Jan 2022 National Housing Report

Seller Traffic Index

November 2021

Source: NAR

Months Inventory of Homes for Sale

2011 - Today

9.5

8.5

7.5

6.5

5.5

4.5

3.5

2.5

1.5 Jan uary Jan uary Jan uary Jan uary Jan uary Jan uary Jan uary Jan uary Jan uary Jan uary
Jan uary 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21
20 11
Source: NAR

Months Inventory of Homes for Sale

Since 2019

6.0

5.5

5.0

4.6

4.5 4.3 4.3
4.2 4.2

4.0 3.8 3.8 4.0 4.0 4.0
3.9 3.9
3.7
3.6

3.5 3.3

3.1 3.1 3.1
3.0 3.0
3.0

2.7 2.6 2.6

2.5 2.5 2.5
2.5 2.4 2.4
2.3 2.3

2.1 2.1
2.0
2.0 1.9 1.9

1.5
J an-19 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-20 Feb Mar Apr May June July Aug sept Oct Nov Dec Jan-21 Feb Mar Apr May June July Aug Sept Oct Nov
Source: NAR

Months Inventory of Homes for Sale

Last 12 Months

2.6 2.6
2.5 2.5
2.4 2.4

2.3

2.1 2.1
2.0
1.9 1.9

Dec Jan-21 Feb Mar Apr May June July Aug Sept Oct Nov

Source: NAR

Year-Over-Year Inventory Levels

10%

5%

0%

-5%

-10%

-15%

-20%

-25%

-30% J anuary 2015 January 2016 January 2017 January 2018 January 2019 January 2020 January 2021
J anuary 2014

% 7. 5. 3. 6. 6. 5. 5. 4. 6. 5. 5. -0 -0 -0 2. -0 1. 0. -4 -1 -3 -4 -1 -3 -2 -1 -1 -3 -9 -5 -5 -1 -6 -1 -9 -6 -7 -6 -6 -9 -8 -7 -9 -6 -6 -1 -9 -1 -9 -8 -7 -6 -6 0. 0. 2. 1. 2. 4. 6. 4. 2. 2. 1. 2. 0. -1 -2 -2 -4 -5 -9 -1 -9 -1 -1 -1 -1 -2 -1 -1 -1 -2 -2 -2 -2 -2 -2 -2 -1 -1 -1 -1 -9 -1

Source: NAR

Year-Over-Year Inventory Levels

Last 12 Months

Dec Jan 2021 Feb Mar Apr May June July Aug Sept Oct Nov

-9.8%

-13.8% -12.8% -13.3%
-14.9%

-18.8%
-20.5% -20.6%

-23.8%

-25.7%

-29.5% -28.2%

Source: NAR

New Home Monthly Inventory

Seasonally Adjusted, Last 12 Months

7.1

6.8

6.3 6.5

6.1 6.2

5.4

4.8
4.5

4.2

3.8
3.6

Dec Jan 21 Feb Mar Apr May June jul Aug Sept Oct Nov
Source: Census

New Home Monthly Inventory 7.6 7.6

Non-Seasonally Adjusted

2020 2021

6.1 6.9
5.6 5.6 6.5

5.8 5.9

5.1 5 4.8 4.8
4.8
4.4 4.3 3.4 3.7 3.7 nov dic
3.9 jul 3.5 Source: Census
3.8
3.7 ago sept oct
abr mayo jun
ene feb mar

Buyer Demand

Impressive Year-Over-Year Demand Seen
Across the U.S. as Holiday Home Showing
Traffic Heats Up

Year-Over-Year Increase in Showing Activity, November 2021

Michael Lane, Vice President & General Manager, Showing Time

“Showings traditionally lag during the holiday season, but the data we’re seeing
tells us that buyer demand remains strong… The fact that every region showed a
year-over-year increase indicates that buyers are undeterred by the approaching
holidays. It speaks to their desire to keep searching for their next home.”

