Housing Market News
Affordability
Redfin Home Price Index: Price Growth Slowed for Third Straight Month in November as Supply Crunch Eased
U.S. home prices rose 0.6% from a month earlier, the smallest increase since June, as a jump in homes for sale gave buyers more options.
2023 Has Been The Least Affordable Year for Homebuying on Record—But 2024 Is Looking Up
A homebuyer with the median U.S. income would’ve had to spend a record 41% of earnings on monthly housing costs in 2023, up from 39%
Introducing the Redfin Home Price Index
Redfin’s new gauge of housing prices, which is similar to but more current than the Case-Shiller index, shows that home prices rose roughly 1% month
More Than One-Third of Home Sellers Are Giving Concessions to Buyers
Sellers are handing out freebies to woo buyers, who have become increasingly likely to back out of deals as mortgage rates have climbed. Home sellers
Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home. That’s About $40,000 More Than the Typical American Household Earns.
Sky-high mortgage rates and still-rising home prices have made it harder than ever to afford a home, especially for first-time buyers. The typical buyer needs
4 Ways to Buy Your First Home, Even as Affordability Worsens
Originally published to Forbes on September 12, 2023. For many young Americans, the dream of owning a home feels less like a middle-class milestone and more
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
