Core Insights - The affordability of housing in major U.S. metros is severely constrained, with the typical household needing to spend 44.6% of their income to afford a median-priced home as of May 2025, significantly above the recommended 30% threshold [1][8] - Only three major metropolitan areas—Pittsburgh, Detroit, and St. Louis—allow median-income earners to purchase a median-priced home without exceeding 30% of their income [3][4] - High mortgage rates and home prices are the primary factors contributing to the lack of affordability in most large metros, with the average mortgage rate at 6.82% as of May 2025 [3][7] Affordability Analysis - In Pittsburgh, the median listing price is $249,900, requiring 27.4% of household income; in Detroit, it's $270,000 (29.8%); and in St. Louis, $299,900 (30.0%) [4][6] - Conversely, in Los Angeles, the median home price is $1,195,000, necessitating over 104% of the area's median income, indicating extreme unaffordability [5][6] - Other high-cost metros include San Diego, San Jose, New York, and Boston, all with affordability ratios exceeding 60% [5][6] Market Dynamics - Demand for affordable homes is increasing, particularly in the Midwest, where some markets still offer pathways to homeownership for median-income households [2][5] - The coastal markets, particularly in California, are experiencing a significant affordability crisis, with a high percentage of renters compared to homeowners [5][6] - The overall national median home price is $440,000, with a monthly payment of $2,930, reflecting the broader affordability challenges across the country [8] Potential Solutions - To improve housing affordability, strategies could include raising incomes or lowering housing costs through reduced mortgage rates or home prices [7] - Increasing the supply of affordable homes is critical, as many markets face a growing home supply gap, which has kept prices high [7]

Group 1 - The core issue in the Australian real estate market is that single buyers are facing increasing pressure, with only 16% of regions being affordable for the average Australian to purchase a detached house [1] - In the apartment market, single buyers can only afford approximately 28% of regions, a significant drop from 66% in 2017 [2] - The affordability crisis has led to a notable decrease in the proportion of single buyers among first-time homebuyers, dropping from 45% in 2021 to 39% in 2025 [2] Group 2 - In New South Wales, the situation is particularly dire, with the percentage of regions affordable for single buyers of detached houses plummeting from 40% in 2017 to just 11% by 2025 [2] - South Australia has seen a dramatic decline in affordability, with the percentage dropping from 85% in 2017 to 19% in 2025 [2] - Finder's personal finance expert, Sarah Megginson, emphasizes that buying a home is now more challenging than ever, especially for those attempting to purchase without partner or family assistance [5][6] Group 3 - The expectation of interest rate cuts before Christmas may alleviate some pressure on current mortgage holders, but it could make entry into the market even more difficult for new buyers [8] - Increased demand in affordable markets is anticipated, which may further drive up entry-level property prices, exacerbating the challenges faced by first-time buyers [8]

While mortgage rates hold steady for another week, affordability does rem remain a pain point in the housing market. Our next guest pointing to a mixed picture in leading indicators for demand. That's Jim Egan, Morgan Stanley, US housing strategist and co-head of securitized products research.Jim's here with me in the studio. Thanks for being here. Thank you for having me.So given that we have not seen that much movement on rates and notably not that much relief on rates, do we remain in this sort of stuck ...

一项最新政府报告指出，澳洲家庭平均需要花费其收入的一半来偿还新购房贷款。 这一数据对首次购房者来说无疑是个重大打击，尤其在房价不断上涨以及生活成本 日益增加的背景 下。 （图片来源：RealEstate） 据RealEstate网站报道，房价的攀升和生活成本的增加，让许多首次购房者的负担 进一步加重。而在此 过程中，新的降息政策可能带来更大的购房需求，这反过来又 可能刺激房市，导致房价进一步上涨。 国家住房供应与可负担性委员会发布的最新报告显示，到2024年12月，支付新房贷 款将需要中等收入 家庭收入的50%。 报告同时指出，对于租房者而言，预计他们需 要花费其收入的三分之一来支付租金。 （图片来源：RealEstate） REA Group的经济学执行经理Angus Moore进一步指出，当前的住房可负担性已达到 了有记录以来的最 糟糕水平。 他表示，首次购房者或有意愿购房的租户通常需要大量借贷以便进入房市，但他们 面临的经济压力前 所未有。 收入的增长并不足以抵消房价和抵押贷款利率的迅速上涨，这意味着普通澳洲家庭 目前仅能负担起全 国出售房屋的14%。 而根据最新的PropTrack房价指数，澳洲的房价 ...

