Housing Market
All Reports
August 16, 2024
Despite high mortgage rates pushing down demand, historically low inventory keeps pushing up home prices, and therefore values. That’s good news for homeowners, but challenging for buyers. Nearly one in 10 (8.5%) U.S. homes are worth $1 million or more, the highest share of all time. That’s up from 7.6% a year ago and more […]
August 15, 2024
Investor home purchases rose 3% year over year in the second quarter amid strong demand from renters, many of whom can’t afford to buy homes. Investors bought 1 of every 6 U.S. homes that sold—purchasing $43 billion worth of properties—and 1 of every 4 low-priced homes that sold. Single-family homes were the most popular property […]
August 15, 2024
The median U.S. housing payment has dropped to nearly $250 below its springtime peak as mortgage rates decline. While Redfin agents are reporting a modest uptick in touring, pending home sales are down 5% year over year. The median housing payment for U.S. homebuyers has dropped to its lowest level since February as weekly average […]
August 14, 2024
Rental affordability has improved thanks to flattening rents and a modest increase in teacher pay. In Portland, OR, the typical teacher can afford 91% of apartments near their school—the highest share among the metros Redfin analyzed. The share is lowest in Miami, at 0.2%. Cleveland ranks most affordable when it comes to homebuying; the typical […]
August 13, 2024
The nationwide median asking rent was $1,647 in July, down $53 from the all-time high in 2022. Rents for 3+ bedroom apartments fell the fastest, dropping 2.4% year over year. Rents fell in Sun Belt metros, especially in Florida and Texas, where new construction levels have been strong since the pandemic. The median asking rent […]
