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
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.
