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Falling Mortgage Rates Breathe New Life Into Housing Market as Listings, Pending Sales and Price Growth Hit Highest Level in Roughly a Year

More homes are changing hands as mortgage rates drop and buyers and sellers see more eye to eye on price. Still, deals are falling through at the highest rate on record due to lingering economic uncertainty, and some metros continue to see[...]
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16% of Home Listings Were Affordable for the Typical Household in 2023, Likely the Bottom for Housing Affordability

16% of Home Listings Were Affordable for the Typical Household in 2023, Likely the Bottom for Housing Affordability

Just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household—the lowest share on record. That’s down from 20.7% in 2022 and more than 40% before the pandemic homebuying boom.This is according to a Redfin analysis[...]
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Housing Market Update: Declining Mortgage Rates Lure Sellers Off Sidelines, Paving the Way For 2024 Buyers

Housing Market Update: Declining Mortgage Rates Lure Sellers Off Sidelines, Paving the Way For 2024 Buyers

Listing consults with Redfin agents have risen significantly since rates began to fall last month. Our economists expect buyers will take advantage of lower rates and more listings in the new year, after the typical holiday[...]
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Housing Market Update: Monthly Mortgage Payments Fall; New Listings Post Biggest Annual Uptick in Over 2 Years

Housing Market Update: Monthly Mortgage Payments Fall; New Listings Post Biggest Annual Uptick in Over 2 Years

The median monthly mortgage payment has declined more than $150 from its peak to its lowest level since August. Another piece of good news for buyers: New listings are seeing their biggest year-over-year increase since summer 2021.[...]
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2023 Has Been The Least Affordable Year for Homebuying on Record—But 2024 Is Looking Up

2023 Has Been The Least Affordable Year for Homebuying on Record—But 2024 Is Looking Up

2023 has been the least affordable year to buy a home in Redfin’s records, but things are looking up for 2024.Someone making the $78,642 median U.S. income in 2023 would’ve had to spend 41.4% of their earnings on monthly housing costs if[...]
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