
The Housing Market Has Started to Recover
The housing market has begun to recover after hitting a low point in the second week of November. We’re not out of the woods yet,
Taylor Marr is the deputy chief economist on the research team at Redfin. He is passionate about housing and urban policy and an advocate for increased mobility and affordability. He laid the framework for our migration data and reports and diligently tracks the housing market and economy. Before Redfin, Taylor built financial market index funds for Vanguard at the University of Chicago. Taylor went to graduate school for international economics in Berlin, where he focused on behavioral causes of the global housing bubble and subsequent policy responses. Taylor’s research has been featured in the New York Times, the Wall Street Journal, and The Economist. He was also recently the President of the Seattle Economics Council and collaborates frequently with the Fed, HUD, and the Census Bureau. Follow him on Twitter @tayloramarr or subscribe to his weekly newsletter on Substack here: https://taylormarr.substack.com

The housing market has begun to recover after hitting a low point in the second week of November. We’re not out of the woods yet,

Buyers received concessions—such as money for repairs and mortgage-rate buydowns—in a record 42% of home sales in the fourth quarter, up from 31% a year

We expect home sales to sink to their lowest level in more than a decade in 2023 as high mortgage rates keep housing costs up

The inflation rate in Phoenix, which attracted scores of out-of-town homebuyers during the pandemic, is more than double the inflation rate in the Bay Area,

Many Americans who were pushed out of pricey California moved to Nevada or Arizona in search of more affordable housing, perhaps registering as unaffiliated with

Pandemic-fueled migration to red and purple counties in key states has made them somewhat less white. Increasing diversity could swing some of those purple places

The housing market has begun to recover after hitting a low point in the second week of November. We’re not out of the woods yet,

Buyers received concessions—such as money for repairs and mortgage-rate buydowns—in a record 42% of home sales in the fourth quarter, up from 31% a year

We expect home sales to sink to their lowest level in more than a decade in 2023 as high mortgage rates keep housing costs up

The inflation rate in Phoenix, which attracted scores of out-of-town homebuyers during the pandemic, is more than double the inflation rate in the Bay Area,

Many Americans who were pushed out of pricey California moved to Nevada or Arizona in search of more affordable housing, perhaps registering as unaffiliated with

Pandemic-fueled migration to red and purple counties in key states has made them somewhat less white. Increasing diversity could swing some of those purple places