Housing Market
All Reports
August 25, 2023
Pending sales have stabilized following months of steep declines, but homebuyer demand remains below pre-pandemic levels as house hunters grapple with elevated mortgage rates, high prices and a lack of supply. Pending home sales inched up in July—rising 0.7% from a month earlier to the highest level since the start of the year on a […]
August 24, 2023
Daily average mortgage rates are sitting at 7.4%, close to their highest level in more than two decades. High rates, combined with high home prices, have pushed home-purchase applications to their lowest level since 1995. Historically high mortgage rates are cutting into buyers’ budgets. A homebuyer on a $3,000 monthly budget, for instance, can afford […]
August 17, 2023
Homebuyers are turning to newly built single-family homes as overall inventory sits at an all-time low. New homes are most common in El Paso, TX, Omaha, NE and Raleigh, NC, and least common in California and Hawaii. Newly built homes made up nearly one-third (31.4%) of U.S. single-family homes on the market in the second […]
August 15, 2023
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 metros had a share above 50%: Detroit, Cleveland and Pittsburgh. The average teacher can afford just 12% of homes for sale within commuting distance of their school, down from 17% […]
August 11, 2023
The share of million-dollar-plus homes is on the upswing after dropping to a 12-month low in February. That’s because scarce inventory is driving up prices, pushing many homes on the cusp over the seven-figure mark. Just over 8% of U.S. homes are worth $1 million or more, near June 2022’s all-time high of 8.6%. This […]
