Housing Market News
Affordability
The Typical Buyer’s Down Payment Is 16% of the Home’s Price
That’s up from 15% a year ago. The typical U.S. homebuyer now puts down roughly $63,000, about $4,000 more than last year, because of a
Mortgage Rates Drop to Their Lowest Level in 2 Months, Upping Purchasing Power and Giving Homebuyers Window of Opportunity
The increase in purchasing power is modest, but along with a pileup of housing supply in some parts of the country, it marks an opportunity
U.S. Housing Market Gained $2.5 Trillion in Value in 2024
The combined value of U.S. homes climbed to $49.7 trillion in 2024. The total value of homes owned by millennials grew to nearly $10 trillion,
It’s a Buyer’s Market. For Many Homebuyers, It Doesn’t Feel Like It.
There were 3.7 months of for-sale supply on the market in January, the most in six years. An increase in supply and drop in homebuying
U.S. Home Prices Grew 0.6% in January
Home prices grew 0.6% month over month in January, equal to the quickest pace since November 2023. On a year-over-year basis, home prices rose 5.4%—the
The Typical Homebuyer Pays Roughly 2% Less than the List Price–The Biggest Discount in 2 Years
Homebuyers, take note: Many listings are selling for under asking price, and most are lingering on the market. Florida homebuyers are seeing the biggest discount.
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
