With sky-high prices and rising mortgage rates, each square foot of space costs more than ever before. Buyers are compromising by turning to smaller homes. Americans are buying smaller homes than they were at the height of the pandemic. The typical U.S. home that went under contract in March was 1,720 square feet, down 1.8% […]
Americans Are Buying Smaller Homes as Prices Skyrocket Read More »
With mortgage rates surging, some homeowners who would otherwise be selling are staying put, as moving could mean losing their ultra-low rate and getting stuck with a heftier housing bill. About half (51%) of U.S. homeowners with mortgages have a mortgage rate under 4%—substantially below today’s level of 5%. About one-third (32%) of all homeowners—including
Nearly one-third (32.3%) of Redfin.com users looked to move away from their hometown in the first quarter, an all-time high. The number of homebuyers leaving Seattle has increased sixfold since before the pandemic–largely due to remote work and soaring home prices–one factor in the early signs we’re seeing of a housing-market slowdown in Seattle and
Demand for single-family homes surged during the pandemic—but it surged so much that condos are now all some homebuyers can afford. The typical U.S. condo sold for a record $319,000 in February, up 14.6% from a year earlier and 22.7% from two years earlier, just before the pandemic began. Condos are in demand partly because
Condo Prices Jump to Record High as Buyers Seek Relative Affordability Read More »
The typical Phoenix home price rose by the cost of a Porsche, and Boston prices rose by the cost of a Honda minivan, per a Redfin analysis. A homebuyer today could purchase the typical Austin home for $485,000. But if they could go back in time to January 2021, they could have bought a home
Austin Home Prices Have Risen $116,000 in the Last Year, Roughly the Cost of Two Teslas Read More »
Today’s house hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified the housing shortage. Homes are 34% more expensive, with the median sale price now at $369,000. Buyers are twice as likely to pay above list price as they grapple with fierce competition.
Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market Read More »
