The typical homebuyer put down 18.6% of the purchase price, up from 15% a year ago. Nearly 3 in 5 homebuyers put down more than 10% of the purchase price, one of the highest shares on record. All-cash purchases made up just over 30% of all sales, while FHA loans made up the lowest share […]
The Typical Homebuyer’s Down Payment is a Record $67,500, Up 15% From a Year Ago Read More »
The mortgage rate lock-in effect is prompting many homeowners to stay put, contributing to America’s housing shortage. But the lock-in effect is slowly easing because eventually, people have to move; 86% of homeowners with mortgages have interest rates below 6%, down from 91% in 2023 and a record 93% in 2022. Nationwide, 85.7% of U.S.
Pending starter home sales grew 10% in July year over year, while other price brackets fell. The median price for a U.S. starter home climbed to $250,000 in July, but price growth was slower than for other price brackets. Starter homebuyers are moving off the sidelines as mortgage rates fall and inventory rises. Pending sales
Starter Homes Emerge as Bright Spot as Mortgage Rates Settle Near 15-Month Low Read More »
HOA dues are up more than 15% from a year ago in Tampa, Orlando and Fort Lauderdale, compared with a median gain of 6% across the 43 metros Redfin analyzed. The Sunshine State is seeing HOA fees jump due to skyrocketing insurance costs and new safety requirements in the wake of the Surfside condo collapse.
Condo HOA Fees Surge in Florida Amid Insurance Crisis Read More »
Home prices grew 0.2% in July, equal to the slowest pace since January 2023. Twenty of the 50 most populous U.S. metros recorded a drop in home prices. Prices continue to inch up due to a lack of inventory and competition. U.S. home prices ticked up 0.2% for the second-consecutive month in July, on a
U.S. Home Prices Tick Up 0.2% for the Second Month in a Row Read More »
Despite high mortgage rates pushing down demand, historically low inventory keeps pushing up home prices, and therefore values. That’s good news for homeowners, but challenging for buyers. Nearly one in 10 (8.5%) U.S. homes are worth $1 million or more, the highest share of all time. That’s up from 7.6% a year ago and more
Record 8.5% of U.S. Homes Are Worth $1 Million or More Read More »
