Tag Archives: Affordability

The median rent in the West remains 3% lower than a year ago and is projected to decline further, while rents in Midwest markets continue to see faster growth due to greater affordability, according to Realtor.com's May 2023 Rental Report.

Spring is typically a busy homebuying season, but new listings of homes for sale are down 24% from a year ago, according to a new report from Redfin. The total number of homes for sale is also down nearly 10%, representing the biggest drop in over a year.

While racial disparities in homeownership are at their highest level in 50 years, closing the Black-white homeownership gap in the U.S. will take adding nearly five million African American homeowners, according to the U.S. Department of Housing and Urban Development.

HUD and Terner Labs at UC Berkeley will bring together leadership in the public sector, housing experts, researchers, technologists, entrepreneurs, practitioners, and others to explore advances at the forefront of the housing industry.

While elevated mortgage rates continue to deter many home sellers from listing, an increase in homebuying competition is fueling a rise in home prices. According to a new market report from Zillow, typical U.S. home values grew by 1.4% from April to May, marking the strongest monthly appreciation since June 2022.

In April, all-cash home purchases reached their highest level in nearly a decade. A new report from Redfin reveals elevated mortgage rates driving down overall home sales more than all-cash sales.

“Greater growth in cross-market activity in the Northeast has elevated the out-of-market shopping share from roughly on par with the Midwest and South in 2020 to a clear second place in 2023,” said Jiayi Xu, an economist for Realtor.com.

The most recent iteration of the BMO Real Financial Progress Index revealed a number of new information including that over 65% of Americans are waiting on mortgage rates to drop before buying a home in today’s market.

While the Real House Price Index found that home prices, and therefore affordability, decreased across the country, median household income has increased 4.1% since January 2022.

A new survey conducted by Clever Real Estate examined homebuyer and seller regrets about their recent experiences, including looks at post-purchase financial struggles and how many of those surveyed view now as a good time to engage with the housing market.