Housing Market News
Affordability
A Record 8% of U.S. Homes Are Worth At Least $1 Million
That’s nearly double the pre-pandemic share. The biggest jump was in Anaheim, where 55% of homes were worth $1 million or more in February, up
Homebuyers on a $2,000 Monthly Budget Stand to Lose $13,750 in Spending Power as Mortgage Rates Rise
Redfin economists predict mortgage rates will hit 3.9% by the end of the year. At that level, homebuyers could afford a $382,250 home on $2,000
The Value of Austin’s Housing Market Surged Nearly 40% in the Past Year—Twice as Fast as the U.S.
The total value of U.S. homes soared 19% year over year to $39 trillion in December, the largest gain that month since at least the
12% of First-Time Homebuyers Say Selling Crypto Helped Save for Down Payment, Up From 5% in 2019
Digital currencies are becoming an increasingly common payment method as millennials rush the housing market. One in nine first-time homebuyers (11.6%) surveyed in the fourth
Nearly Half of House Hunters Would Feel More Urgency to Buy If Mortgage Rates Passed 3.5%: Survey
Rising rates will likely drive up housing-market competition in the short term.
Supply of Affordable Homes Posts Record Gain as Mortgage Forbearance Ends
In the luxury market, demand remains strong but has cooled from its pandemic peak as a return to normalcy has affluent Americans spending their savings
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
