Investor home purchases fell a record 46% year over year in the fourth quarter. Investors bought 18% of homes that sold, down from 19% a year earlier. Pandemic boomtowns Las Vegas and Phoenix saw investor purchases fall over 60%—more than all of the other metros Redfin analyzed. Investors pulled back from single-family homes more than
Rental price growth is slowing due to increasing supply and waning demand. There are 11 metros where rents are already falling, with Phoenix and Oklahoma City seeing declines of more than 6%. The median U.S. asking rent rose 2.4% year over year to $1,942 in January—the smallest increase since May 2021 and the lowest level
Pending sales increased 3% in December from the month before, the first monthly gain since October 2021. But sellers remained on the sidelines, with new listings posting their biggest annual drop since the start of the pandemic. Seasonally adjusted pending home sales rose 2.9% nationwide in December, the first month-over-month increase since October 2021. Pending
Rents rose 5% from a year earlier, the smallest increase in nearly a year and a half. That’s roughly one-third the pace of growth seen last December. The median U.S. asking rent rose 4.8% year over year to $1,979 in December—the smallest increase since July 2021—as persistently high rental costs, inflation and economic uncertainty continued
Buyers received concessions—such as money for repairs and mortgage-rate buydowns—in a record 42% of home sales in the fourth quarter, up from 31% a year earlier. Pandemic boomtowns including Phoenix and Las Vegas saw among the biggest increases in concessions. Home sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter—the
That outpaced the 31% decline in non luxury home sales—which was also a record drop—but there are early indicators that homebuyer demand may inch back. Sales of luxury U.S. homes fell 38.1% year over year during the three months ending Nov. 30, 2022, the biggest decline on record. That outpaced the record 31.4% decline in
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