The value of office-leasing concessions – including months of free rent – began to decline in the first half of this year and may be near a peak, according to a new report from CBRE, Dallas.

Nationally, affordability improved on a monthly basis for the second consecutive month in July, driven by lower mortgage rates and positive income growth. However, on an annual basis, affordability remains nearly 2 percent lower than one year ago.

Steve O’Connor, MBA’s Senior Vice President for Affordable Housing Initiatives, recently announced plans to retire at the end of September.

The National Association of Realtors, Chicago, released pending home sales data, finding the metric fell 5.5% in July.

Redfin, Seattle, found homebuyers need to earn $79,252 annually to afford the median-priced starter home, only about $500 below the all-time high notched in October 2023 and up 4.4% year-over-year.

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