Housing Market News
Affordability
Redfin Home Price Index: Price Growth Holds Steady at Start of Year
Home prices rose 0.5% month over month in January, on par with December’s gain, as the drop in mortgage rates at the end of last
Homebuyers on a $3,000 Monthly Budget Have Gained Nearly $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall
Buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October. Redfin economists don’t expect
Redfin Home Price Index: Prices Rose 0.4% in December—the Smallest Increase in Six Months
High mortgage rates and an uptick in housing supply took some pressure off price growth, but prices aren’t falling because there’s still a shortage of
Gen Z’s Homeownership Rate Stagnated in 2023, But Millennials and Gen Xers Saw Gains
26% of adult Gen Zers owned a home in 2023, little changed from 2022. Meanwhile, the homeownership rate for millennials rose to 55% from 52%,
The Lock-in Effect: 89% of People With Mortgages Have an Interest Rate Below 6%, Down From a Record 93% in 2022
Most homeowners with mortgages have a rate below today’s average, prompting many to stay put. But the share of homeowners with relatively low rates has
16% of Home Listings Were Affordable for the Typical Household in 2023, Likely the Bottom for Housing Affordability
That’s the lowest share on record, down from 21% in 2022 and over 40% before the pandemic homebuying boom. White households had three times more
Home Prices Keep Climbing, But at Slowest Pace Since Early 2023
Home prices grew 0.2% in June, the slowest pace since January 2023. Home price growth slowed in June for the fourth consecutive month. Falling mortgage
In Swing States, Typical Homebuyer’s Monthly Payment Has Nearly Doubled Since The Last Presidential Election
Swing-state housing payments have nearly doubled since the 2020 election, as home prices and mortgage rates have soared. To look at affordability another way, the
Falling Mortgage Rates, Rising Supply Create Opportunity for Homebuyers This Summer, Even Amid Record-High Prices
Homebuyers on a $3,000 monthly budget have gained over $20,000 in purchasing power since mortgage rates peaked in the spring. House hunters who have been
Renters Must Earn $66,120 to Afford the Typical U.S. Apartment. The Typical Renter Makes $11,000 Less Than That.
Just 39% of renters make enough to afford the median-priced apartment. The income renters need to afford the typical apartment is the highest since 2022
U.S. Home Prices Are Rising at the Slowest Pace in Nearly a Year and a Half
Home prices rose 0.3% in May. Price growth is slowing thanks to a small uptick in new listings as elevated mortgage rates keep buyers at
Housing Affordability Is Gen Z’s Top Voting Issue, Outweighing Abortion Rights and the Economy: Redfin Survey
Millennials, Gen Xers and baby boomers all ranked the overall economy as the top issue in their presidential pick. Preserving democracy was more likely than
