Mortgage-rate locks rose 68% from a month earlier in the days after the Fed announced its interest-rate cut, and Redfin’s Homebuyer Demand Index shot up to its highest level since May. Many house hunters had been waiting for the Fed’s cut before locking in a mortgage rate. News about last week’s interest-rate cut is starting […]
Mortgage rates have fallen to 6.1% from over 7% in the spring, pushing housing payments down by thousands of dollars in the Bay Area and hundreds of dollars in most other major metros. Redfin economists recommend house hunters who have been waiting for costs to decline jump in now, as mortgage rates are unlikely to
48% of all homes for sale in August had been on the market for at least 60 days, up from 43% a year ago. The typical home took 37 days to find a buyer—six days longer than a year earlier. Homes are selling fastest in Seattle and slowest in Florida metros. Nearly half (48%) of
Half of All Home Listings Have Gone Extra Stale, Unsold After 60 Days on Market Read More »
Buyers need to earn $115,000 to afford the typical U.S. home, down 1% year over year. That’s the first annual decline since 2020, thanks to falling mortgage rates, which just posted the first annual drop in three years. Still, the typical household only earns $84,000—27% less than it needs to afford the typical home. Texas
Buying a Home Just Got More Affordable for the First Time Since 2020 Read More »
During the last election cycle, the typical swing state renter household earned 21% less than they needed to afford the median priced apartment. Still, many renters feel the rent is “too damn high,” meaning the housing affordability crisis is a key issue for swing state voters deciding this year’s presidential race. Arizona has seen a
Monthly housing payments have declined nearly $300 from April’s all-time high. Improving affordability has yet to push up pending sales, but that could change after the Fed cut interest rates for the first time since 2020 this week. The median U.S. housing payment was $2,534 during the four weeks ending September 15, down 2.7% from
