Housing Market News
Affordability
Home Purchases Are Getting Canceled at a Record Rate
15% of home purchases fell through last month—the highest July rate on record—as high homebuying costs made buyers skittish. Cancellations were most common in Texas
Milwaukee Is Holding Up Better Than Any Other Major U.S. Housing Market, Las Vegas is Cooling the Fastest
The majority of America’s most resilient housing markets are located in the Rust Belt and are seeing an increase in home sales and prices. The
Homebuying Affordability Is Improving in These 11 Places
The income needed to afford the typical U.S. home has fallen year over year in almost a dozen major metros, most of which are Sun
Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market
Redfin economists say the recent dip in mortgage rates gives serious house hunters a window of opportunity to lock in a lower monthly housing payment.
Nepo-Homebuyers: Aside from Paychecks, Family Money Is the Most Common Source of Young People’s Down Payments
Nearly one-quarter of Gen Zers and millennials who recently bought a home used either a cash gift from family or an inheritance to help fund
Homebuyers Gain $16,000 in Purchasing Power As Mortgage Rates Dip to Lowest Level in 3 Months
The daily average mortgage rate dipped to 6.67% to start July, down from roughly 7.1% five weeks earlier. On-the-fence house hunters should consider jumping in
Homebuyer Interest in Rural Areas Rises, With Prices Up 11% in July
There’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Still, prices are up 6.7% in urban areas.
Homeownership Hits Highest Level Since 2008 Driven by Younger, First-Time Buyers
Many renters who were planning a purchase in the next few years, have opted to go ahead and buy now given historically low rates.
Prices of Affordable Homes Have Jumped 5.5% During the Pandemic
Prices of the most affordable third of homes in the U.S. climbed 5.5% year over year during the 12 weeks ending May 31, while prices of the most expensive third of homes increased just 2%.
Shortfall in New Supply of Homes for Sale Felt Most Acutely at the High End
Between mid-March and mid-April, the new supply of homes for sale over $1 million fell 29 points from the year prior.
Homebuyers Confront Credit Crunch as Coronavirus Puts Lenders on Edge
As the coronavirus pandemic sends shockwaves through the U.S. economy, banks are fighting financial uncertainty with stricter mortgage lending requirements, making it harder for house hunters to get their hands on home loans.
Stimulus Checks and Housing: How Far $1,200 Goes for Homeowners and Renters Across the US
More than three-quarters of US renters could pay one month’s worth of housing expenses with $1,200, compared with nearly half of homeowners.
