Rental Market Tracker: Asking Rents Rise 14% in June, the Smallest Increase Since October
Rent growth is easing as landlords respond to a tightening in tenant budgets brought on by inflation.
Tim Ellis has been analyzing the real estate market since 2005, and worked at Redfin as a housing market analyst from 2010 through 2013 and again starting in 2018. In his free time, he runs the independently-operated Seattle-area real estate website Seattle Bubble, and produces the "Dispatches from the Multiverse" improvised comedy sci-fi podcast.
Email TimRent growth is easing as landlords respond to a tightening in tenant budgets brought on by inflation.
Homebuyers are getting some relief as sellers slash their prices at a record rate and mortgage rates drop following months of increases.
A record-high share of home sellers are dropping their prices after this month’s historic mortgage-rate hike put a damper on homebuyer activity.
Pending sales and Redfin’s Homebuyer Demand Index posted their largest year-over-year declines in over two years.
A buyer on a $2,500 budget can afford a $400,000 home with a 6% mortgage rate. That’s compared to a $517,000 home with a 3% mortgage rate. A homebuyer on a $2,500 monthly budget has lost nearly $120,000 in spending power since the end of last year as mortgage rates have nearly doubled. That buyer
Home sales fell in May for only the second time on record, while home prices saw the smallest May increase on record.
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