the average rent of a primary residence in U.S. cities, based on a 1982-1984 cost of “100”: 437, the estimated reading in August 2025 = an increase of approximately 337% over the 30+ year period.*

300 2009 250

200

150 ©National Association of Realtors, used by permission

1983

Updated through September 2025

Jul-83 Jul-84 Jul-85 Jul-86 Jul-87 Jul-88 Jul-89 Jul-90 Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25

◄ 1982-1982 = an average rent value of “100”

*U.S. Bureau of Labor Statistics, Consumer Price Index, All Urban Consumers: Average Rent of Primary Residence in U.S. City, Not seasonally adjusted. Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CUUR0000SEHA. Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate.

100

Rental Vacancy Rate Long-Term Trends, by Quarter since 1980* 12% 2009 11%

“The rental vacancy rate is the proportion of the rental inventory that is vacant for rent.” The lower the rate, the greater the upward pressure on rents.

10%

9% 1987

2000 8%

1980

2022

Jan-80 Jan-81 Jan-82 Jan-83 Jan-84 Jan-85 Jan-86 Jan-87 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25

Updated through Q2 2025

*U.S. Census Bureau, Rental Vacancy Rate in the United States [RRVRUSQ156N], Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/RRVRUSQ156N. Not seasonally adjusted. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

U.S. Census 2023 American Housing Survey: https://www.census.gov/library/visualization s/2024/demo/home-improvements.html

2023 American Housing Survey: https://www.census.gov/library/visu alizations/2024/demo/housingquality.html

Highlights from 12/2024 Census Data Release Selected Statistics: Owner-Occupied & Rental Units* •

The number of owner-occupied housing units increased from 76.4 million units in 2014-2018 to 82.9 million in 2019-2023. More people owned homes than rented in 3,070 of the nation’s 3,144 counties. (Dense urban-area counties are most likely to have more tenant-occupied units than owner-occupied homes.)

•

The number of owner-occupied households without a mortgage increased by 3.9 million units to 38.8% of owned homes, a historic high.

•

Between the two 5-year periods, the number of rented units increased by over a million to 44.6 million units. Much of the national increase in rental housing was driven by a small number of counties, such as Harris, Travis and Bexar counties in Texas; Kings County in New York; and Miami-Dade County in Florida.

•

There were approximately 20 million tenant-occupied units – almost 45% of rental housing – paying more than 30% of their monthly income toward housing costs (vs. 17.3 million, or 21%, of owned units). Households who spend more than 30% of their income toward housing costs are considered “cost burdened” by the Department of Housing and Urban Development.

•

Many of the counties with the highest median gross rents were in California (including San Mateo, Santa Clara, Marin and San Francisco counties), Virginia (Arlington, Loudon and Fairfax counties), or New York (Nassau, Suffolk and New York counties). *Data per 2019-2023 American Community Survey (ACS) 5-year estimates released 12/12/24. Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate.

Why People Moved

Approximately 7.7% of the total U.S. population moved in 2023.

U.S. Census, 2023 National Survey Estimates* Newer, better or larger home

2,673,000

New job or job transfer

2,634,000 2,148,000

To establish own household And changes in significant-other relationships

Change in marriage status

2,108,000 2,018,000

Cheaper housing 1,547,000

And “other family reasons”

Closer to family/family care

1,360,000

To own instead of rent Also “less crime”

Better neighborhood

1,112,000 1,045,000

Closer to work/commute

Chart numbers apply to residents aged 16+ years.

697,000

To attend or leave college

53% moved within the same county, 42% moved out of county, and 5% moved from abroad.

417,000

Health reasons Retired

319,000

Lost job/look for work

299,000

Foreclosure or eviction

151,000

Change of climate

96,000

Natural disaster

41,000 0

39% of those moving were aged 20 to 29; 28% were 30 to 44; 19%, 45 to 64; and 8% were 65+. Older age segments tend to move much less often. Prior to moving, approximately 36% lived in owner-occupied homes, and 64% in rentals. 500,000

1,000,000

1,500,000

*Movers 16+ years of age; owned, rental and social housing. Source: U.S. Census Bureau, Current Population Survey, 2023 Annual Social and Economic Supplement, published 12/2024. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate.

2,000,000

2,500,000

Mortgage-Free Homes

Over 39% of owner-occupied homes are owned free and clear. When these households sell, their proceeds of sale make it much easier to buy their next homes all-cash – presumably, a major factor in the increase in all-cash sales.

National Percentage: Homes Owned Free & Clear* 2013

34.3%

2014

35.7%

2015

36.2%

2016

36.7%

2017

37.0%

2018

37.2%

2019

38.1%

2020

38.3%

2021

38.7%

2022

39.3%

2023

39.8% 30%

32%

34%

36%

*Data per U.S. Census as reported on by Bloomberg News, “The Share of Americans Who Are Mortgage-Free Is at an All-Time High,” 11/17/23. 2023 estimate per Axios. Data from sources deemed reliable but not guaranteed and may contain errors. All numbers should be considered approximate.

38%

40%

“Seriously Delinquent” Mortgage Debt 90+ Day Delinquency, Percentage by Quarter since 2006* 2009 - 2010

Foreclosure crisis & great recession

To a large degree due to long-term, fixed-rate mortgages taken out during an extended period of extremely low interest rates, plus significant home-price appreciation since time of purchase, the U.S. mortgage serious-delinquency rate remains below 1% - though, generally speaking, it has been slowly rising since 2022.

7 6 5 4 3 2

Updated through Q2 2025

06:Q1 06:Q3 07:Q1 07:Q3 08:Q1 08:Q3 09:Q1 09:Q3 10:Q1 10:Q3 11:Q1 11:Q3 12:Q1 12:Q3 13:Q1 13:Q3 14:Q1 14:Q3 15:Q1 15:Q3 16:Q1 16:Q3 17:Q1 17:Q3 18:Q1 18:Q3 19:Q1 19:Q3 20:Q1 20:Q3 21:Q1 21:Q3 22:Q1 22:Q3 23:Q1 23:Q3 24:Q1 24.Q3 25.Q1

Per Federal Reserve Bank of New York: https://www.newyorkfed.org/microeconomics/hhdc.html. Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate.

