Housing Market News
Affordability
Redfin Survey: 1 in 5 Millennial Respondents Believe They’ll Never Own a Home
Roughly one in 10 Gen Z respondents believe they’ll never own a home. Affordability is the number-one barrier to homeownership for young Americans: About half
The Typical Teacher Can Afford Just 12% of Homes for Sale Near Their School, Down From 30% in 2019
In San Jose and San Diego, no homes for sale near the schools Redfin analyzed are affordable on the local teacher’s median salary. Just three
U.S. Housing Market Recovers the Nearly $3 Trillion It Lost, Hitting Record $47 Trillion in Total Value
The total worth of U.S. homes hit a record $47 trillion in June as a scarcity of houses for sale propped up values. Affordable markets
There Are Only Four Major U.S. Metro Areas Where It’s Cheaper to Buy a Home Than Rent
Buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston. The largest homeownership premium is in the Bay Area, where it’s twice as
Roughly 1 in 4 Homes for Sale in Austin and Seattle Cost Less Than They Would Have a Year Ago
Some homebuyers in pandemic boomtowns and expensive coastal markets have lower monthly housing costs than they would have a year ago. That’s because home prices
Nearly Half of Home Sellers Are Making Concessions to Woo Buyers
Sellers are offering to cover the cost of repairs, mortgage-rate buydowns and closing costs as rising interest rates dampen homebuyer demand. Pandemic boomtowns and pricey
Moved By Fear: 18% of Home Hunters Say Safety/Crime is a Reason They’re Moving, 14% Cite Climate Risks
17.5% of respondents who plan to move in the next year cited a concern for safety/crime as one of the reasons why, while 13.7% cited
U.S. Home Prices Rose 0.5% in October, Marking a Year of Consistent Growth
Home prices grew 0.5% month over month in October, rising at the same pace as September. It was the 12th consecutive month with price growth
Most People Earning Under $50,000 Struggle to Afford Housing. Nearly One-Quarter of Them Have Skipped Meals to Make Their Payments.
Most U.S. residents who earn less than $50,000 struggle to afford their mortgage or rent payments, according to a recent Redfin-commissioned survey. Of those earning
Real Estate Agent Commissions Hold Steady Since New Industry Rules Were Implemented
Buyer’s agent commissions for closed home sales in October were 2.34% compared to 2.35% in August, when industry-wide changes were implemented following the NAR settlement.
Young Homeowners Are Much More Likely Than Young Renters to Say They’re Financially Better Off Than 4 Years Ago
69% of millennial/Gen Z homeowners are better off than they were four years ago, compared with 52% of millennial/Gen Z renters, a Redfin survey found.
Homebuyers Lose $33,000 in Purchasing Power in 6 Weeks As Mortgage Rates Hit 7%
Daily average mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers’ budgets. The jump in rates comes just one week
