Luxury home prices rose 8.8% year over year in the second quarter, more than twice as fast as non-luxury homes. Luxury home sales grew 0.2%, while sales of non-luxury homes fell 3.4% to the lowest level in a decade. Luxury homes sat on the market longer than a year ago, as inventory rose to the […]
Luxury Home Prices Spike 9% to All-Time High Read More »
That’s up from 60% a year ago. More home listings are growing stale because high housing costs are dampening demand, while the supply of homes for sale is growing. Nearly two-thirds (64.7%) of homes that were on the market in June had been listed for at least 30 days without going under contract. That’s up
About 56,000 home purchases were canceled, equal to 15% of homes that went under contract—the highest percentage of any June on record. Buyers are skittish due to elevated mortgage rates and record-high home prices. 20% of homes for sale last month had a price cut—the highest June share on record. Many sellers are dropping prices
Home prices grew 0.2% in June, the slowest pace since January 2023. Home price growth slowed in June for the fourth consecutive month. Falling mortgage rates and relatively low inventory levels are likely to keep prices ticking up slowly in coming months. U.S. home prices rose 0.2% in June, the smallest month over month increase
Home Prices Keep Climbing, But at Slowest Pace Since Early 2023 Read More »
Swing-state housing payments have nearly doubled since the 2020 election, as home prices and mortgage rates have soared. To look at affordability another way, the typical swing-state home has gone from affordable to unaffordable for the typical family since the 2020 election. The typical family would spend 33% of their earnings to afford the median-priced
Younger voters are more likely to be impacted by high housing costs, especially renters. Older voters have fewer concerns about housing affordability since they own homes in higher percentages. A pre-election interest rate cut would help voters view the housing market—and the economy in general—in a more positive light. Before the June presidential debate became
Redfin Economist Q&A: How Will Housing Affordability Impact the Presidential Election? Read More »
