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
A homebuyer with the median U.S. income would’ve had to spend a record 41% of earnings on monthly housing costs in 2023, up from 39% in 2022 and 31% in 2021. The least affordable markets were Anaheim and San Francisco, where homebuyers with the typical local income would’ve needed to spend over 80% of their
Nationwide, there are fewer homebuyers looking to relocate than a year ago due to elevated mortgage rates and high housing costs. But many of the people who are moving are leaving expensive coastal cities for more affordable parts of the Sun Belt. San Francisco is the top place homebuyers are looking to leave, but it’s
Redfin’s new gauge of housing prices, which is similar to but more current than the Case-Shiller index, shows that home prices rose roughly 1% month over month in October. Today, Redfin is releasing a new tool that measures changes in U.S. home prices. The Redfin Home Price Index (RHPI) uses the repeat-sales pricing method to
New listings were near their six-month high in October, helping drive an increase in pending sales, though buyers backed out of deals at the highest rate on record. The recent drop in mortgage rates could give sales another boost in November. U.S. pending home sales rose 1% month over month in October to the highest
Sellers are handing out freebies to woo buyers, who have become increasingly likely to back out of deals as mortgage rates have climbed. Home sellers gave concessions to buyers in 35% of U.S. home sales during the three months ending Oct. 31, little changed from 35.9% one year earlier but up from 27.6% two years
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