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
Redfin Home Price Index: Price Growth Slowed for Third Straight Month in November as Supply Crunch Eased
U.S. home prices rose 0.6% from a month earlier, the smallest increase since June, as a jump in homes for sale gave buyers more options.
2023 Has Been The Least Affordable Year for Homebuying on Record—But 2024 Is Looking Up
A homebuyer with the median U.S. income would’ve had to spend a record 41% of earnings on monthly housing costs in 2023, up from 39%
Introducing the Redfin Home Price Index
Redfin’s new gauge of housing prices, which is similar to but more current than the Case-Shiller index, shows that home prices rose roughly 1% month
More Than One-Third of Home Sellers Are Giving Concessions to Buyers
Sellers are handing out freebies to woo buyers, who have become increasingly likely to back out of deals as mortgage rates have climbed. Home sellers
Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home. That’s About $40,000 More Than the Typical American Household Earns.
Sky-high mortgage rates and still-rising home prices have made it harder than ever to afford a home, especially for first-time buyers. The typical buyer needs
4 Ways to Buy Your First Home, Even as Affordability Worsens
Originally published to Forbes on September 12, 2023. For many young Americans, the dream of owning a home feels less like a middle-class milestone and more
