Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year. New listings of starter homes are down 23%, the biggest decline since the start of the pandemic. San Francisco, Austin and Phoenix are the only major U.S. metros where the
The typical Las Vegas home costs less than half as much as one in Los Angeles, San Francisco or Seattle, the most common origins for buyers moving in. Phoenix and Tampa are the next most popular destinations. Along with Las Vegas, they’re increasingly prone to natural disasters like heat and flooding, but relatively affordable. A
A lack of homes for sale is pushing prices up. Inventory posted its biggest decline in 18 months as homeowners cling to relatively low mortgage rates. The typical U.S. home sold for roughly $382,000 during the four weeks ending July 23, up 2.6% from a year earlier, the biggest increase since November. Still, homebuyers are
Prices posted their biggest increase in over seven months, with more demand than supply as high mortgage rates deter sellers. That pushed monthly housing payments to an all-time high. Prices will likely continue rising for at least the next several months. The typical U.S. home sold for $382,500 during the four weeks ending July 16,
14 of every 1,000 homes changed hands in the first half of 2023, compared to 19 of every 1,000 during the same period in 2019. The pandemic homebuying boom depleted supply, and it hasn’t been replenished because homeowners are hanging onto their relatively low mortgage rates. The turnover rate for large suburban houses has declined
Elevated mortgage rates are cutting into homebuyers’ budgets; a buyer on a $3,000 monthly housing budget has lost $30,000 in purchasing power over the last five months. But this week’s inflation report–which shows that consumer prices are cooling quickly–provides a glimmer of hope that mortgage rates could gradually start to come down. The median U.S.
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