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Housing Market

Affordability

The Income Needed to Afford a Home Declined For Seventh Straight Month in April

Homebuying affordability improved slightly in April because mortgage rates declined while incomes rose. Still, the income required to afford a home was $29,000 higher than the typical U.S. income–and mortgage rates rose again in May, potentially erasing some of the affordability gains made in April. A household earning the average U.S. income would need to […]
Luxury Market

Luxury Home Prices Rise Amid Uptick in High-End Homebuying and Selling

The median luxury sale price is up 4% year over year—more than double the gain in non luxury prices. Luxury pending home sales are also up 4%—the biggest increase in over a year. San Francisco’s luxury market is booming, with sales up nearly 50%—the most in the nation. Rising demand and prices are buoying luxury […]

Home Purchase Cancellations Are No Longer on the Rise As Demand Ticks Up

Contract cancellations declined slightly in April as homebuyers and sellers gained a clearer sense of the housing market after years of volatility, and as demand picked up. Homebuyers were most likely to back out of deals in Atlanta, San Antonio and other Sun Belt metro areas that are big-time buyer’s markets.  Contract cancellations were least […]
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