Housing Forecast: August 2020

19.1 19.2 19.3 19.4 20.1 20.2 20.3 20.4 21.1 21.2 21.3 21.4 2019 2020 2021

SAAR, Thous. Units

 Total Housing Starts 1,204 1,257 1,288 1,433 1,484 1,044 1,202 1,226 1,255 1,274 1,294 1,322 1,290 1,239 1,286

 Percent Change: YoY 3.2 -4.0 3.8

 Single-Family (1 Unit) 859 850 897 964 968 740 904 915 926 937 948 968 888 882 945

 Percent Change: YoY 1.4 -0.7 7.2

 Multifamily (2+ Units) 345 407 390 469 517 304 298 311 329 337 346 354 402 357 342

 Percent Change: YoY 7.5 -11.2 -4.5

 Total Home Sales 5,864 5,957 6,108 6,131 6,184 4,996 6,389 5,588 5,674 5,871 5,987 6,073 6,023 5,789 5,901

 Percent Change: YoY 1.1 -3.9 1.9

 New Single-Family 667 663 698 711 701 676 685 694 701 704 712 721 683 689 710

 Percent Change: YoY 10.7 0.9 3.0

 Existing (Single-Family, Condos/Co-Ops) 5,197 5,293 5,410 5,420 5,483 4,320 5,704 4,894 4,973 5,167 5,275 5,352 5,340 5,100 5,192

 Percent Change: YoY 0.0 -4.5 1.8

NSA, Thous. $

 Median New Home Price 312 321 317 327 330 316 335 341 338 320 337 342 322 330 334

 Median Existing Home Price 253 277 277 272 272 289 293 284 279 293 294 285 272 284 288

Percent Change: Quarterly YoY, Annual Q4/Q4

 FHFA Purchase-Only Index 5.4 5.2 5.1 5.3 5.8 5.7 5.6 4.4 2.4 1.5 0.6 1.0 5.3 4.4 1.0

Percent

30-Year Fixed Rate Mortgage 4.4 4.0 3.7 3.7 3.5 3.2 3.0 2.9 2.8 2.7 2.7 2.7 3.9 3.1 2.7

5-Year Adjustable Rate Mortgage 3.9 3.6 3.4 3.4 3.3 3.2 3.0 2.8 2.7 2.7 2.6 2.6 3.6 3.1 2.6

NSA, Bil. $, 1-4 Units

 Single-Family Mortgage Originations 359 581 752 770 787 1,144 862 615 536 662 670 610 2,462 3,407 2,478

 Purchase 238 379 378 331 284 317 413 317 251 380 387 337 1,326 1,332 1,356

 Refinance 120 202 374 439 502 827 449 298 285 282 283 273 1,136 2,076 1,123

 Refinance Share (Percent) 34 35 50 57 64 72 52 48 53 43 42 45 46 61 45

 --------------- 2019 --------------- --------------- 2020 --------------- --------------- 2021 ---------------

August 10, 2020

Note: Interest rate forecasts are based on rates from July 31, 2020.

Note: All mortgage originations data are Fannie Mae estimates as there is no universal source for market-wide originations data.

 2019 mortgage originations were revised as part of an annual benchmark to the Home Mortgage Disclosure Act (HMDA)

Note: Unshaded areas denote actuals. Shaded areas denote forecasts.

Sources: Actuals: Census Bureau, National Association of REALTORS®, Federal Housing Finance Agency, Freddie Mac, Federal Reserve Board. Forecasts: Fannie Mae Economic & Strategic Research

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) group included in these materials should not be construed as indicating Fannie Mae's business prospects or 

expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR group bases its opinions, 

analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. 

Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR group represent the 

views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.