Rising rates, combined with home prices that are still higher than they were a year ago, have cut more than 400 square feet out of homes affordable to a San Diego buyer on a $3,000-per-month budget. A San Diego homebuyer with a $3,000 monthly budget can afford a 931-square-foot home at today’s 6.7% mortgage rates.
Chicago, Albany and Milwaukee are among the housing markets holding up better than others as the U.S. faces high mortgage rates and an uncertain economy. Housing markets in relatively affordable Midwest and East Coast metro areas are holding up better than anywhere else in the country as 6%-plus mortgage rates and broad economic uncertainty cool
A recent Redfin survey found that most homebuyers and sellers would prefer living in a place where abortion is legal, up significantly from before the Supreme Court overturned Roe v. Wade. The survey also found that more than 60% of homebuyers and sellers want to live somewhere with strong gun control laws and one-third prefer
Just over 4 in 10 Redfin home offers faced competition in August, down significantly from a year earlier as 6% mortgage rates price buyers out of the market. Nationwide, 44.6% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in August, the lowest bidding-war rate since the beginning of the
Raising rates is necessary to fight inflation, but buyers may need to get creative to afford a home with high monthly mortgage payments. A homebuyer on a $3,000 monthly budget can afford a $479,750 home with today’s 6% mortgage rates, down from the $621,000 home they could have bought a year ago when 3% rates
High mortgage rates, persistent inflation and economic uncertainty are cooling down expensive markets like Seattle and San Jose, along with pandemic homebuying hotspots like Las Vegas and Phoenix. Seattle’s housing market is slowing faster than any other housing market in the country amid rising mortgage rates, inflation, a slowing stock market and broad economic uncertainty.
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