Home prices ticked up 0.2% month over month in March, the slowest pace since December 2022. On a year-over-year basis, home prices rose 4.6%, down from 5.1% growth the month before. It was the 11th consecutive month that annual growth had slowed. Twenty of the 50 most populous U.S. metros recorded a drop in home […]
More sellers are offering concessions as rising housing costs and economic uncertainty make buyers nervous, and housing supply hits a five-year high. In Seattle, 71% of sellers are giving concessions–the highest rate among the metros Redfin analyzed and nearly double the share from a year ago. Economic jitters are also prompting some buyers to back […]
U.S. home prices are growing half as fast as they were at the end of last year. Nationwide, the median home-sale price rose 2.6% year over year during the four weeks ending April 13. That’s roughly the same as the increases we’ve seen over the past month, but down from 5% to 6% growth at […]
The typical home that went under contract in March sat on the market for 47 days. Homes sold over twice that fast during the pandemic homebuying frenzy. Homes are taking longer to sell because many are overpriced and demand is sluggish. Plus, sellers are competing with each other—the supply of homes for sale hit a […]
Half of last month’s most expensive home sales were in beachfront Florida, but an Oahu compound took the number-one spot. Hawaii was home to the most expensive home sale of March, with a beachfront estate on Oahu going for $65.8 million. Next came two properties that sold for $60 million apiece: a Miami Beach mansion […]
Americans need an annual income of $117,000 to afford the typical home for sale. That’s 82% more than they need for the typical rental, up from 73% more last year. The gap is widening because home prices are rising faster than rents. The gap is widening most in Salt Lake City and Austin, and shrinking […]