Housing Market News
Affordability
The Typical Household Earns Roughly $30,000 Less Than Needed to Afford the Median-Priced Home—But That’s an Improvement From Last Year
Buyers need to earn $114,000 to afford the typical U.S. home—35% more than the typical household makes. But that’s an improvement from October, when buyers needed to earn a record $121,000—51% more than the median household income. Mortgage rates have come down from their recent peak, giving buyers a bit more purchasing power, but affordability
Redfin Home Price Index: Prices Rose 0.6% in February, Marking Return to Pre-Pandemic Norm
While mortgage rates remain elevated, they’re not as volatile as they were at the height of the pandemic, which has helped stabilize home price growth. Home price growth is finally back to where it was before the pandemic following a three-year rollercoaster ride in which prices soared when ultra-low mortgage rates fueled a homebuying frenzy
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
The Typical Household Earns Roughly $30,000 Less Than Needed to Afford the Median-Priced Home—But That’s an Improvement From Last Year
Buyers need to earn $114,000 to afford the typical U.S. home—35% more than the typical household makes. But that’s an improvement from October, when buyers needed to earn a record $121,000—51% more than the median household income. Mortgage rates have come down from their recent peak, giving buyers a bit more purchasing power, but affordability
Redfin Home Price Index: Prices Rose 0.6% in February, Marking Return to Pre-Pandemic Norm
While mortgage rates remain elevated, they’re not as volatile as they were at the height of the pandemic, which has helped stabilize home price growth. Home price growth is finally back to where it was before the pandemic following a three-year rollercoaster ride in which prices soared when ultra-low mortgage rates fueled a homebuying frenzy
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
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