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The Latest Breaking News from Redfin

Half of all households in the country can’t afford a normal starter home

Americans need to make almost $80,000 to buy a typical starter home, according to Redfin. Data shows 50% of households earn thousands less than that.

Fortune

It’s getting easier to find a starter home but harder to buy one

Pending sales for starter homes rose 10%, according to Redfin, even as prices went up.

Fortune

Almost 1 in 10 homes are worth $1 million or more

California has the most million-dollar homes, and its share is swelling faster than anywhere else in the country, according to an analysis from Redfin.

Fortune

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Looking to buy a home? You may now need to factor in the cost of your agent's commission

Thinking of buying a home with the help of a real estate agent

The Independent UK

Teacher pay needs to nearly double to afford a typical house

Teacher wages aren’t rising enough to match the housing affordability crisis.

Fortune

Redfin CEO Says If Mortgage Rates Don't Fall, Plan B Is To 'Drink Own Urine Or Competitors Blood'

During Redfin's Q2 earnings call, CEO Glenn Kelman said he is surprised about the muted real estate market activity despite mortgage rates consistently declining in recent months.

International Business Times UK

Majority of Texans say housing costs are too much, poll shows

Latino and Black Texans are more likely than white Texans to see housing affordability as a major issue, the poll found

Latin Times

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The trillion-dollar metro club just got bigger

The number of trillion-dollar metros doubled in a year, lifting the housing market’s value to an all-time high, according to an analysis from Redfin.

Fortune

Renter households surged at triple the rate of homeowners

In June, rents were 23% higher than before the pandemic, while mortgage payments were up 90%, according to Redfin.

Fortune

The ultrarich are scooping up mansions while almost no one else can afford a typical home

Luxury-home prices rose more than twice as fast as those of non-luxury homes, and still their sales jumped compared with typical homes, according to Redfin.

Fortune

Austin is the best place for renters, according to Realtor.com—forget the northeast or west

The top three metropolitan areas for renters are Austin, Oklahoma City, and Birmingham.

Fortune

With homebuying ‘more expensive than ever,’ buyers are backing out of deals at a record pace

Last month saw more in-contract sales canceled than any June on record, according to Redfin.

Fortune

The typical monthly housing payment just fell from an all-time high

In a rare bit of good news, mortgage rates are the lowest they’ve been in months.

Fortune

Monthly housing payments have almost doubled in swing states since the last election

Swing states “have not been immune to the affordability crunch the country has been facing for the last several years,” Redfin’s senior economist said.

Fortune

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Fortune

Some homebuyers have gained more than $20,000 in purchasing power in just a few months because of lower mortgage rates

On the back of last week’s inflation reading, mortgage rates dropped to their lowest level since early spring.

Latin Times

Rent in large Florida cities is going down due to an oversupply of units

Jacksonville saw the most significant drop, with median asking rents decreasing by 12.4% year-over-year

Fortune

Rents are reheating after flatlining for some time

“The months long slowdown in the rental market appears to be leveling off as the busy summer season kicks off,” according to Zillow.

Fortune

Investors scooped up close to 15% of homes sold in first quarter—‘a bigger piece of the pie than in any other’

But sales were way down, so the “pie was much smaller,” according to Realtor.com.

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Fortune

A top economist suggests buyers and sellers should brace themselves for the 6% mortgage rate reality

Mortgage rates won’t be going back down to the historical lows seen throughout the pandemic, the National Association of Realtors’ chief economist said.

Fortune

Builders are pumping the brakes on new apartment construction. But landlords will keep 'jacking up' rental prices

Even though we’re “in a big hole” when it comes to housing supply, builders are backing off.

Fortune

There’s a wave of apartments coming, but building permits have plummeted almost 30% since the pandemic—and it could mean higher rents

“Property owners might start jacking up rents again once all of the new apartments hitting the market fill up with tenants and there’s no longer so much supply, which could be the case in a year or two,” a Redfin senior economist said.

Fortune

If mortgage rates stay above 6.5%, ‘the chances of an imminent recovery are slim’ for housing demand, Capital Economics says

Mortgage applications and sales are weak, to say the least, off the back of dampening demand.

Kiplinger

8 Great Places for Snowbirds to Land

These affordable warm-weather cities for snowbirds offer plenty of housing options, abundant activities for retirees and access to good health care.

Kiplinger

Why Do People Retire in Florida? 9 Things You Must Know

Attention Florida-bound retirees: There's more to the Sunshine State than Disney, golf and beaches.

Fortune

Homeowners are sitting on a record amount of equity, driving a shift toward more expensive homes, top economist says

“They are able to navigate these higher prices without as much of a ramification,” Realtor.com’s chief economist recently said.

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