Core Insights - Australian homebuyers need an annual income of AUD 161,000 to afford mortgage payments without financial stress, which is 41% higher than the national average salary of AUD 114,426 [1][3] - Only one in five suburbs nationwide is considered affordable for average income earners, indicating a significant housing affordability crisis [3] Economic Analysis - Jarden economist Anthony Malouf emphasizes the need for interest rate cuts and increased housing supply to improve affordability, warning that declining homeownership rates could exacerbate elderly poverty in the future [1] - Current data shows that 42.4% of income is required for mortgage repayments, significantly higher than the 24.1% required before the pandemic in March 2020 [3] Regional Insights - Sydney is identified as the least affordable city, with mortgage repayments consuming 57.9% of income, necessitating an annual salary of AUD 235,000 for buyers to avoid financial strain [3] - Melbourne offers relatively better affordability, with an average mortgage repayment ratio of 36.6% [3] - In Sydney, only 14 suburbs are affordable for middle-income families earning AUD 121,000, including areas like Bankstown, Cabramatta, and Liverpool [3]

Core Insights - The annual income required for a U.S. household to afford a median-priced home has increased to $114,000, marking a 70.1% rise from $67,000 six years ago [1][4][8] - Despite affordability challenges, the housing market is showing signs of rebalancing, with increasing inventory and more flexible pricing from sellers [2][9] Housing Metrics - The median listing price in April 2025 is $431,250, reflecting a 1.5% increase from March 2025 and a 36.9% increase from April 2019 [3] - Active listings have risen to 959,251, a 30.6% increase year-over-year, although still 16.3% below the 2017-2019 norms [3][10] - The share of active listings with price reductions is at 18.0%, indicating sellers are adjusting prices to attract buyers [3][9] Required Income Analysis - The income required to afford a median-priced home has increased by $47,000 since 2019, driven by rising home prices and elevated mortgage rates [4] - Specific metro areas have significantly higher required incomes, with San Jose at $370,069, an increase of 54.3% since April 2019 [5] Pending Home Sales Trends - Pending home sales have declined for four consecutive months, with a 3.2% decrease in April 2025 compared to the previous year [6][7][8] - The rise in mortgage rates is a key factor contributing to the slowdown in pending home sales [6][9] Market Dynamics - The West and South regions have seen substantial growth in active listings, with San Diego and San Jose experiencing increases of 70.1% and 67.6%, respectively [10] - The current market conditions suggest that buyers may have more options and leverage, as sellers are becoming more accommodating [2][9]

Core Insights - The report highlights a nationwide housing shortage of over 4 million homes, emphasizing the growing concern of affordability for millions of Americans [1][5] - States are graded based on their housing affordability and homebuilding capabilities, with South Carolina, Iowa, and Texas receiving the highest marks [1][4] Affordability and Homebuilding Metrics - The grading system evaluates affordability through the REALTORS® Affordability Score and the percentage of median income spent on a median-priced home, while homebuilding is assessed via the permit-to-population ratio and the new construction premium [2] - Only 18 states meet the 30% income rule for housing affordability, with Texas, Florida, California, North Carolina, Georgia, Arizona, and South Carolina accounting for over half of all construction permits issued in 2024 [4] Regional Performance - The South and Midwest are leading in both affordability and homebuilding, with South Carolina achieving the highest grade of A due to proactive homebuilding efforts [5] - The Northeast and West Coast are lagging, facing high home prices and limited new construction, with Rhode Island ranking at the bottom of the list [6][7] Zoning and Regulatory Challenges - States on the coasts, such as Massachusetts, face stricter zoning regulations that hinder affordable housing development, with 76% of Massachusetts' land subject to zoning [8] State-by-State Rankings - The report provides a detailed ranking of all 50 states, with South Carolina scoring 75.2 (A), Iowa 71.6 (A-), and Texas 71.5 (A-) [9][10] - The lowest-ranked states include California (19.5, F), Hawaii (15.8, F), and New York (13.2, F), highlighting significant disparities in housing affordability and construction efforts across the U.S. [10]