Percentage Rate of Serious Delinquency

Percentage of Mortgage Debt Balance 90+ Days Delinquent

U.S. Credit Card Debt Since 2007, in Trillions of Dollars, by Quarter $1.2 Trillion

After the pandemic hit, massive government stimulus payments to households – and a historic drop in interest rates – led to a steep decline in total credit card debt. Climbing since early 2021, in Q3 2025 it hit $1.23 trillion, an issue further complicated by rapidly increasing interest rates in 2022-2023. Rising credit card debt can be an indicator of financial stress.

$1.20

$1.10

$1 Trillion

$1.00

$0.90

2008

$800 Billion

▲ Interest rates soar

Pandemic hits▲

$0.80

$0.70

Per Federal Reserve Bank of New York: https://www.newyorkfed.org/microeconomics/hhdc.html . Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate. Not adjusted for inflation.

25.Q3

25:Q1

24:Q3

24:Q1

23:Q3

23:Q1

22:Q3

22:Q1

21:Q3

21:Q1

20:Q3

20:Q1

19:Q3

19:Q1

18:Q3

18:Q1

17:Q3

17:Q1

16:Q3

16:Q1

15:Q3

15:Q1

14:Q3

14:Q1

13:Q3

13:Q1

12:Q3

12:Q1

11:Q3

11:Q1

10:Q3

10:Q1

09:Q3

09:Q1

08:Q3

08:Q1

07:Q3

07:Q1

$0.60

“Serious Delinquency” Rate on U.S. Credit Card Debt 90+ Day Delinquency, Percentage by Quarter since 2006* 14

Percent of Credit-Card Debt Balance Delinquent by 90+ Days The “serious delinquency” rate for credit card debt began to rise after interest rates doubled in 2022, and is now at its highest percentage since 2011.

Since the beginning of 2020, the actual dollar amount of credit card debt has soared. Higher debt + higher interest rates constitutes a negative double whammy on the finances of many households.

Great recession

10 ▲ 2008 Financial markets crash

9 ▲ 2020 Pandemic hits

Per Federal Reserve Bank of New York: https://www.newyorkfed.org/microeconomics/hhdc.html . Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate.

25.Q3

24.Q4

24:Q1

23:Q2

22:Q3

21:Q4

21:Q1

20:Q2

19:Q3

18:Q4

18:Q1

17:Q2

16:Q3

15:Q4

15:Q1

14:Q2

13:Q3

12:Q4

12:Q1

11:Q2

10:Q3

09:Q4

09:Q1

08:Q2

07:Q3

06:Q4

06:Q1

Updated through Q3 2025

Percentage Rate of Serious Delinquency

“Transition into Delinquency” on Student Debt 30+ Day Delinquency, Percentage by Quarter since 2006* Q3 2025 ►

10 ▲ Pandemic hits

Percent of Student Debt Balance New Delinquent Balances, 30+ Days 6 With the expiration of amnesty and forgiveness programs put in place when the pandemic hit, and big changes in administration policies, the 30+ day delinquency rate for student loans has soared in 2025, and will almost certainly continue to rise further. This will deeply impact the finances – and any home purchase plans – of many of those affected.

2 Outstanding student debt in the U.S. is over $1.65 trillion.

Per Federal Reserve Bank of New York: https://www.newyorkfed.org/microeconomics/hhdc.html . Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate.

25.Q3

24.Q4

24:Q1

23:Q2

22:Q3

21:Q4

21:Q1

20:Q2

19:Q3

18:Q4

18:Q1

17:Q2

16:Q3

15:Q4

15:Q1

14:Q2

13:Q3

12:Q4

12:Q1

11:Q2

10:Q3

09:Q4

09:Q1

08:Q2

07:Q3

06:Q4

06:Q1

Percentage of Delinquent Balance

U.S. Federal Debt Since 1980, in Millions of Dollars*

The sum of all outstanding debt owed by the federal government was over $36.2 trillion as of 3/31/25, rising 56% in the last 5 years. Interest payments on federal debt more than doubled.

$350,000 $325,000

Massive increases in federal debt were effectively subsidized - in terms of debt-servicing costs - since 2008 by the huge decline in interest rates through 2021. But soaring interest rates since early 2022 have changed that equation going forward.

$30 Trillion

$300,000 $275,000 $250,000

In Millions of Dollars

$20 Trillion

$225,000

Pandemic hits▲

$10 Trillion 2008 Financial ▲ markets crash

$200,000 $175,000 $150,000 $125,000 $100,000 $75,000 $50,000 $25,000

1980-01-01 1981-01-01 1982-01-01 1983-01-01 1984-01-01 1985-01-01 1986-01-01 1987-01-01 1988-01-01 1989-01-01 1990-01-01 1991-01-01 1992-01-01 1993-01-01 1994-01-01 1995-01-01 1996-01-01 1997-01-01 1998-01-01 1999-01-01 2000-01-01 2001-01-01 2002-01-01 2003-01-01 2004-01-01 2005-01-01 2006-01-01 2007-01-01 2008-01-01 2009-01-01 2010-01-01 2011-01-01 2012-01-01 2013-01-01 2014-01-01 2015-01-01 2016-01-01 2017-01-01 2018-01-01 2019-01-01 2020-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01

Updated through Q1 2025

*Per Federal Reserve Bank of St. Louis: https://fred.stlouisfed.org/series/GFDEBTN and https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny. Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate. Not seasonally adjusted. Not adjusted for inflation.

U.S. Federal Debt as a Percentage of GDP Since 1980* 140%

120% ▲ Pandemic hits Countries with debt-to-GDP ratios over 100% in red.

