Merced, CA—an agricultural hub hit hard by the Great Recession—topped the list of U.S. metro areas where teachers had relatively high disposable incomes in 2020. Another California metro, San Jose, was the least affordable place for teachers to buy homes. The five most affordable areas for teachers to purchase homes in 2020 were all located
Nearly 5% of listings saw price drops, the highest level since 2019.
Even though more homes are hitting the market, homebuyers appear to have tapped out of the market as pending sales continued to slip.
Some buyers have hit their limit on record-high prices, but others may return to the market with more homes to choose from and less competition.
The typical home sold for its highest price on record, at its fastest pace on record, and for 2.3% above list price, the largest sale price premium on record.
Redfin’s Homebuyer Demand Index was down 14% from its peak 9 weeks ago, and pending sales have declined 10% from their early May peak.