12.5% 14.0% 14.0% 13.6%

U.S. Northeast Midwest South 3.0%

West

Source: Showing Time

Buyer Traffic Index

November 2021

Source: NAR

Mortgage Rates

1/7/16 Mortgage Rates
2/4
3/3 30-Year Fixed Rate, January 2016–Today

4/7 5.0
5/5
6/2 4.5

7/7 4.0
8/4
9/1 3.5

10 /6 3.0
11 /3
12 /1 2.5

1/5/20 17 3.22%
2/2Source: Freddie Mac
3/2

3/30
4/27
5/25
6/22
7/20
8/17
9/14
10 /1 2
11 /9
12 /7
1/4/20 18

2/1
3/1

4/5
5/4

6/7
7/5
8/2

9/6
10 /4
11 /1

12 /6
1/3/20 19

1/31

3/7
4/4
5/2

6/6
7/3
8/1

9/5
10 /3

11 /7
12 /5
1/2/20 20

2/6
3/5
4/2

5/7
6/4
7/2

8/6
9/3
10 /1

11 /5
12 /3

1/7/20 21
2/4
3/4
4/1

5/6
6/3
7/1

8/5
9/2

10 /7
11 /4
12 /2

1/6/20 22

1/4/20 18 Mortgage Rates
2/1
3/1 30-Year Fixed Rate, January 2018–Today

4/5 5.0
5/3
4.5
6/7
7/5 4.0
8/2
3.5
9/6
10 /4 3.0
11 /1
1/3/21021/69 2.5
1/31
3.22%
3/7Source: Freddie Mac
4/4
5/2

6/6
7/3
8/1

9/5
10 /3
11 /7
1/2/21022/50

2/6
3/5
4/2

5/7
6/4
7/2

8/6
9/3
10 /1
11 /5
1/7/21022/31
2/4
3/4
4/1

5/6
6/3
7/1

8/5
9/2
10 /7
11 /4
1/6/21022/22

Mortgage Rate Projections

December 2021

Quarter Freddie Fannie MBA Average
Mac Mae NAR of All
3.3
2022 1Q 3.4 3.2 3.5 Four
2022 2Q 3.5 3.3 3.7
2022 3Q 3.6 3.3 4.0 3.3 3.30%
2022 4Q 3.7 3.4 3.5 3.45%
3.6 3.55%
3.7 3.70%

Mortgage Rates - Actual
- Projected
30-Year Fixed Rate
2022
5

2018

4.5 2019
4
2017
3.5
2020
2016

3

2021

2.5 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Rate 3.7 3.6 3.5 3.8 4.2 4.0 3.9 3.9 4.3 4.5 4.6 4.8 4.4 4 3.7 3.7 3.5 3.2 3.0 2.8 2.9 3.0 2.9 3.2 3.4 3.5 3.6 3.7

Source: Freddie Mac

20 18 Mortgage Rates
2/1
3/1 30-Year Fixed Rate

4/5 5.0
5/3
4.5
6/7
7/5 4.0
8/2
3.5
9/6
10 /4 3.0
11 /1
January 2018 – Today
12 /6 Actual Interest Rates
20 19
1/31 2.5

3/7
4/4
5/2

6/6
7/3
8/1

9/5
10 /3

11 /7
12 /5
20 20

2/6
3/5
4/2

5/7
6/4
7/2

8/6
9/3
10 /1

11 /5
12 /3

20 21
2/4
3/4
4/1

5/6
6/3
7/1

8/5
9/2
10 /7

11 /4
12 /2

20 22

2022 Q1 Where Are They Going?

2022 Q2 3.7
3.6
2022 Q3 2022 Q4 3.5
3.4
Source: Freddie Mac

Mortgage Credit
Availability

Mortgage Credit Availability Index (MCAI)

November 2021

190 Jan Jan Jan Jan Jan Jan Jan Jan
2014 2015 2016 2017 2018 2019 2020 2021
180
Source: MBA
170

160

150

140

130

120

110

100
Apr
2013

Lending Standards Still Under Control

Historic Data for the Mortgage Credit Availability Index (MCAI)

900 Housing Bubble: 868.7

800

700

600

500

400

300

200

124.9

100

0
June June June June June June June June June June June June June June June June June June Nov
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021

Source: MBA

Average Days To Close a Loan

Last 12 Months

58 58

54 55 53 52 51 53
49 48 46 47

Oct Nov Dec 21-Jan Feb Mar Apr May June July Aug Sept
Source: ICE

Average FICO® Score

Last 12 Months

753 753
752 752
751 751

747
744
743
741
740 740

Oct Nov Dec 21-Jan Feb Mar Apr May June July Aug Sept
Source: ICE

FICO® Score Distribution

September 2021

38.88%

23.25%

16.88%

14.21%

0.02% 0.35% 6.47% 650-699 700-749 750-799 800+
500-549 550-599 600-649

46.97%

Source: ICE

Average FICO® Score for Closed
Purchase Loans

By Loan Type, September 2021

755
740

720

676

All Loans Conventional FHA VA

Source: ICE

Average Back End DTI for Closed 41
Purchase Loans

By Loan Type, September 2021

43

36 35

All Loans Conventional FHA VA

Source: ICE