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
Virginia Beach, Memphis and Indianapolis are the Most Affordable Housing Markets for Veterans
Redfin finds that across 45 major metros, 9% of homes for sale are affordable for veterans, down from 27% in 2012.
Here’s the #1 Reason It’s so Hard to Find an Affordable Home
Under building of new homes and high construction cost perpetuate the affordable housing shortage.
Priced Out: The Housing Affordability Gap in America’s Largest Metros
African-American and Hispanic families are losing ground in owning homes faster than other racial groups.
Mapping FHA Loans Shows Where Cities Need More Housing
In the hottest job markets, federal loan programs aren’t helping people land homes in the areas that are closest to the best jobs. Federal Housing
Despite Declining Affordability, Homeownership Remains Within Reach for Teachers in Many Parts of the Country
Affordable housing for U.S. teachers has declined in 32 major metros from 2012 to 2016. But homeownership is still possible in some locations.
Hope is on the Horizon for Millennial Homebuyers as the Market Eases
Millennial homebuyers have good reason to be optimistic about homeownership, according to Redfin agents
