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
Homebuyer Interest in Rural Areas Rises, With Prices Up 11% in July
There’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Still, prices are up 6.7% in urban areas.
Homeownership Hits Highest Level Since 2008 Driven by Younger, First-Time Buyers
Many renters who were planning a purchase in the next few years, have opted to go ahead and buy now given historically low rates.
Prices of Affordable Homes Have Jumped 5.5% During the Pandemic
Prices of the most affordable third of homes in the U.S. climbed 5.5% year over year during the 12 weeks ending May 31, while prices of the most expensive third of homes increased just 2%.
Shortfall in New Supply of Homes for Sale Felt Most Acutely at the High End
Between mid-March and mid-April, the new supply of homes for sale over $1 million fell 29 points from the year prior.
Homebuyers Confront Credit Crunch as Coronavirus Puts Lenders on Edge
As the coronavirus pandemic sends shockwaves through the U.S. economy, banks are fighting financial uncertainty with stricter mortgage lending requirements, making it harder for house hunters to get their hands on home loans.
Stimulus Checks and Housing: How Far $1,200 Goes for Homeowners and Renters Across the US
More than three-quarters of US renters could pay one month’s worth of housing expenses with $1,200, compared with nearly half of homeowners.