100%

80%

Map from Wikipedia

60%

2008 Financial ▲ markets crash

40%

20% Updated through Q2 2025

“The debt-to-GDP ratio compares a country's public debt to its gross domestic product (GDP). It reliably indicates a country’s ability to pay back its debts by comparing what the country owes with what it produces…The higher the ratio, the less likely that the country will pay back its debt and the higher its risk of default.” Investopedia

* U.S. Office of Management and Budget and Federal Reserve Bank of St. Louis: Total Public Debt as Percent of Gross Domestic Product: https://fred.stlouisfed.org/series/GFDEGDQ188S. Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate. Seasonally adjusted.

Federal Debt Interest Payments, Annualized Rate 1990 – Present, in Billions of Dollars, by Quarter $1,100

Since 2020, federal debt interest payments have more than doubled. The main factors in U.S. debt interest payment trends are federal expenditures, gross receipts (taxes, fees, etc.), and interest rates, all of which have gone through dramatic shifts since 2018. Soaring interest rates since early 2022 is a particularly big issue.

$1 Trillion

$1,000 $900

Interest payments on federal debt are now the 2nd largest line item in the federal budget – only social security costs more: The U.S. now spends more to pay interest on its debt than on national defense or Medicare.

Billions of Dollars

$800

Federal government current expenditures in interest payments: Billions of Dollars, quarterly, seasonally adjusted annual rate

$700 $600 $500

▲ Pandemic ▲ 2018 Tax hits cuts

$300

Per Federal Reserve Bank of St. Louis: https://fredblog.stlouisfed.org/2018/03/the-cost-ofowing/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_c ampaign=fredblog. Data from sources deemed reliable but may contain errors and subject to revision.

$200

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

U.S. Bureau of Economic Analysis, updated through Q1 2025

Jan-11

Jan-10

Jan-09

Jan-08

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

Jan-01

Jan-00

Jan-99

Jan-98

Jan-97

Jan-96

Jan-95

Jan-94

Jan-93

Jan-92

Jan-91

Jan-90

Jan-07

▲ 2008 Financial markets crash

▲▲ Dotcom crash, 9/11 attack

$400

Federal Budget Surplus/Deficit, Annualized Rate Since 1980, in Millions of Dollars, by Fiscal Year $500,000

1980-09-01 1981-09-01 1982-09-01 1983-09-01 1984-09-01 1985-09-01 1986-09-01 1987-09-01 1988-09-01 1989-09-01 1990-09-01 1991-09-01 1992-09-01 1993-09-01 1994-09-01 1995-09-01 1996-09-01 1997-09-01 1998-09-01 1999-09-01 2000-09-01 2001-09-01 2002-09-01 2003-09-01 2004-09-01 2005-09-01 2006-09-01 2007-09-01 2008-09-01 2009-09-01 2010-09-01 2011-09-01 2012-09-01 2013-09-01 2014-09-01 2015-09-01 2016-09-01 2017-09-01 2018-09-01 2019-09-01 2020-09-01 2021-09-01 2022-09-01 2023-09-01 2024-09-01

-$500,000

A budget deficit occurs when the federal government spends more money than it brings in through taxes, customs duties, the sale of assets, and other revenues. It is something similar to a person spending more money than they earn, with an analogous indication of fiscal prudence and financial health. The U.S. had run a budget deficit since 2001.

▲ 2008 Financial markets crash

Billions of Dollars

-$1,000,000

-$1,500,000

$2 Trillion

-$2,000,000

-$2,500,000

$3 Trillion U.S. Bureau of Economic Analysis, updated through Fiscal Year 2024. The fiscal year ends on September 30th of each calendar year.

U.S. Office of Management and Budget, Federal Surplus or Deficit [-] per Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/FYFSD. Not seasonally adjusted. Data from sources deemed reliable but may contain errors and subject to revision. All numbers to be considered approximate.

-$3,000,000 ▲ Pandemic hits

-$3,500,000

U.S. Balance of Trade: Trade Deficit in Goods & Services Since 2000, in Millions of Dollars, by Month

$50 billion

2025-01-01

2024-01-01

2023-01-01

2022-01-01

2021-01-01

2020-01-01

2019-01-01

2018-01-01

2017-01-01

2016-01-01

2015-01-01

2014-01-01

2013-01-01

2012-01-01

2011-01-01

2010-01-01

2009-01-01

2008-01-01

2007-01-01

2006-01-01

2005-01-01

2004-01-01

2003-01-01

2002-01-01

2001-01-01

2000-01-01

-$25,000

-$50,000

-$75,000 Balance of trade is the difference between the monetary value of a nation’s exports and imports of goods and services. If a country exports more than it imports, it has a trade surplus and if a country imports less than it exports, it has a trade deficit. The U.S. has had a trade deficit since 1976 (subsequent to the oil embargo crisis of 1973-1974).

$100 billion

“Economists disagree whether trade deficits are good, bad, or don’t matter that much for a country and its economy. Broadly speaking, trade deficits have both advantages and disadvantages.” Investopedia Updated through June 2025 U.S. Census Bureau and U.S. Bureau of Economic Analysis, Trade Balance: Goods and Services, per Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/BOPGSTB. Seasonally adjusted. Data from sources deemed reliable but may contain errors and subject to revision. All numbers to be considered approximate.

-$100,000

$125 Billion

-$125,000

March 2025 -$150,000

Foreign-National Homebuying in the United States

Referencing data provided by the “2025 International Transactions in U.S. Residential Real Estate” report issued by the National Association of REALTORS® in July 2025.

