Tag Archives: median sale price

While a slight increase in new listings offers potential buyers more housing inventory to choose from, Redfin has found that many are backing out of the market, as mortgage rates sit near levels last seen two decades ago.

As mortgage rates remain elevated, a new market report from Redfin revealed the typical homebuyer’s monthly payment is now at a record high of $2,666, representing a near 9% year-over-year change as housing costs continue to rise nationwide.

Consumer homebuying power decreased from June to July 2023 and decreased 11.0% year-over-year, according to the First American Real House Price Index, sending housing affordability to its lowest level in more than three decades.

The Hottest ZIP Codes of 2023 report from Realtor.com showed that homebuyers are seeking areas with larger homes and closer proximities to work, with many Americans flocking to areas that are more affordable relative to the rest of the country and less expensive than their nearby metro areas.

While many Americans continue to struggle with housing affordability, a new study from Redfin shows that homes in high-opportunity neighborhoods are not only selling for roughly $130,000 more, but they are also disproportionately white. Meanwhile, homes in low-opportunity areas are becoming less affordable due to gentrification.

The nation’s average home value has reached a new all-time high, according to a new report from Zillow, and while steady demand from buyers has fueled July home price increases, experts are now calling for a late-summer seasonal cooldown.

While homebuyers nationwide continue to struggle with the inflated cost of living and high home prices, a new survey from Arrived revealed an estimated 87.2% of Gen Zers said homeownership is important when building wealth. About 65% cite financial security and stability as the top two reasons why they want to own a home.

Redfin reports the median sale price of luxury homes rose 4.6% year-over-year in Q2, with prices being propped up by a lack of supply, which is fueling competition in many markets nationwide.

Existing-home sales fell in June, as all four regions recorded year-over-year sales declines, according to NAR, with the South and West posting the largest decreases.

A record low number of homes for sale have propped up prices, increasing the average home sales price to near record highs.