The income needed to afford the typical U.S. home has fallen year over year in almost a dozen major metros, most of which are Sun Belt boomtowns that have seen a drop in home prices amid surging inventory. Nationwide, the typical homebuyer needs to earn $112,131 per year to afford the median priced home—roughly $25,000 […]
Homebuying Affordability Is Improving in These 11 Places Read More »
Redfin economists say the recent dip in mortgage rates gives serious house hunters a window of opportunity to lock in a lower monthly housing payment. The daily average mortgage rate dropped to 6.57% on August 4, the lowest level in 10 months. That means a homebuyer on a $3,000 monthly budget has gained roughly $20,000
Starter-home sales rose 3.9% year over year in June to the highest level since June 2023 as sales fell in all other price tiers. Starter-home inventory climbed to the highest level since October 2019, but that didn’t stop prices from rising: The typical U.S. starter home sold for a record $260,000 in June, up 3.1%
Starter-Home Sales Rose 4% in June, a Bright Spot in a Sluggish Housing Market Read More »
This article was first published on Inman Senior Data Journalist Mark Worley co-authored a new Redfin report showing that roughly 6% of U.S. home sellers are at risk of selling at a loss. The analysis hit close to home—he and his wife just did exactly that, selling their St. Louis home for less than they
The median price of a typical U.S. home rose 1% to a record $447,035 in June. The equivalent price in Russian, Japanese and European currencies fell between 5% and 10% year over year in June—thanks to a weaker U.S. dollar. American homes are more expensive than a year ago in foreign currencies closely tied to
U.S. home prices were down slightly in June for the third consecutive month. Prices rose 3.4% year over year, the slowest rate since June 2023. 30 of the 50 most populous U.S. metros recorded a drop in home prices month over month. Prices fell most in Washington, D.C. (-1.8%), where home prices have been falling