Foreign-National Homebuying in the United States* • • • • • • •

2025 Report Highlights

April 2024 to March 2025, approximately 78,100 foreign-buyer home purchases occurred, equaling 1.9% of 4.04 million U.S. existing-home sales* These sales totaled $56 billion in foreign-buyer existing-home sales 56% of foreign buyers were U.S. residents - recent immigrants or Type B visa holders - and 44% were non-resident foreign nationals Median purchase price: $494,400 (vs. $408,500 for all U.S. sales) 47% of foreign buyers paid all-cash (vs. 16% of all U.S. homebuyers) 77% purchased detached single-family homes or townhomes 47% bought properties as vacation homes and/or rentals

Top Countries of Origin (by Number of Purchases) 1. China (15% of foreign buyers) 2. Canada (14%) 3. Mexico (8%) 4. India (6%) 5. United Kingdom (4%) Top State Destinations (By Number of Purchases) 1. Florida (21% of transactions) 2. California (15%) 3. Texas (10%) 4. New York (7%) 5. Arizona (5%)

*The data in this report largely pre-dates any effects of new U.S. policies on tariffs and immigration. Anecdotal reports suggest significant changes in foreign homebuying in 2025 YTD. *Per “2025 International Transactions in U.S. Residential Real Estate” ©NATIONAL ASSOCIATION of REALTORS®, published July 2025, used by permission. Estimated “existing-home” purchases, April 2024 through March 2025, by resident and nonresident foreign nationals. Based upon a survey of Realtors. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Full NAR report: https://www.nar.realtor/research-andstatistics/research-reports/international-transactions-in-u-sresidential-real-estate

Foreign homebuying rebounded in the 12 months through March 2025, but anecdotal reports suggest new tariff and immigration policies may have reversed this trend later in 2025.

Foreign-Buyer U.S. Home Purchases Measuring 12-Month Periods, 2017-2025* # Transactions (Unit Sales) 300,000

Sales in Billions of Dollars

% of U.S. Unit Sales

$160

$140 250,000 $120

200,000 $100 150,000

$80 $60

100,000

$40

50,000 $20

2025

2024

2023

2022

2021

2020

2019

2018

2025

2024

2023

2022

2021

2020

2019

2018

2017

2025

2024

2023

2022

2021

2020

2019

2018

*Years designated reflect estimated sales from April of the previous year through March of the year specified: Purchases by resident and non-resident foreign nationals. Estimates from the “2025 International Transactions in U.S. Residential Real Estate” published by the NATIONAL ASSOCIATION of REALTORS® in July 2025, based upon a survey of Realtors. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate, good-faith estimates.

2017

Foreign National Homebuyers Top State Destinations: State Share of Total Number of Foreign Buyers* Florida: 31% of the state total came from Latin America/Caribbean, 31% from Canada, 17% from Europe, 13% from Asia/Oceania. Top destination for buyers from Canada & UK. ►

Florida has been the top destination of international buyers for 15+ years. This chart ranks percentages by number of transactions in the 12-month period running April 2024 through March 2025.

California: 57% of state total came from Asia/Oceania, 18% from Latin America/ Caribbean, 9% from Europe, 9% from Canada. Top destination for Chinese buyers. ►

Texas: 44% of state total came from Latin America/Caribbean, 29% from Asia/Oceania, 12% from Africa, 8% each from Europe & Canada. Top destination for buyers from Mexico & India. ►

21%

20%

15%

10%

7% 5%

3% 0%

ILLINOIS

MICHIGAN

HAWAII

ARIZONA

TEXAS

CALIFORNIA FLORIDA

Foreign National Homebuyers Percent Share of Total Number of Foreign Purchases*

Top 10 Countries of Origin

15%

14%

14% ▲ Chinese buyers purchased mostly in CA (36%), Maryland or NY.

12%

*The data in this report largely pre-dates any effects of new U.S. policies on tariffs and immigration (and suggestions that Canada should become a U.S. state). Anecdotal reports suggest significant declines in foreign homebuying in 2025.

▲ Most Canadian buyers bought in FL (48%), AZ or CA.

10%

8% 6%

Most Mexican buyers ▲ bought in TX (40%) or CA.

Buyers from India focused on TX, CA & AZ (13% each). ►

4% 3%

UK buyers focused on FL (45%) & CA. ►

2% 0%

CHINA

CANADA

MEXICO

INDIA

COLUMBIA

BRAZIL

NIGERIA

*April 2024 to March 2025 sales estimates from “2025 International Transactions in U.S. Residential Real Estate” published by the NATIONAL ASSOCIATION of REALTORS® in July 2025, based upon a survey of Realtors. “China” includes buyers from China, Hong Kong and Taiwan. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate, good-faith estimates.

UAE

ISRAEL

Foreign National Homebuyers in America Estimated Number of Transactions, Top Countries* 2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

45,000

International Purchases by Number of Transactions

40,000

Years designated reflect estimated sales from April of the previous year through March of year specified.

35,000

Number of Purchases

2014

30,000 25,000 20,000 15,000

11,600 8,300 9,200 12,900 9,000 5,200 2,900 3,800 1,700 2,400 2,000 3,100

12,600 17,200 14,500 14,900 13,100 9,700 9,600 4,700 5,100 5,900 5,400 4,700

20,000 17,900 17,900 28,500 20,200 15,900 14,400 7,100 7,800 9,300 6,000 6,200

43,700 29,900 26,900 33,800 27,400 19,900 18,300 8,800 11,300 8,500 7,100 10,900

37,200 33,800 29,200 40,600 40,400 19,900 18,400 6,700 6,100 11,000 6,000 11,700

10,000 5,000 0

China

Canada

Mexico

India

Estimates from the “2025 International Transactions in U.S. Residential Real Estate” published by the NATIONAL ASSOCIATION of REALTORS® July 2025, based upon a survey of Realtors. “China” includes buyers from China, Hong Kong and Taiwan. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers should be considered very approximate, good-faith estimates.

United Kingdom

Compass National Real Estate Insights

New-Construction Homes Market

Percent Change in Housing Units, July 1, 2023 to July 1, 2024

Dark blue-green delineates high percentage growth counties

U.S. New-Construction Housing Units Started

Privately-owned housing unit construction of all kinds.

