Eleven major U.S. metros saw rents decline, with the largest drops in Milwaukee, Minneapolis and Baltimore. The median U.S. asking rent in October rose 7.8% year over year to $1,983, the smallest annual increase since August 2021. October marked the second-straight month of single-digit rent growth following roughly a year of double-digit gains. It was
The inflation rate in Phoenix, which attracted scores of out-of-town homebuyers during the pandemic, is more than double the inflation rate in the Bay Area, which saw an exodus of residents. The four U.S. metropolitan areas with the highest inflation rates in the third quarter are migration hotspots. Phoenix, Atlanta, Tampa, FL and Miami experienced
New construction is taking up a growing piece of the housing inventory pie as scores of homes built during the pandemic go up for sale and individual homeowners hold off on listing amid a market slowdown. Twenty-nine percent of U.S. single-family homes for sale in the third quarter were new construction—the highest share of any
One-third of homeowners have spent $5,000 or more to make their homes more resilient to climate risk. Overall, extreme temperatures are the most common climate risk homeowners invest to protect against, followed by flooding and hurricanes/other major tropical storms. 36% of homeowners say they have an insurance policy covering flooding—a higher share than other climate
Cape Coral saw pending sales sink 58%—nearly double the national decline—while Naples and North Port saw similar drops. New listings also slumped in all three metros. Pending home sales plunged 58% year over year in the Cape Coral, FL metro area during the four weeks ending Oct. 16 in the aftermath of Hurricane Ian. That’s
Both buyers and sellers retreated in September as surging mortgage rates made moving more expensive. Still, home prices rose 8% year over year due to persistent tight supply and inflation. About 60,000 deals were called off, equal to 17% of homes that went under contract—the highest share on record aside from March 2020. A record
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