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 renter households rose 2.6%—one of the biggest increases in recent years. The number of homeowner households in America fell 0.1% year over year to an estimated 86.2 million in the […]
Home sales are falling a bit faster in seasonal towns than non-seasonal towns, partly because second-home buyers are backing off amid economic uncertainty and tight short-term rental regulations. That’s causing sale prices in vacation destinations to flatten. The number of homes sold in seasonal towns, those where vacation demand drives the housing market, fell 3% […]
San Francisco is the only major U.S. metro area where housing costs have returned to “normal”—and Bay Area neighbors Oakland and San Jose are not far off. Redfin today published a report projecting hypothetical scenarios where U.S. housing costs will return to “normal” within the next ten years, using the mortgage payment-to-income ratio as the […]
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 good reason: home prices are near record highs, mortgage rates remain elevated, and not enough homes are being built to meet demand in many areas of the country. But recent […]
Inventory is growing more in Las Vegas than anywhere else in the nation while home sales fall, with many local residents backing off amid economic uncertainty and a faltering tourism industry. The total number of homes for sale in Las Vegas rose 31% year over year in July, the biggest increase of any major U.S. […]
Declining mortgage rates have pushed monthly payments down to their lowest level since the start of the year, leading to a modest improvement in demand. But Redfin agents report that many prospective buyers are waiting for rates to drop lower before making a move. The weekly average mortgage rate is sitting at 6.58%, its lowest […]