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 start of the millennium. Popular migration destinations including Austin, Phoenix, Boise and Cape Coral led the way, all with increases of more than 30%. Austin’s $103 billion gain is roughly […]
The share of newly built single-family homes on the market is at a record high as builders try to keep up with surging homebuyer demand fueled by low mortgage rates, low inventory and remote work. More than one-third (34.1%) of U.S. single-family homes for sale in December were new construction, up from 25.4% a year […]
Atlanta, Phoenix and Tampa have relatively high rates of inflation—between 8% and 9%—and they’re all popular migration destinations. That’s double the inflation rates in San Francisco and New York, places people are moving away from. Migration into those places is one reason for rapidly rising prices of consumer goods and services. Because of high inflation, […]
As the job market strengthened for lower-wage workers, mortgage forbearance came to an end and investors ramped up purchases, sales and supply rose in the most affordable part of the housing market at the end of last year. Meanwhile, sales of luxury homes fell. Sales of the most affordable homes in the U.S. rose 11.3% […]
Historically fast home-price growth has homebuyers and sellers worried the market has become detached from reality. But Redfin’s chief economist says rising mortgage rates and buyers who can afford their homes are preventing a bubble. More than three-quarters (77%) of homebuyers and sellers believe there’s a housing price bubble in the area where they live, […]