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
California Fails the Affordability Test for Teachers
17 percent of California homes for sale are affordable on the average teacher salary
Affordability Is Homebuyers’ Biggest Concern, Particularly Among Millennials
A Redfin survey of more than 1,800 buyers revealed that many were driven to the market by high rent, even as homebuyers’ biggest concern was affordability.
Homebuyers’ Biggest Worries Are Cost and Competition
A Redfin survey finds that high prices, bidding wars, and an expensive rental market are top-of-mind for homebuyers this spring.
Mortgage Rates Are Low, So Why Aren’t Homes Affordable? The Conundrum of Cheap Money
It’s never been cheaper to borrow money. That’s made homeownership more affordable, but not nearly as much as you’d think.
Student Debt And Millennial Homeowners—Maybe They Can Live Together After All
The numbers challenge conventional wisdom that college grads with loans aren’t buying houses
One in Four Homebuyers Cites High Rent as Reason for Buying
One in four homebuyers is looking to purchase because their rent is too high, according to a Redfin survey of 750 homebuyers this month. That’s
