Housing Market News
Affordability
Record 8.5% of U.S. Homes Are Worth $1 Million or More
Despite high mortgage rates pushing down demand, historically low inventory keeps pushing up home prices, and therefore values. That’s good news for homeowners, but challenging
The Typical Teacher Can Afford 48% of Apartments Near Their School—Up From 41% Last Year. But They Can Afford Just 14% of Homes for Sale
Rental affordability has improved thanks to flattening rents and a modest increase in teacher pay. In Portland, OR, the typical teacher can afford 91% of
U.S. Housing Market Nears $50 Trillion in Value as Number of Trillion-Dollar Metros Doubles
There are now eight trillion-dollar metros, up from four a year ago, with Anaheim, CA, Washington, DC, Chicago and Phoenix joining the list of places
Homebuyers Have Gained Nearly $30,000 in Purchasing Power Over the Last Month Thanks to Mortgage-Rate Drop
House hunters should consider jumping into the market now, with last week’s soft jobs report sending mortgage rates to their lowest level since April 2023.
Nearly 25% of Gen Z House Hunters Willing to Sacrifice Safety to Afford a Home: Redfin Survey
17.3% of house hunters, overall, would trade off their safety to find an affordable home. Concern for safety is also a common reason why people
Renter Nation: America’s Renter Population Is Growing Three Times Faster Than Its Homeowner Population Amid Rise in Homebuying Costs
The number of renter households grew 1.9% in the second quarter—one of the biggest gains in recent years. The number of homeowner households rose 0.6%—the
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
