Housing Market
All Reports
September 30, 2024
Buyers need to earn $77,000 to afford the typical U.S. starter home, down 0.4% year over year. That’s the first annual decline since 2020 thanks to falling mortgage rates, which recently posted the first annual decline in three years. The typical household earns $84,000—9% more than they need to afford the typical starter home. Still, […]
September 30, 2024
Only 2.5% of U.S. homes changed hands in the first eight months of 2024. The rate of home sales and home listings are both down at least 30% from 2019. California metros lead the list of areas with the lowest turnover, while Sun Belt and New York commuter metros posted highest turnovers. Just 25 out […]
September 26, 2024
The asking rent for a new apartment fell to $1,746 in the second quarter, down 6.2% from a year ago. One-bedroom apartments fell the most, dropping 9% to $1,566. Asking rents dropped at the same time new apartment completions rose to the highest level in at least 12 years. Asking rents for newly constructed apartments […]
September 26, 2024
Mortgage-rate locks rose 68% from a month earlier in the days after the Fed announced its interest-rate cut, and Redfin’s Homebuyer Demand Index shot up to its highest level since May. Many house hunters had been waiting for the Fed’s cut before locking in a mortgage rate. News about last week’s interest-rate cut is starting […]
September 25, 2024
Mortgage rates have fallen to 6.1% from over 7% in the spring, pushing housing payments down by thousands of dollars in the Bay Area and hundreds of dollars in most other major metros. Redfin economists recommend house hunters who have been waiting for costs to decline jump in now, as mortgage rates are unlikely to […]
