Housing Market News
Affordability
A Homebuyer on a $3K Budget Has Gained $22K in Purchasing Power Since June As Rates Drop to Lowest Level in 11 Months
Purchasing power has increased $7,500 in the last week alone, with rates falling to 6.3% on a weak August jobs report. The daily average mortgage
U.S. Homeowner Population Stops Growing for First Time in Nearly a Decade
The number of homeowner households fell 0.1% year over year in the second quarter—a small decline, but the first since 2016. Meanwhile, the number of
U.S. Housing Costs to Return to ‘Normal’ by 2030 With Stable Price Growth and Moderately Lower Rates
This year, the U.S. housing market has been described as “a nightmare,” “very unusual” and “alarming,” along with expletives we can’t write here. And with
Homebuyers Have Been Retreating. Now Sellers Are Too.
There are an estimated 1.43 million homebuyers in the U.S. housing market—the lowest level in records dating back to 2013 aside from the start of
The Mortgage Spread Has Dropped to a 3-Year Low. That’s Good News For Homebuyers and Refinancers.
The difference between mortgage rates and the 10-year treasury yield has narrowed, signaling a potential boost for homebuyers. A decrease in the mortgage spread can
Avocado Toast No More: Struggling Young Renters Forego Restaurants, Skip Meals to Afford Rent
But there are bright spots emerging on the affordability horizon, which could make it easier for young Americans to afford housing in the near future.
The Typical Homebuyer’s Down Payment Is $56,000, Up 24% From a Year Ago
Over one-third of home purchases in February were made in all cash—not far from the record high. The median down payment for U.S. homebuyers was
First-Time Buyers Must Make $76,000 to Afford the Typical U.S. Starter Home–Up 8% From a Year Ago
Buyers must earn nearly twice as much as before the pandemic to afford the typical starter home, due to the one-two punch of high prices
The Typical Household Earns Roughly $30,000 Less Than Needed to Afford the Median-Priced Home—But That’s an Improvement From Last Year
Buyers need to earn $114,000 to afford the typical U.S. home—35% more than the typical household makes. But that’s an improvement from October, when buyers
Redfin Home Price Index: Prices Rose 0.6% in February, Marking Return to Pre-Pandemic Norm
While mortgage rates remain elevated, they’re not as volatile as they were at the height of the pandemic, which has helped stabilize home price growth.
Majority of U.S. Homeowners and Renters Say Housing Affordability Affects Their Pick for President
Meanwhile, nearly two-thirds of respondents to a new Redfin survey say housing affordability makes them feel negative about the economy. More than half (53.2%) of
The U.S. Housing Market Gained $2 Trillion in Value Over the Last Year
The total value of U.S. homes jumped 5%, the biggest gain in nearly a year, as a shortage of houses for sale propped up values.
