HOUSING PRICES - MIDDLE ATLANTIC

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WASHINGTON, D.C. MSA

HPI Price Walk:

2000 to Peak: Home prices rose 151%, or 14.6% annualized.

Peak to Trough: Decline of 34%, or (14.5)% annualized.

Trough to COVID: Home prices surging again; up 3.3% annualized.

COVID to Fed Tightening: Home prices surge 12.2% annualized.

Fed Tightening: Home prices rise 1.0% annualized.

Fed Pause to Current: Home prices fall (0.2)% annualized.

WASHINGTON, D.C.: HOME AFFORDABILITY

HOME AFFORDABILITY

 Home Affordability is lower in cost than U.S. averages.

Home "P/E" Ratio = 3.5X.

 Median home purchase is 3.5X median family income compared to 4.2X for U.S.; takes ~3.5 years of a Washington D.C. area family's income to earn the sale price of the median priced home compared to ~4.2 years on average across the U.S.

NAHB HOI Index = 45.3%.

 45% of families can afford median priced home (NAHB HOI)

CHARLOTTE MSA

HPI Price Walk:

2000 to Peak: Home prices rose only 36%, or 4.1% annualized.

Peak to Trough: Decline of 20%, or (5.1)% annualized.

Trough to COVID: Home prices surging again; up 5.5% annualized.

COVID to Fed Tightening: Home prices surge 19.1% annualized.

Fed Tightening: Home prices rise 3.2% annualized.

Fed Pause to Current: Home prices rise 4.0% annualized.

CHARLOTTE: HOME AFFORDABILITY

HOME AFFORDABILITY

 Home Affordability is lower in cost than U.S. averages.

Home "P/E" Ratio = 3.8X.

 Median home purchase is 3.8X median family income compared to 4.2X for U.S.; takes ~3.8 years of a Charlotte area family's income to earn the sale price of the median priced home compared to ~4.2 years on average across the U.S.

NAHB HOI Index = 36.8%.

 37% of families can afford median priced home (NAHB HOI)

ATLANTA MSA

HPI Price Walk:

2000 to Peak: Home prices rose only 36%, or 4.2% annualized.

Peak to Trough: Decline of 40%, or (10.7)% annualized.

Trough to COVID: Home prices surging again; up 8.1% annualized.

COVID to Fed Tightening: Home prices surge 17.7% annualized.

Fed Tightening: Home prices rise 3.1% annualized.

Fed Pause to Current: Home prices rise 2.1% annualized.

ATLANTA: HOME AFFORDABILITY

HOME AFFORDABILITY

 Home Affordability is lower in cost than U.S. averages.

Home "P/E" Ratio = 3.6X.

 Median home purchase is 3.6X median family income compared to 4.2X for U.S.; takes ~3.6 years of an Atlanta area family's income to earn the sale price of the median priced home compared to ~4.2 years on average across the U.S.

NAHB HOI Index = 39.9%.

 40% of families can afford median priced home (NAHB HOI)