The least affordable markets were Anaheim and San Francisco, where homebuyers with the typical local income would’ve needed to spend over 80% of their pay on monthly housing costs. Detroit and Pittsburgh were the most affordable.

The least affordable markets included Anaheim and San Francisco, where homebuyers with the typical local income would’ve needed to spend over 80% of their pay on monthly housing costs.

According to First American Economist Ksenia Potapov, homeownership—and the equity that comes with it—is one of the most effective ways to build wealth.

While commercial bankruptcies were up over 140% year-over-year, individual bankruptcy filings also increased year-over-year, putting additional stress on the economy.

Redfin has made new predictions for the 2024 housing market, leading with the notion that next year may finally turn in favor of buyers as home prices fall and listings rise. Here’s what else they are forecasting.

Affordability may make a resurgence in 2024, and markets such as Toledo, Ohio; Oxnard, California; and Rochester, New York are being singled out as potential hot markets. Here are the other markets that are primed to perform next year.

“We expect unemployment to rise modestly next year, which will likely lead to an equivalent rise in borrower defaults,” saidChris Grimes, a Senior Director at Fitch Ratings. “However, strong borrower credit characteristics and favorable home equity build-up for the majority of homeowners should moderate the frequency and severity of ultimate mortgage insurance claims.”

According to a new report, the market will continue to be characterized by highly competitive buyers trying to snap up any and all available inventory.

Month-over-month, contract signings intensified in the Northeast but diminished in multiple other U.S. regions. First American Deputy Chief Economist Odeta Kushi commented, “While there remains quite a bit of demand for homes on the sidelines, you can't buy what's not for sale, even if you can afford it.”

The tech hub of Austin, Texas, has been a beacon of migration during the pandemic, but tastes are changing, leading to Nashville becoming a destination hotspot for the first time since 2021.