Housing Market News
Affordability
Monthly Mortgage Payments Are Falling in 12 of the 50 Most Populous U.S. Metros, Mostly in the Bay Area, Florida and Texas
Monthly mortgage payments are declining in some parts of the country as homebuying demand slows amid widespread economic uncertainty. The silver lining for buyers in
The Typical Home Seller Wants $39,000 More Than the Typical Buyer Is Willing to Pay
The $469,729 median asking price is 9% higher than the $431,057 median sale price—the largest gap since 2020. Market dynamics have shifted in favor of
U.S. Home Prices Ticked Up 0.2% in March, the Slowest Pace Since 2022
Home prices ticked up 0.2% month over month in March, the slowest pace since December 2022. On a year-over-year basis, home prices rose 4.6%, down
44% of Home Sellers Are Giving Concessions to Buyers—Just Shy of the Highest Level on Record
More sellers are offering concessions as rising housing costs and economic uncertainty make buyers nervous, and housing supply hits a five-year high. In Seattle, 71%
Homebuyers Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments—And the Gap Is Widening
Americans need an annual income of $117,000 to afford the typical home for sale. That’s 82% more than they need for the typical rental, up
1 in 5 Homebuyers Expect to Sell Stocks to Fund Down Payment: Redfin Survey
Homebuyers are more likely than renters to use stock investments to pay for housing, according to a Redfin survey. With stock values dropping, would-be homebuyers
Redfin Survey: 1 in 5 Millennial Respondents Believe They’ll Never Own a Home
Roughly one in 10 Gen Z respondents believe they’ll never own a home. Affordability is the number-one barrier to homeownership for young Americans: About half
The Typical Teacher Can Afford Just 12% of Homes for Sale Near Their School, Down From 30% in 2019
In San Jose and San Diego, no homes for sale near the schools Redfin analyzed are affordable on the local teacher’s median salary. Just three
U.S. Housing Market Recovers the Nearly $3 Trillion It Lost, Hitting Record $47 Trillion in Total Value
The total worth of U.S. homes hit a record $47 trillion in June as a scarcity of houses for sale propped up values. Affordable markets
There Are Only Four Major U.S. Metro Areas Where It’s Cheaper to Buy a Home Than Rent
Buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston. The largest homeownership premium is in the Bay Area, where it’s twice as
Roughly 1 in 4 Homes for Sale in Austin and Seattle Cost Less Than They Would Have a Year Ago
Some homebuyers in pandemic boomtowns and expensive coastal markets have lower monthly housing costs than they would have a year ago. That’s because home prices
Nearly Half of Home Sellers Are Making Concessions to Woo Buyers
Sellers are offering to cover the cost of repairs, mortgage-rate buydowns and closing costs as rising interest rates dampen homebuyer demand. Pandemic boomtowns and pricey
