The median asking rent climbed for the fifth consecutive month, up 0.9% year over year to $1,645. Rents dropped 17.9% in Austin—more than any other metro Redfin analyzed. East Coast and Midwest metros saw the steepest increases. Asking rents for 0-1 and 2 bedroom apartments remained flat, while 3+ bedroom apartments fell 1.7%. The median […]
In San Jose, the typical recent grad would need to spend 28% of their income to rent the median priced 2 bedroom apartment with a roommate. That’s down from 31% in 2023, which was considered unaffordable because it was above the 30% affordability threshold. The story is similar in San Francisco and Sacramento. Nationwide, the
Declining mortgage rates have pushed the median U.S. housing payment down to $2,534, roughly $300 below April’s record high. But many homebuyers are still sitting on the sidelines. Some are hoping mortgage rates will fall further once the Fed cuts interest rates in a few weeks, and others are waiting for clarity about the new
Condo inventory is soaring and pending sales are dropping in major Florida and Texas metros like Miami, Jacksonville, Austin and San Antonio, causing prices to decline. Surging HOA fees, high insurance costs and destructive natural disasters are making buyers question the feasibility of owning a condo. Condo prices are falling in major Florida and Texas
Florida and Texas Condo Supply is Piling Up As Sales Slow Amid High HOA, Insurance Costs Read More »
Homebuyers need to earn roughly $80,000 to afford the median-priced starter home, up 4.4% from last summer and only about $500 below the all-time high. That makes starter homes just barely affordable to families earning the median U.S. income, and unaffordable to families earning less than the median income. In half of the 50 most
Pending home sales posted their biggest decline in nearly a year, despite the median U.S. housing payment dropping to its lowest level in five months. Would-be homebuyers are waiting for clarity about the NAR settlement, the presidential election and whether mortgage rates will fall more. Pending home sales fell 6.9% during the four weeks ending