Thousands of Units, Seasonally Adjusted Annual Rate, since 1970*

2,500 2005

2,250 2,000 2022-25 1,750

1,500 Aug. 2025

1,250 1,000

▲ ▲ Recessions

▲ Pandemic hits

▲ Recession

750 500

Great recession

Jan-70 Jan-71 Jan-72 Jan-73 Jan-74 Jan-75 Jan-76 Jan-77 Jan-78 Jan-79 Jan-80 Jan-81 Jan-82 Jan-83 Jan-84 Jan-85 Jan-86 Jan-87 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25

Updated through August 2025

*Sources: U.S. Census, from Federal Reserve Bank of St. Louis: https://fred.stlouisfed.org/series/HOUST. Seasonally adjusted annual rate of housing-unit starts. Data from sources deemed reliable but may contain errors and subject to revision. Latest month’s reading is preliminary. All numbers are approximate.

250

U.S. New-Construction Single-Family-Homes For Sale By Month, in Thousands of Units, since 2000* 600

2006-2007

This chart illustrates the number of newconstruction single-family homes on the market.

550 2022-23-24-2025

The number of newly built homes on the market has been running at its highest level since 2007.

Subprime Boom: Peak of new-home listings for sale

500 450 400 350 300

▲ Pandemic hits

250 200

150

Market crash & foreclosure crisis

100

*Sources: U.S. Census & Department of Housing and Urban Development, from Federal Reserve Bank of St. Louis: https://fred.stlouisfed.org/series/HNFSEPUSSA. Data from sources deemed reliable but may contain errors and subject to revision. Latest month’s reading is preliminary. All numbers are approximate.

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

Jan-01

Jan-00

Updated through August 2025

U.S. New-Construction Single-Family Home Sales By Month, in Thousands of Units, since 2000* 140

The number of single-family homes for sale is at its highest count since 2007, but due to affordability issues tied to interest rates, sales volumes have significantly declined from 2020-2021. This imbalance in supply and demand is affecting those markets – such as Texas and Florida – where new construction has been most concentrated in recent years.

2004-2005

120

100

2020-2021 80

Subprime boom

Pandemic hits ▲

*Sources: U.S. Census & Department of Housing and Urban Development, from Federal Reserve Bank of St. Louis: https://fred.stlouisfed.org/series/HSN1FNSA. Not seasonally adjusted. Data from sources deemed reliable but may contain errors and subject to revision. Last month’s estimate is preliminary reading. All numbers approximate.

0 Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Updated through August 2025 Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

Jan-01

Jan-00

Market crash & foreclosure crisis

U.S. New-Construction Single-Family-Homes Ratio of Sales to Homes for Sale, 12-Month-Rolling Average, since 2001* 30%

The ratio of homes sold to homes for sale is an indicator of the strength of buyer demand as compared to the supply of homes available to buy. The higher the percentage, the stronger the market. The low ratio now is comparable to that during the great recession.

25%

Subprime boom

20%

15%

Pandemic boom

2023-2025

10% | Interest rates soar

Foreclosure crisis & great recession

*U.S. Census & Department of Housing and Urban Development, Federal Reserve Bank of St. Louis: https://fred.stlouisfed.org/series/HNFSEPUSSA & https://fred.stlouisfed.org/series/HSN1FNSA. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

Jan-20

Jan-19

Jan-18

Jan-17

Jan-16

Jan-15

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-04

Jan-03

Jan-02

Jan-01

Updated through July 2025

$50,000 Median Sales Price

$200,000

$ 55,700 $ 62,900 $ 64,600 $ 68,900 $ 69,300 $ 75,300 $ 79,900 $ 84,300 $ 92,000 $ 104,500 $ 112,500 $ 120,000 $ 122,900 $ 120,000 $ 121,500 $ 126,500 $ 130,000 $ 133,900 $ 140,000 $ 146,000 $ 152,500 $ 161,000 $ 169,000 $ 175,200 $ 187,600 $ 195,000 $ 221,000 $ 240,900 $ 246,500 $ 247,900 $ 232,100 $ 216,700 $ 221,800 $ 227,200 $ 245,200 $ 268,900 $ 288,500 $ 294,200 $ 307,800 $ 323,100 $ 326,400 $ 321,500 $ 330,900 $ 383,500 $ 434,500 $ 428,600 $420,300

$250,000

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Median Sales Price of New Single-Family Homes

National Trend by Year of Construction, since 1978*

$450,000

$400,000

$350,000

New single-family-home median sales prices hit their high in 2022, affected by the peak of the pandemic boom.

$300,000

$150,000

$100,000

*Data per U.S. Census, Characteristics of New Housing: https://www.census.gov/construction/chars/index.html. U.S. single-family dwellings built for sale. All numbers approximate, may contain errors and subject to revision.

1,660 1,685 1,660 1,690 1,715 1,745 1,755 1,720 1,715 1,685 1,710 1,770 1,755 1,790 1,875 1,975 2,015 2,065 2,030 2,045 2,055 2,050 2,045 2,085 2,100 2,160 2,192 2,250 2,293 2,291 2,316 2,332 2,420 2,466 2,521 2,528 2,402 2,408 2,531 2,568 2,646 2,711 2,740 2,677 2,660 2,623 2,531 2,491 2,485 2,503 2,470 2,404

2,000 Average Square Footage

2,200

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Average Size of New Single-Family Homes

National Trend by Year of Construction, since 1973*

2,600

From 1973 to 2015, the average size of new houses increased by 65%. Since 2015, the average size has declined by 12%.

2,400

1,800

1,600

1,400

1,200

1,000

New Single-Family-Home Construction by Region

Thousands of Single-Family Homes Built by Year*

Housing Units Completed IN THOUSANDS by Region since 2000* Northeast

800

Midwest

West

South

700 2024

2000

600 Subprime bubble 2004-2007

500 400

In 2024, 38% more new houses were built in the South region than in the rest of the country combined.

