Housing Market News
Majority of U.S. Homeowners and Renters Say Housing Affordability Affects Their Pick for President
Meanwhile, nearly two-thirds of respondents to a new Redfin survey say housing affordability makes them feel negative about the economy. More than half (53.2%) of U.S. homeowners and renters say housing affordability is impacting who they plan to vote for in the upcoming presidential election. That’s according to a Redfin-commissioned survey conducted by Qualtrics in
The U.S. Housing Market Gained $2 Trillion in Value Over the Last Year
The total value of U.S. homes jumped 5%, the biggest gain in nearly a year, as a shortage of houses for sale propped up values. Affordable East Coast and Midwest metros saw gains of over 10%, while pricey metros and pandemic boomtowns saw declines. The U.S. housing market gained $2.4 trillion over the last year,
Redfin Home Price Index: Price Growth Holds Steady at Start of Year
Home prices rose 0.5% month over month in January, on par with December’s gain, as the drop in mortgage rates at the end of last year gave buyers a bit more purchasing power. U.S. home prices climbed 0.5% from a month earlier in January, matching the 0.5% gain seen in both December and November. On
Homebuyers on a $3,000 Monthly Budget Have Gained Nearly $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall
Buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October. Redfin economists don’t expect rates to rise or decline significantly in the foreseeable future. A homebuyer on a $3,000 monthly budget can afford a $453,000 home with a 6.7% mortgage rate, roughly this week’s
Redfin Home Price Index: Prices Rose 0.4% in December—the Smallest Increase in Six Months
High mortgage rates and an uptick in housing supply took some pressure off price growth, but prices aren’t falling because there’s still a shortage of homes for sale. Overall, price growth appears to be returning to pre-pandemic levels. U.S. home prices climbed 0.4% month over month in December, the smallest increase since June. December represented
Gen Z’s Homeownership Rate Stagnated in 2023, But Millennials and Gen Xers Saw Gains
26% of adult Gen Zers owned a home in 2023, little changed from 2022. Meanwhile, the homeownership rate for millennials rose to 55% from 52%, and the rate for Gen X climbed to 72% from 70%. Still, most adult Gen Zers are tracking ahead of where their parents were at the same age. That’s likely
Majority of U.S. Homeowners and Renters Say Housing Affordability Affects Their Pick for President
Meanwhile, nearly two-thirds of respondents to a new Redfin survey say housing affordability makes them feel negative about the economy. More than half (53.2%) of U.S. homeowners and renters say housing affordability is impacting who they plan to vote for in the upcoming presidential election. That’s according to a Redfin-commissioned survey conducted by Qualtrics in
The U.S. Housing Market Gained $2 Trillion in Value Over the Last Year
The total value of U.S. homes jumped 5%, the biggest gain in nearly a year, as a shortage of houses for sale propped up values. Affordable East Coast and Midwest metros saw gains of over 10%, while pricey metros and pandemic boomtowns saw declines. The U.S. housing market gained $2.4 trillion over the last year,
Redfin Home Price Index: Price Growth Holds Steady at Start of Year
Home prices rose 0.5% month over month in January, on par with December’s gain, as the drop in mortgage rates at the end of last year gave buyers a bit more purchasing power. U.S. home prices climbed 0.5% from a month earlier in January, matching the 0.5% gain seen in both December and November. On
Homebuyers on a $3,000 Monthly Budget Have Gained Nearly $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall
Buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October. Redfin economists don’t expect rates to rise or decline significantly in the foreseeable future. A homebuyer on a $3,000 monthly budget can afford a $453,000 home with a 6.7% mortgage rate, roughly this week’s
Redfin Home Price Index: Prices Rose 0.4% in December—the Smallest Increase in Six Months
High mortgage rates and an uptick in housing supply took some pressure off price growth, but prices aren’t falling because there’s still a shortage of homes for sale. Overall, price growth appears to be returning to pre-pandemic levels. U.S. home prices climbed 0.4% month over month in December, the smallest increase since June. December represented
Gen Z’s Homeownership Rate Stagnated in 2023, But Millennials and Gen Xers Saw Gains
26% of adult Gen Zers owned a home in 2023, little changed from 2022. Meanwhile, the homeownership rate for millennials rose to 55% from 52%, and the rate for Gen X climbed to 72% from 70%. Still, most adult Gen Zers are tracking ahead of where their parents were at the same age. That’s likely