Housing Market News
Affordability
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
Americans Have Gained $2 Trillion in Home Value During the Coronavirus Pandemic
The value of homes in the U.S. has surged 6.7% to $31.4 trillion since February despite skyrocketing unemployment triggered by the pandemic—further widening the wealth
In Areas at High Risk for Wildfires, Relative Affordability Lures Homebuyers
In the past eight years, the price difference between low-risk and high-risk areas has flipped—from a 2.5% premium in high-risk areas in 2012 to a
Condo Prices Climb 5.4% in August, Lagging 11.9% Growth for Single-Family Homes
Condos are facing relatively slow price growth as remote work, the desire for privacy and record-low mortgage rates make single-family homes more desirable during the coronavirus pandemic. But condos could make a comeback if single-family home prices continue to surge.
America’s Housing Shortage Is Intensifying During the Pandemic—Especially in Relatively Affordable Places Like San Antonio and Baltimore
Relatively affordable places including San Antonio and Baltimore have seen housing supply plummet, while San Francisco has experienced a flood of homes for sale as Americans flee dense, expensive cities
Homebuyers on a $2,500 Monthly Budget Can Afford $33,000 More With Low Mortgage Rates, But Higher Home Prices Cancel Out Increase
Historically low rates are motivating homebuyers even though prices were up 8.2% year over year in July, effectively cancelling out the increase in purchasing power.
A Quarter of San Francisco Home Sellers Are Dropping Their Prices, the Highest Rate on Record
San Francisco has seen a greater increase in price drops than any other U.S. metro, with the share of sellers slashing prices more than doubling from a year ago as the pandemic drives homebuyers out of the Bay Area.
