The housing market has begun to recover after hitting a low point in the second week of November. We’re not out of the woods yet, but homebuyers are coming off the sidelines: The number of Redfin customers requesting first tours has improved 17 percentage points from the November trough, and the number of people contacting
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
We expect home sales to sink to their lowest level in more than a decade in 2023 as high mortgage rates keep housing costs up and prevent people from moving. High homeowner equity and a resilient job market will stave off a wave of foreclosures. Mortgage rates will take center stage in 2023, with high
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
Many Americans who were pushed out of pricey California moved to Nevada or Arizona in search of more affordable housing, perhaps registering as unaffiliated with a major party in the process. On the other side of the country, Florida pulled in many conservative people looking to live near people with similar views. The Democratic party
Pandemic-fueled migration to red and purple counties in key states has made them somewhat less white. Increasing diversity could swing some of those purple places blue in this year’s Senate midterms. But migration and shifts in racial makeup may fall short of counteracting the forces favoring Republicans this year. The Republican party is steadily gaining
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