Core Insights - The issue of housing affordability in Australia is increasingly concerning, with four of the eight capital cities having a median house price of AUD 1 million or more, and this number is expected to rise to six by the end of the year [1][3] - The rapid increase in house prices is a global phenomenon, with cities like Los Angeles, Paris, and Madrid surpassing Australia's most expensive cities [5][3] - The primary reason for the global housing crisis is insufficient supply, exacerbated by changing household patterns, such as the rise of single-person households [7][9] Group 1: Housing Market Trends - In Australia, the median house prices in Sydney (AUD 1.6 million), Melbourne (AUD 1.03 million), Canberra (AUD 1.06 million), and Brisbane (AUD 1.01 million) have reached the million-dollar mark, but they do not rank among the top five most expensive markets globally [3][5] - The global trend shows an increasing number of cities with house prices exceeding AUD 1 million, indicating a new normal for high property prices in major cities [5][3] Group 2: Supply and Demand Dynamics - The shortage of housing supply is a significant factor contributing to the crisis, with urbanization and population growth leading to increased demand that cannot be met quickly enough [7][8] - The rise in single-person households in Australia, which now account for 26% of all households, is intensifying the demand for housing [9][10] Group 3: Global Economic Factors - The low official cash rate of 0.1% in Australia, along with similar actions by other central banks, has increased borrowing capacity, driving demand in the housing market [14][15] - As central banks begin to raise interest rates to combat inflation, housing affordability issues are reaching new heights, particularly in Australia, where the response to rate changes has been slower compared to other countries [15][16]

Financial Data and Key Metrics Changes - Full year 2024 deliveries increased by 15% year over year to a record 11,007 homes, with Q4 deliveries of 3,198 homes and home sales revenues of $1,200,000,000, both quarterly records [5][17] - Adjusted net income for the full year increased by 36% year over year, with Q4 adjusted net income up 18% [6] - Adjusted gross margin for the full year increased by 80 basis points to 23.3% [5] - SG&A as a percentage of home sales revenues decreased by 40 basis points [6][22] - Book value per share grew to a record $84.65, a 13% year over year increase [24] Business Line Data and Key Metrics Changes - The company built nearly 100% of its homes on a spec basis in Q4 and for the full year [8] - Net new contracts for Q4 increased by 5% year over year to 2,467 homes, while full year net new contracts increased by 21% to 10,676 homes [6][19] - Average sales price for Q4 and full year was approximately $390,000, remaining among the lowest of publicly traded homebuilders [7] Market Data and Key Metrics Changes - Deliveries in the West, Texas, and Southeast regions all posted growth rates of over 20% for the full year [18] - The company ended Q4 with a community count of 322, the highest level in its history, up 28% year over year [12] - The average price of the Q4 backlog was $413,100, above the average sales price for Q4 deliveries [19] Company Strategy and Development Direction - The company aims to grow deliveries annually by 10% or more over the next couple of years, supported by increases in lot count and community count [12][25] - The company is focused on maintaining an appropriate sales pace despite elevated mortgage rates and is leveraging its captive mortgage subsidiary to provide financing options [8][25] - The company plans to continue its M&A strategy, having completed two acquisitions in 2024 to deepen its presence in existing markets [40] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about underlying demand for new homes, citing solid demographic trends despite recent mortgage rate volatility [7][25] - The company expects to manage costs effectively, with direct construction costs declining by 2% year over year [13] - Management anticipates that the first quarter of 2025 will see a decline in deliveries due to typical seasonality, but expects growth to resume in subsequent quarters [18] Other Important Information - The company repurchased over 1,000,000 shares, returning over $115,000,000 to shareholders in 2024 [23][24] - The company entered into a new credit agreement, increasing the capacity of its senior unsecured credit facility to $900,000,000 [24] Q&A Session Summary Question: Differences in traffic levels or incentives between Communities and Complete - Management noted no significant differences in incentives, with slightly more on the mortgage financing side for Century Complete [30] Question: Percentage of homes sold and closed in Q4 - Approximately 60% of homes were sold and closed within the quarter, consistent with the company's spec model [32][33] Question: Current incentive levels on orders - Incentive levels are consistent with Q4, around 900 basis points [36] Question: M&A potential for 2025 - Management is always looking at deals and has stringent underwriting criteria, with no immediate plans for additional acquisitions beyond those already made [40][41] Question: Impact of recent labor issues on construction - Management has not seen any impacts to date but is monitoring the situation closely [50][51] Question: Relative strength across different markets - The West and Mountain regions are performing well, with Southern California and Atlanta noted as strong markets [55][57] Question: ASP expectations for 2025 - The guidance implies flat to slightly down ASP, focusing on affordability [59] Question: Other income contribution details - The primary driver of other income was the disposal of a community, contributing around $20,000,000 [60] Question: Share repurchase strategy - The strategy is to prevent share count creep while opportunistically buying back shares [63]