Most homeowners with mortgages have a rate below today’s average, prompting many to stay put. But the share of homeowners with relatively low rates has fallen from its record high because some have given up on waiting to move until rates nosedive, and everyone who has purchased a home in the last year has done
Rising supply has led to rising vacancies, motivating landlords to lower asking rents, which fell 1% from a year earlier. Rents dropped in the South and the West, but continued climbing in the Midwest and Northeast. The median U.S. asking rent fell 0.8% year over year in December to $1,964. That’s the third consecutive decline,
That’s the lowest share on record, down from 21% in 2022 and over 40% before the pandemic homebuying boom. White households had three times more affordable options than Black households this year. Housing affordability is expected to improve in 2024 as mortgage rates fall and more homes go up for sale. Just 15.5% of homes
U.S. home prices rose 0.6% from a month earlier, the smallest increase since June, as a jump in homes for sale gave buyers more options. That’s according to the Redfin Home Price Index, which is similar to but more current than the Case-Shiller index. U.S. home-price growth slowed for the third straight month in November
More homes are changing hands as mortgage rates drop and buyers and sellers see more eye to eye on price. Still, deals are falling through at the highest rate on record due to lingering economic uncertainty, and some metros continue to see price declines. New listings and pending home sales both climbed to the highest
The median U.S. asking rent fell 2% year over year in November—the biggest decline since 2020—as landlords grappled with rising vacancies due to a building boom in recent years. But rents are still rising in the Midwest, partly because out-of-towners are moving in to get more bang for their buck. The median U.S. asking rent
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