Pandemic boomtowns and pricey coastal markets, including Austin and San Jose, saw among the largest price declines. In many more affordable areas, prices continued to climb. Pending home sales dipped to the lowest level since the start of the pandemic as elevated mortgage rates curtailed buyer demand and a lack of homes for sale limited
The median asking rent fell 0.4% in March to the lowest level in 13 months. Austin and Chicago saw the largest declines, while Raleigh and Cleveland experienced the biggest gains. The median U.S. asking rent fell 0.4% year over year to $1,937 in March. That’s the first annual decline since March 2020—when the coronavirus was
Prices declined as sellers responded to a drop in homebuyer demand spurred by elevated mortgage rates. San Jose and Austin saw prices fall at roughly 12 times the national pace. While many buyers remained on the sidelines, home sales and competition leveled off following roughly a year of declines. Miami still saw sales fall 44%.
Sellers are offering to cover the cost of repairs, mortgage-rate buydowns and closing costs as rising interest rates dampen homebuyer demand. Pandemic boomtowns and pricey coastal markets, including Phoenix and Seattle, have seen the biggest increases in concessions. A record 13% of home sales include a price cut and a final sale price below the
The median U.S. asking rent is up just 1.7% from a year ago—the smallest gain since May 2021—as landlords grapple with vacancies due to still-high rental costs and rising supply. The median U.S. asking rent rose 1.7% year over year to $1,937 in February—the smallest increase in nearly two years and the lowest level in
That outpaces the record 37% decline in sales of non luxury homes. The supply of luxury homes for sale is also near historic lows. Sales of luxury U.S. homes declined a record 44.6% year over year to the second lowest level on record during the three months ending Jan. 31, 2023. That outpaced the record
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