{"id":203716,"date":"2024-03-21T11:00:00","date_gmt":"2024-03-21T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=203716"},"modified":"2024-03-22T05:16:53","modified_gmt":"2024-03-22T09:16:53","slug":"gold-shines-as-homebuying-affordability-hits-a-record-low","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/gold-shines-as-homebuying-affordability-hits-a-record-low\/","title":{"rendered":"Gold Shines As Homebuying Affordability Hits A Record Low"},"content":{"rendered":"\n<p>Homeownership is the quintessential American dream, but it\u2019s become increasingly elusive for many households. A multitude of factors, including soaring home prices, elevated interest rates and persistent inflation, has created the perfect storm, making homeownership a distant reality for more U.S. residents.<\/p>\n\n\n\n<p>It\u2019s impossible to overexaggerate the benefits to owning one\u2019s home. In 2022, primary residences accounted for&nbsp;<a href=\"https:\/\/eyeonhousing.org\/2024\/02\/homeownership-is-key-to-household-wealth\">more than a quarter<\/a>&nbsp;of all assets held by U.S. households, underscoring just how important homeownership is in building long-term wealth.<\/p>\n\n\n\n<p>But according to analysis conducted by Redfin, a mere 16% of homes for sale in 2023 were considered affordable for the typical U.S. household, the&nbsp;<a href=\"https:\/\/www.redfin.com\/news\/share-of-homes-affordable-new-2023\/\">lowest share on record.<\/a>&nbsp;This stark figure represents a decline from 21% in 2022 and a significant drop from over 40% before the pandemic-fueled homebuying frenzy.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"410\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-fewer-homes-affordable-0315.jpg\" alt=\"Fewer Than One in Five Homes for Sale Were Affordable Last Year\" class=\"wp-image-203727 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-fewer-homes-affordable-0315.jpg 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-fewer-homes-affordable-0315-700x319.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-fewer-homes-affordable-0315-300x137.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-fewer-homes-affordable-0315-768x350.jpg 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/410;\" \/><\/figure>\n\n\n\n<p>While the vast majority of renters (81%) aspire to own a home in the future, a staggering 61% are plagued by concerns that&nbsp;<a href=\"https:\/\/theharrispoll.com\/briefs\/america-this-week-wave-211\/\">they may never realize this dream,<\/a>&nbsp;according to a new survey conducted this month by the Harris Poll. This sentiment is particularly pronounced among renters, with 57% expressing the belief that the American Dream of homeownership is effectively \u201cdead,\u201d compared to 43% of those who already own a home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-high-mortgage-rates-exacerbating-the-supply-crunch\"><strong>High Mortgage Rates Exacerbating The Supply Crunch<\/strong><\/h3>\n\n\n\n<p>The affordability crisis can be attributed to a multitude of factors, chief among them being the persistent rise in mortgage rates. Despite recent declines from their October peak, rates remain significantly higher than they were in 2022, resulting in a typical homebuyer\u2019s monthly payment being approximately $250 more than a year ago, Redfin estimates.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"376\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/fredgraph-1100x376.png\" alt=\"\" class=\"wp-image-203717 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/fredgraph-1100x376.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/fredgraph-700x239.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/fredgraph-300x102.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/fredgraph-768x262.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/fredgraph.png 1318w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/376;\" \/><\/figure>\n\n\n\n<p>Moreover, elevated mortgage rates have inadvertently exacerbated the supply crunch, as many homeowners are opting to stay put rather than risk losing their ultra-low rates. This reluctance to sell has bolstered prices as buyers now compete for a limited pool of available properties.<\/p>\n\n\n\n<p>While some relief may be on the horizon, the path ahead remains uncertain. The Federal Reserve\u2019s recent decision to hold off on rate changes, coupled with the potential for future cuts, has introduced a degree of volatility into the market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-rate-cut-in-june\"><strong>A Rate Cut In June?<\/strong><\/h3>\n\n\n\n<p>Compounding the challenge is the unexpected surge in wholesale prices in the U.S., as evidenced by the producer price index (PPI). Prices for manufacturers rose 0.6% month-over-month in February, ahead of expectations, while the consumer price index (CPI) also ticked up from January. This poses fresh obstacles for economic and monetary policy, potentially delaying anticipated rate cuts as the central bank prioritizes curbing inflation over stimulating growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"389\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-wholesale-consumer-price-ju.jpg\" alt=\"Wholesale and Consumer Prices Jumped Again\" class=\"wp-image-203729 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-wholesale-consumer-price-ju.jpg 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-wholesale-consumer-price-ju-700x303.