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The Latest Breaking News from Redfin

Only 16% Of Homes Listed For Sale Were Affordable In 2023

A Redfin analysis showed only 16% of homes listed in 2023 were technically affordable.

Kiplinger

Most homes for sale in 2023 were not affordable for a typical U.S. household

The share of affordable homes plunged 40% from before the pandemic, according to a new analysis. The biggest drops were in smaller cities, where wages could not keep pace with spiking mortgage rates.

WEKU

Even a burst in new home construction isn’t enough to solve the nation’s housing crisis

“We are still not building enough new housing to keep up with demand,” Bright MLS chief economist Lisa Sturtevant said.

Fortune

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The frozen U.S. housing market is finally starting to thaw as mortgage rates drop below 7% and more homes change hands

Declining mortgage rates are “breathing new life” into housing market, Redfin says.

Fortune

Homebuyers are finally feeling relief now that monthly payments are at their lowest level in 8 months

It’s not all good news for buyers, the median home sale price is still up 4.5%, according to Redfin.

Fortune

Property millionaire Barbara Corcoran insists now is still the time to buy even though houses are at their least affordable levels in 3 years

"People relatively are seeing our current interest rates as a lot of money, they're really not, they're simply average."

Fortune

US Home Affordability Drops To Lowest Level On Record

Home affordability in America dropped to a record low in 2023, according to a report from the real estate brokerage firm Redfin released Thursday.

International Business Times

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Home prices will fall for the first time since 2012, Redfin’s chief economist predicts, but they'll still be ‘out of reach’ for many buyers

Redfin expects home prices to fall 1% in the second and third quarters of next year and be flat in the first and last quarters, per its 2024 housing market forecast.

Fortune

The cracks in the housing market are growing larger. But beware the all-cash buyer

Mortgage rates are down slightly, the number of homes for sale is up, and sellers are dropping their asking price, according to a new Redfin report.

Fortune

The ‘silver tsunami’ is about to hit the housing market—but millennials and Gen Zers may not come out any better in the wash

Just over half of people aged 50-plus are set to downsize in the next two years.

Fortune

Millennials and Gen Z say it's harder to buy a house and get promoted than it was for their parents

55% of young people say it’s harder to buy a home than it was for their parents—and harder to get ahead in the office.

Fortune

Five Housing Markets On the Rise

Study shows homes in five markets are going under contract in less than two weeks, despite a broader national housing market slowdown. Which cities are bucking the trend and why?

Kiplinger

The housing market is starting to crack—Sellers are cutting prices at record levels as 'You can no longer price based off of where sales were'

Nearly 7% of sellers posted price drops in October, Redfin says—well above the 3.6% average.

Fortune

Luxury Home Prices Rise as the Rich Dodge High Mortgage Rates

Luxury home prices rose 9% to the highest third-quarter level on record, Redfin reports, growing nearly three times faster than non-luxury prices.

Kiplinger

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Fortune

Google's 'San Francisco Project' wanted to build 15,000 homes in the Bay just 3 years ago, but the deal is off due to 'market conditions'

Tech giant and LendLease terminate agreement for $15 billion project.

Fortune

National realtor association CEO suddenly quits in the wake of a massive sex scandal and a pricing conspiracy that cost the industry $1.8 billion

Bob Goldberg, CEO of the National Association of Realtors, announced his resignation.

Fortune

Real-estate industry rocked by $1.8 billion verdict finding ‘conspiracy’ to force sellers to pay illegal commission fees

Warren Buffett's HomeServices was among the defendants found liable for a verdict that could climb to more than $5 billion.

Fortune

It's 52% more expensive to buy than rent in this housing market and shoppers are pulling out of contracted offers left and right

An estimated 53,000 home purchase agreements were canceled in September, Redfin says. The housing market winter is chilly indeed.

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Fortune

The best way to help your kids buy a home in a ‘nepo’ market

3 financial strategies for helping young would-be homeowners in a historically unaffordable housing market.

Fortune

One Wall Street Bank says ‘Blame the Boomers’ for the broken housing market—but it’s overlooking these 4 factors

There are five culprits for the current housing crisis—and yes, boomers share the blame.

Fortune

The housing market is so unaffordable that buyers need to make nearly $115K to afford the average home, Redfin says—that’s $40k more than average earnings

Maybe you didn’t know how bad the affordability situation has gotten in the housing market. (It's really bad.)

Fortune

‘Enough is enough’: Redfin is so furious about the bombshell NAR sexual harassment report it’s ordering thousands of Realtors to ditch the industry group

Redfin only joined the National Association of Realtors in 2017, and now it’s ordering as many of its members to leave as possible. It just can’t yet in some markets.

Fortune

The rental market is softening so fast in some pockets of the country that landlords have no choice but to offer concessions

"With vacancies on the rise, some landlords are doling out one-time discounts to attract renters while maintaining high asking rents on paper"

Fortune

Housing affordability is so strained that 2 in 5 Gen Zers say they are working side hustles to save for a down payment

Gen Zers and millennials are working side hustles to save for down payments, according to a new Redfin study.

Fortune

The housing affordability crisis is a hidden reason your kid doesn’t have a teacher—stunning report shows only 12% can afford homes near work

Redfin crunched data on 70,000 schools in the 50 biggest metros and found the housing market zooming up and away from the stagnant teacher’s salary.

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