Housing Market News
Affordability
U.S. Home Prices Continue Their Ascent, Even as High Costs Deter Homebuyers
Home prices grew 0.5% in April, the sixth consecutive month of similar increases. Elevated mortgage rates are curbing homebuyer demand, but prices continue to tick
Low-Income Americans Have Lost the Homebuying Progress They Made During the Pandemic
Roughly 1 in 5 new mortgages went to low-income homebuyers in 2023, down from 23% in 2020. Meanwhile, high-income buyers have gained share because they’re
Nearly 40% of Homeowners Couldn’t Afford Their Home If They Were to Buy It Today
Many U.S. homeowners couldn’t afford to buy their home if they were to purchase it today because home prices have doubled over the last decade,
Redfin Home Price Index: Price Growth Stabilizes in March, With Prices Up 0.6% From a Month Earlier
Price growth is leveling off as elevated mortgage rates strain buyer budgets, but prices are still at historic highs because there aren’t enough homes for
Nearly 40% of Renters Think They’ll Never Own a Home, Up From 27% Last Year
Rising home prices and mortgage rates are making it harder to believe in the American dream of homeownership. Lack of affordability is the most commonly
Skipping Meals and Working Overtime: The Sacrifices Americans Make to Afford Housing
Half of homeowners and renters struggle to afford their housing payments, a recent Redfin survey found. Roughly 1 in 5 people who struggle to afford
The Suburbs of St. Louis Are the Most Affordable Place in the U.S. to Buy a Home
The Midwest and South are home to a majority of the country’s most affordable cities. A typical household in Bellefontaine Neighbors, MO, a St. Louis
Starter-Home Sales Climb 5%, But Prices Stay in Check as Inventory Hits 9-Year High
Starter-home sales rose 4.9% year over year, increasing for the 14th consecutive month. In comparison, sales of mid-priced homes inched up 0.7%, and high-priced home
15% of Home Purchases Fell Through in October, Up Slightly From a Year Earlier
Homebuyers are getting cold feet due to high housing costs and economic uncertainty. Many are convinced they’ll be able to find a home they like
Typical Retail Worker Earns $37,000 Less Than Needed to Afford Typical Apartment
The typical retail worker earns $34,000 per year, or 52% less than they would need to afford the typical apartment. Rental affordability has improved slightly
The Housing Affordability Crisis Is Accelerating Fastest in Rural America
Rural homebuyers need to earn $75,000 to afford the typical home, up from $36,000 before the pandemic. Suburban and urban areas have also seen affordability
It’s the Strongest Buyer’s Market in Records Dating Back Over a Decade
Home sellers outnumbered buyers by a record 36.8% in October, giving buyers who were in the market room to negotiate. The number of buyers in
