Investor home purchases rose 3% year over year in the second quarter amid strong demand from renters, many of whom can’t afford to buy homes. Investors bought 1 of every 6 U.S. homes that sold—purchasing $43 billion worth of properties—and 1 of every 4 low-priced homes that sold. Single-family homes were the most popular property […]
Investor Home Purchases Post Biggest Increase in Two Years Read More »
The median U.S. housing payment has dropped to nearly $250 below its springtime peak as mortgage rates decline. While Redfin agents are reporting a modest uptick in touring, pending home sales are down 5% year over year. The median housing payment for U.S. homebuyers has dropped to its lowest level since February as weekly average
Rental affordability has improved thanks to flattening rents and a modest increase in teacher pay. In Portland, OR, the typical teacher can afford 91% of apartments near their school—the highest share among the metros Redfin analyzed. The share is lowest in Miami, at 0.2%. Cleveland ranks most affordable when it comes to homebuying; the typical
The nationwide median asking rent was $1,647 in July, down $53 from the all-time high in 2022. Rents for 3+ bedroom apartments fell the fastest, dropping 2.4% year over year. Rents fell in Sun Belt metros, especially in Florida and Texas, where new construction levels have been strong since the pandemic. The median asking rent
Asking Rents Fall Across All Bedroom Counts for First Time in 4 Years Read More »
There are now eight trillion-dollar metros, up from four a year ago, with Anaheim, CA, Washington, DC, Chicago and Phoenix joining the list of places where the total value of homes tops $1 trillion. Two New Jersey metros within commuting distance of New York saw the fastest growth in aggregate home value, while Sun Belt
A soft jobs report and recession jitters sent mortgage rates down last week. Despite the small improvement in affordability, pending sales still posted their biggest year-over-year decline in 9 months–but the rate drop prompted some prospective buyers to start the house-hunting process. Mortgage rates dropped to their lowest level since April 2023 early this week,