300 200

Great recession

2009-2012

100

*Data per U.S. Census, New Residential Construction: https://www.census.gov/construction/nrc/historical_data/index.html. U.S. privately owned new singlefamily-dwellings completed. All numbers approximate, may contain errors and subject to revision.

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

New Single-Family-Home Prices by Region New-Construction Median Sales Prices by Region since 1990 $800,000

South $700,000

$600,000

Midwest

West

Northeast

2024

The Northeast region sees the smallest number of new single-family homes built, but they are significantly larger and more expensive than in other regions. The South & Midwest regions have the most affordable prices.

$500,000

$400,000

$300,000

Median Size of New Houses Built in 2024 • • • •

Northeast: 2493 sq.ft. South: 2217 sq.ft. West: 2148 sq.ft. Midwest: 2104 sq.ft.

2005-2007

$200,000

$100,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

*Data per U.S. Census, Characteristics of New Housing: https://www.census.gov/construction/chars/index.html. U.S. new single-family dwellings sold. All numbers approximate, may contain errors and subject to revision.

How Much Do Zoning Regulations Add to Land Cost? Added Cost per Quarter Acre Lot, For Selected U.S. Metro Areas* Dallas

Certainly a major factor in the amount, and ultimately the cost, of new construction in a metro area is the quantity of land available to develop, land cost, and the cost of development. This chart looks at additional building costs pertaining to zoning regulations.

Charlotte Nashville Orlando Denver

Metro areas at the low-cost end of the scale are typically in states with the highest rate of new home construction. And vice versa.

Atlanta

Phoenix Miami

“Metro areas” typically cover much larger, multi-county regions than just the cities they are named for. For example, the San Francisco metro area consists of 5 Bay Area Counties. The New York metro area includes 15 counties across 2 states.

Boston Wash. DC Chicago Philadelphia San Jose New York Seattle Los Angeles

San Francisco $0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

*Additional cost of zoning and related restrictions per quarter acre. Data per Gyourko & Krimmel, Journal of Urban Economics, 2021, as reported by The Washington Post, “Where We Build Homes Helps Explain America’s Political Divide,” 11/24/23. Data from sources deemed reliable but not guaranteed and may contain errors. All numbers rounded and approximate.

$350,000

$400,000

Compass National Real Estate Insights

Selected Demographic Snapshots

National Population Trends since 1910*

248,709,873

203,211,926

179,323,175

151,325,798

132,165,129

123,202,660

106,021,568

92,228,531

340,110,988

331,577,720

308,745,538

The national population is affected by natural causes (births less deaths) and net immigration figures.

226,545,805

Population change is a critical factor in the supply and demand dynamics that underpin housing markets. If population growth outpaces supply, it puts upward pressure on home prices.

281,421,906

U.S. Census Estimates, by Decade, Updated through 7/1/2024

300,000,000

250,000,000

200,000,000

150,000,000

100,000,000

50,000,000

1910

1920

1930

1940

1950

1960

1970

1980

1990

* Per U.S. Census estimates through 7/1/2024: Deemed reliable but may contain errors and subject to revision. All numbers approximate.

2000

2010

2020

2024

The Census estimates population changes from July 1st to July 1st.

Components of National Population Change*

By far the largest factor in U.S. population increases in recent years has been that many more people have immigrated in from foreign countries than residents have moved abroad. A much smaller component has been by “natural cause,” i.e. more births than deaths. It is expected than net foreign migration numbers will plummet in 2025 due to new federal policies.

July 1, 2023 – July 1, 2024 3,500,000

Last 12-Month Period

3,000,000

3,304,757

April 1, 2020 – July 1, 2024 9,000,000 8,000,000

7,169,842

2,786,119

2,500,000 Net Foreign Migration

Total Population Change

7,000,000

5,000,000

1,500,000

4,000,000 Births less Deaths

518,638 500,000 0

Net Foreign Migration

6,000,000

2,000,000

1,000,000

8,595,252

Since the Pandemic Hit

3,000,000 2,000,000

Births Less Deaths

1,425,410

1,000,000 0 *Estimates published 3/13/25 by the U.S. Census. All numbers approximate, may contain errors, and may be revised in future estimates.

Total Population Change

Components of Population Change by Region* Regional populations are affected by 1) net domestic migration, 2) net foreign migration, and 3) births less deaths (not illustrated below). 84% of 2023-2024 U.S. population growth was due to net foreign migration,* (and 16% due to births less deaths), but net foreign migration numbers are expected to plunge due to new federal policies.

Net Foreign Migration by Region

Net Domestic Migration by Region

2023-2024*

2023-2024* 400,000

411,004 1,000,000

300,000

200,000

The difference between the number of people moving into the region from other U.S. locations and the # of residents moving out to other U.S. areas.

The difference between the number of people moving in from other countries and the # of residents moving abroad.

800,000

667,794

600,000 100,000

567,420 400,000

0 Northeast Midwest

West

(192,109)

406,737

South 200,000

(49,214)

-100,000

-200,000

1,144,168

(169,681)

0 Northeast Midwest

*Estimates for 7/1/23 to 7/1/24, published 3/13/25 by U.S. Census. All numbers approximate, may contain errors, and may be revised in future estimates. Regions are very broad geographical designations: Population change trends varied in states and communities within a greater region.

West

South

U.S. Census Snapshots

Housing Occupancy

Housing Units by Room Count*

Owner-occupied

1 room

Renter

2 or 3 rooms 4 or 5 rooms 6 or 7 rooms 8+ rooms

2.6% 12.4% 34.2% 29.4%

Employment in Millions** 58.9%

31.4%

Vacant

9.7%

Residence, One Year Ago Same Home

21.5%

87.4%

Private wage & salary

Government Self-employed Armed forces Unemployed Unemployment Rate

Different Home

Housing Units By Building Type*

In same county

6.2%

Employment**

single-family

Different county, same state

3.2%

Education, health, social assist.