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-wholesale-consumer-price-ju-300x130.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-wholesale-consumer-price-ju-768x332.jpg 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/389;\" \/><\/figure>\n\n\n\n<p>Some international financial firms, including&nbsp;<a href=\"https:\/\/www.ubs.com\/global\/en\/wealth-management\/who-we-serve\/marketnews\/article.1611546.html#:~:text=We%20expect%20the%20Fed%20to,%25%20from%20January%2C%20meeting%20expectations.\">UBS<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/thoughtleadership.rbc.com\/u-s-outperformance-continues-but-no-sunshine-yet-for-the-canadian-economy\/\">RBC,<\/a>&nbsp;still anticipate the Fed to start cutting rates as early as its June meeting, with the Bank of Canada, European Central Bank (ECB) and Bank of England potentially following suit in subsequent months.<\/p>\n\n\n\n<p>But don\u2019t expect rates to drop to near-zero anytime soon. Former Fed Chair and current Treasury Secretary Janet Yellen has cautioned that it\u2019s \u201cunlikely\u201d that market interest rates will&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-13\/yellen-says-us-rates-unlikely-to-return-to-pre-covid-levels\">revert to pre-pandemic levels,<\/a>&nbsp;aligning with projections from the White House and private sector forecasts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-gold-s-record-breaking-rally\"><strong>Gold\u2019s Record-Breaking Rally<\/strong><\/h3>\n\n\n\n<p>Against this backdrop, gold has performed very well, touching a new record high of $2,195 per ounce. Fueled by growing investor confidence in a potential rate cut and a weakening U.S. dollar, the yellow metal has surpassed key resistance levels, exhibiting bullish momentum.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"338\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-gold-broke-through-03152024.jpg\" alt=\"Gold Broke Through Key Resistance to Touch a New Record High\" class=\"wp-image-203730 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-gold-broke-through-03152024.jpg 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-gold-broke-through-03152024-700x263.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-gold-broke-through-03152024-300x113.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/COMM-gold-broke-through-03152024-768x288.jpg 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/338;\" \/><\/figure>\n\n\n\n<p>As I\u2019ve written&nbsp;<a href=\"https:\/\/www.usfunds.com\/resource\/central-banks-gold-buying-spree-implications-for-the-global-economy-and-investors\/\">many times,<\/a>&nbsp;global central bank demand for gold has shown no signs of abating, while a potential rebound in demand from gold-related exchange-traded funds (ETFs) could provide additional support for the precious metal.<\/p>\n\n\n\n<p>While the U.S. stock market\u2019s solid performance and interest rates above 5% may raise questions about the allure of non-interest-bearing gold, the potential for a reversion in these assets could partially explain the metal\u2019s record and near-record-high prices. Historically, wars have been catalysts for gold price appreciation, and the current geopolitical landscape appears to be no exception.<\/p>\n\n\n\n<p>As investors grapple with the challenges of the current economic landscape, the precious metal\u2019s resilience and potential for further gains may offer a glimmer of hope.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted March 18, 2024 &#8211; <a href=\"https:\/\/www.usfunds.com\/resource\/gold-shines-as-homebuying-affordability-hits-a-record-low\/\">Gold Shines As Homebuying Affordability Hits A Record Low<\/a><\/p>\n\n\n\n<p>Past performance does not guarantee future results. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this\/these website(s) and is not responsible for its\/their content.<\/p>\n\n\n\n<p>The Producer Price Index (PPI) is a family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services. The Consumer Price Index (CPI) is one of the most widely recognized price measures for tracking the price of a market basket of goods and services purchased by individuals. The weights of components are based on consumer spending patterns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homeownership is the quintessential American dream, but it\u2019s become increasingly elusive for many households.<\/p>\n","protected":false},"author":36,"featured_media":203727,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,18,6,8,9,26,3],"tags":[255,16856,1685,603],"contributors-categories":[13633],"class_list":{"0":"post-203716","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-gold","15":"tag-homebuying","16":"tag-macro","17":"tag-real-estate","18":"contributors-categories-us-global-investors"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - 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