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
1 in 5 home listings was affordable for the typical U.S. household, down from 2 in 5 in 2021. White households had three times as many affordable options as Black households. Can’t find a home you can afford? It’s not just you. Roughly one in five (21%) U.S. homes for sale in 2022 was affordable
Pending home sales improved slightly, but an ongoing affordability crisis and lack of homes for sale kept many house hunters on the sidelines. Pending home sales rose 0.5% from a month earlier in January on a seasonally-adjusted basis. That compares with December’s revised month-over-month increase of 1.4%, which was the first gain in 14 months.
The Bay Area housing market has lost more value in percentage terms than anywhere else in the country amid sluggish demand. Florida continues to see large gains. Home values are holding up better in the suburbs than in cities, which have seen an exodus of residents due to remote work. Millennials, who are now in
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