67.5%

2-unit buildings

3.3%

Different state

2.5%

Professional, scientific, mgmt.

3-4 unit buildings

4.3%

Abroad

0.6%

Retail trade

5-9 unit buildings

4.5%

10+ unit buildings

14.7%

Less than $25,000

Other (mobile homes, etc.)

5.7%

$25,000 - $49,999

Housing by Era of Construction* 1939 or earlier 1940-1959

1960-1979 1980-1999

11.6% 13.9%

23.8% 24.9%

2000-2019

23.9%

2020-2022

1.9%

Manufacturing

Household Income

$50,000 - $74,999 $75,000 - $99,999 $100,000 - $149,999

$150,000 - $199,999 $200,000+

Arts, entertainment, hospitality 16% 18% 16.2% 12.8%

Construction Finance, insurance, real estate Transport, warehousing, utilities Public administration

16.9%

Wholesale trade

8.7%

Information

11.5%

Agriculture, forestry, mining

Per U.S. Census 2022, ACS 1-year estimates, released September 2023. *Occupied Housing Units, **Employment, 16+ years of age. All numbers are approximate.

129.3m

23.3m 9.8m 1.35m 7.3m

4.3%

23.1% 12.6% 11.1% 9.9% 8.7%

6.9% 6.7% 6.0% 4.6%

2.2% 1.9% 1.6%

U.S. Census Snapshots Educational Attainment* No high school diploma High school graduate Some college, no degree

Associate degree Bachelor’s degree Graduate/professional degree

10.4% 26.1% 19.1%

8.8% 21.6% 14.0%

Population by Age Under 10 years of age 10 to 19 years 20 to 24 years

25 to 34 years 35 to 44 years 45 to 54 years 55 to 64 years 65 to 74 years

75 to 84 years

Commute Drive alone Carpool Public transport Walked

Other Worked from home

85+ years 68.7%

2.4%

Median age

Per U.S. Census 2022, ACS 1-year estimates, released September 2023. *Education, 25+ years of age. **Life expectancy at birth, 2021 figures per CDC. ***Will not add up to 100% due to overlapping categories. All numbers are approximate and subject to revision.

12.9% 6.7%

13.6% 13.2%

12.1% 12.8% 10.2% 5.3% 1.8%

Same state as residence Different state Puerto Rico, U.S. islands Foreign-born (46.2 million)

Men

Latin America Asia/Oceania

Europe

Women

79.1

Population by Race*** White (not Hispanic)

57.7%

Hispanic or Latino (any race)

19.1%

Black/African-American (not Hispanic) Asian

11.9%

Native American, Alaskan, and Hawaiian Two or more races

0.7%

5.8%

12.5%

27.1% 1.7% 13.9%

50.3% 31.7% 10.2%

Africa

6.0% 1.8%

Citizen Status Naturalized U.S. citizen

73.2

57.3%

Source of Foreign-Born Population

39 years

Life Expectancy**

2.0% 15.2%

11.4%

North America

8.6% 3.1%

Place of Birth

Not a U.S. citizen

53.1% 46.9%

Language Spoken at Home English only Spanish Other Indo-European Asian/Pacific Islander Other

78.0% 13.3%

3.8% 3.6% 1.2%

Population Change by Age Segment 2020 to 2024, U.S. Census Estimates* 3,713,959

The rapid aging of the national population – the decline in the number of children and the large increases in residents aged 60+ - has significant ramifications for the housing market moving into the future.

3,500,000

2,500,000 2,049,512 1,767,634

1,669,146

1,513,433

1,500,000

596,711 500,000 32,420

Under 10

10 to 19

20 to 29

30 to 39

40 to 49

50 to 59

60 to 69 |

70 to 79

Baby boomers

80+

-500,000

(845,084) -1,500,000 (1,964,463) -2,500,000 * U.S. Census estimates published 4/10/25, regarding the U.S. population as of 7/1/20 and 7/1/2024: https://www.census.gov/data/tables/time-series/demo/popest/2020s-national-detail.html. All numbers are approximate. Data from sources deemed reliable, but may contain errors, and subject to revision.

Percentage of U.S. Homeowners by Age U.S. Census Estimates, 2022* 21.5%

Over 54% of U.S. homeowners are now aged 55 years and above. Generally speaking, as people age, they move much less often and sell their homes much less frequently, deeply affecting the supply of listings available to buy at any given time. 19.2%

18.3%

20%

The median age of homebuyers in 2024 was 56, up from 31 in 1981. The typical home seller was 63 years old. Both are historic highs.**

16.5%

10.9%

15%

10.4% 10%

3.2%

Under 35

35 to 44

45 to 54

55 to 64

65 to 74

75 to 84

Age of Householder, Owner-Occupied Housing Units *U.S. Census, 2022 1-year ACS estimates, “Demographic Characteristics for Occupied Housing Units.” Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. ** Per National Association of Realtors, 11/2024

85+ Years

Total Foreign-Born as a Percentage of State Population

https://www.census.gov/library/visualizations/interactive/foreign-born-population-2019-2023.html

United States Population

Census Report “People Reporting Ancestry” as self-reported by U.S. residents responding

Breakdown Estimates by Race/Ancestry*

Approximately 13.9% of residents are foreign-born.

Total U.S. Population: 333.3 million Native American/Alaskan/ Hawaiian & Pacific Islander

12.5% 57.7%

2+ Races

White (not Hispanic/Latino) Ancestry of “White (not Hispanic)” residents is complicated by high rates of intermarriage, but below are some of the largest identifications.

5.9%

Asian

Black/ 12.2% African American

German

12.3%

English

9.4%

Irish

9.2%

Italian

4.8%

Hispanic/Latino

Scandinavian

3.6%

(any race)

Polish

2.5%

French

1.9%

Scottish

1.6%

19.1%

Asian Indian

1.4%

Chinese

1.4%

Filipino

.9%

Japanese

.2%

Korean

.5%

Vietnamese

.6%

Other Asian

1.1%

Mexican

11.2%

Puerto Rican

1.8%

Cuban

.7%

Other Hispanic

5.3%

*U.S. Census 2022 ACS 1-Year Estimates. Categories as delineated by U.S. Census. Data from sources deemed reliable but may contain errors and subject to revision. Estimates published with significant margins of error and should be considered very approximate. Due to the way Census data is presented & sorted, percentages do not add up to 100%.

Tenure of Homeownership National Data, in Selected Periods, since 1985* In 2021, the median duration of homeownership was 13.2 years, more than double the period in 2005.* Among other issues – such as the “mortgage lock-in Americans have been remaining in their homes longer, a trend in 2022-2023, and potential sellers deciding to 6 particularly influenced by older homeowners, whoeffect” make up rent instead of sell – this is a major factor in reducing the an increasing percentage of homeowners and often choose to number of new listings coming on market, which deeply 6 "age in place." Nearly 40% of baby boomers have lived in supply & demand and home-price dynamics. their current homes for at least 20 years. In recent affects years, the

1985

1990 1995 2000

“mortgage lock-in effect” – the reluctance to give up an very 6 low mortgage interest rate – has also been a factor. One reason for the decline in turnover is the increasing

2005

age of the population and of homeowners specifically: Older age groups (up to 75 years of age) tend to move less often than younger homeowners.

2010

2015

2020

2021

13 0

*Data from a variety of sources including the National Association of Realtors. Data from sources deemed reliable but not guaranteed and may contain errors. All numbers should be considered approximate.

National Homeownership Rate As published by the Federal Reserve Bank of St. Louis

Long-Term Trends, by Quarter since 1965*

70%

“The homeownership rate is the proportion of households that is owner-occupied.” It can be affected by a variety of factors including general economic conditions, interest rates, lending standards, home prices (and housing affordability), consumer confidence, and the pandemic.

2005 69%

2000

2020

68%

Subprime boom 67% 2022 -2024

1980

66%

Foreclosure crisis

65% 2025 64%

1965

1965-01-01 1966-01-01 1967-01-01 1968-01-01 1969-01-01 1970-01-01 1971-01-01 1972-01-01 1973-01-01 1974-01-01 1975-01-01 1976-01-01 1977-01-01 1978-01-01 1979-01-01 1980-01-01 1981-01-01 1982-01-01 1983-01-01 1984-01-01 1985-01-01 1986-01-01 1987-01-01 1988-01-01 1989-01-01 1990-01-01 1991-01-01 1992-01-01 1993-01-01 1994-01-01 1995-01-01 1996-01-01 1997-01-01 1998-01-01 1999-01-01 2000-01-01 2001-01-01 2002-01-01 2003-01-01 2004-01-01 2005-01-01 2006-01-01 2007-01-01 2008-01-01 2009-01-01 2010-01-01 2011-01-01 2012-01-01 2013-01-01 2014-01-01 2015-01-01 2016-01-01 2017-01-01 2018-01-01 2019-01-01 2020-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01

Updated through Q2 2025

*U.S. Census Bureau, Homeownership Rate in U.S. [RHORUSQ156N], Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/RHORUSQ156N. Not seasonally adjusted. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

63%

62%

National Household Size Number of Households by HH Size* 1-Person

2-Person

3-Person

4-Person

5-Person

6-Person

7+ Person

45,959,000 45,000,000 40,000,000

38,097,000

35,000,000

According to U.S. Census Survey estimates, 64% of U.S. households now contain only 1 or 2 persons. This pertains to housing of all types – owneroccupied, rental, institutional and social housing.

25,000,000 20,000,000 15,000,000 10,000,000

Number of Households

30,000,000

19,771,000 16,038,000

7,192,000

5,000,000

2,721,000

Number of Households by Size *U.S. Census, Historical Household Tables, 2023: https://www.census.gov/data/tables/timeseries/demo/families/households.html. Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate estimates. Households of all types.

1,656,000

Factors in Real Estate Markets Many of these factors’ effects can swing both positive and negative; sometimes effects are counter-intuitive (e.g. a pandemic causing a fierce housing boom). Economic, political, social and ecological dynamics constantly change and interact in difficult-to-predict ways. Marketchanging developments can percolate gradually, or arise quickly and unexpectedly. The impact of specific factors can vary by market segment. Local economic conditions, household wealth, employment, housing affordability & cost of living, venture capital & foreign investment, pro/anti-business sentiment

Interest rates

Stock markets

Debt levels: personal, corporate & government

Inflation

Consumer confidence

Massive, governmental economic interventions: post 9/11/2001, post 9/2008, post 3/2020

Natural disasters: COVID, earthquakes, fires, drought, floods, hurricanes Domestic & foreign migration; federal immigration policy; demographic changes Tax law e.g. real estate tax benefits & credits, 2017 SALT-deduction limitation

Rental market dynamics

State income tax disparities

International economic/political events, e.g. large oil price swings, military conflict (invasion of Ukraine), economic conflict (China, U.S.), foreign economic crises Local, state & national politics; partisan politics

Social & quality of life issues: Crime, homelessness, schools, commute, cultural & outdoor options

Financial industry manipulation, fraud, engineering, recklessness, e.g. junk bonds, S&L collapse, predatory lending, abandonment of risk mgmt. & underwriting standards, CDOs & rating-agency deceit, insider trading, over-leveraged investing; irrational exuberance

Data from Realtor.com Research Library. For statistical definitions and methodologies of calculation: https://www.realtor.com/research/data/ Statistics are generalities, essentially summaries of widely disparate data generated by thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon. Last period data should be considered estimated and may change with late-reported activity. Different analytics programs sometimes define statistics differently, and use different methodologies: Most meaningful are the trends they illustrate. This report created in good faith using data from sources deemed reliable but may contain errors. All numbers should be considered approximate, and subject to revision. Compass is a real estate broker licensed within each of the states in which it practices. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.