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Nov 14, 2024 | 
redfin.com | Dana Anderson
Redfin’s Homebuyer Demand Index is rising and mortgage-rate locks are jumping, with some buyers wading back into the market now that the election has passed and the Fed has cut interest rates for the second month in a row. Early indicators of homebuying demand show that buyers are returning after taking a hiatus in the lead-up to last week’s presidential election.
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Nov 4, 2024 | 
redfin.com | Dana Anderson
Respondents to a new Redfin-commissioned survey were most likely to say their presidential pick was impacted by the economy, inflation or protecting democracy. 40% of respondents said housing affordability impacted their pick for local elected officials. Crime and safety was the top issue impacting how people voted locally. Roughly one-third of respondents think mortgage rates will fall if Trump is elected. About one-quarter think rates will fall if Harris is elected.
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Nov 1, 2024 | 
redfin.com | Dana Anderson
New-construction homes are making up a smaller portion of total inventory as builders back off and more homeowners list their houses for sale. Newly built homes made up 28% of single-family homes for sale nationwide in the third quarter, the lowest level in three years. That’s down from 30.5% a year earlier and a record-high 34.4% at the start of 2022. The share of houses for sale that are newly built has dropped from its peak for several reasons:More existing inventory has hit the market.
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Oct 29, 2024 | 
redfin.com | Dana Anderson
Daily average mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers’ budgets. The jump in rates comes just one week before a presidential election in which housing affordability is a top issue for voters. Mortgage rates hit 7% on October 28, the highest level since the start of summer and up nearly one percentage point from the 18-month low they dropped to in mid-September.
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Oct 28, 2024 | 
redfin.com | Dana Anderson |Elijah de la Campa
Property tax bills have increased since 2019 in nearly every major U.S. metro, with Florida home to three of the five metros with the biggest hikes. Property taxes are soaring in Florida partly due to the pandemic-driven migration and homebuying boom, and partly to the increasing intensity of climate disasters. Nationwide, property taxes have increased in dollars, but the effective tax rate has declined as home prices have soared faster than tax rates.
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Oct 24, 2024 | 
redfin.com | Dana Anderson
Pending sales and home tours remain fairly strong as mortgage rates rise to their highest levels since mid-summer and uncertainty around the election picks up. Pending U.S. home sales rose 3.5% year over year during the four weeks ending October 20, the biggest increase in three years (with the exception of the prior 4-week period, when they rose 3.7%). On a local level, pending sales are up in 35 of the 50 most populous U.S. metros, the most in three years.
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Sep 4, 2024 | 
foxla.com | Dana Anderson
Good luck buying a starter home in Southern California. According to Redfin data, homebuyers must earn double the local median income to afford a starter home in SoCal. "In both Anaheim and Los Angeles, a family would need to earn twice the local income to afford a starter home," wrote Redfin data journalist Dana Anderson. " Anaheim's median income is $122,192; a family needs to earn $251,302 to afford the typical starter home.
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Sep 4, 2024 | 
redfin.com | Dana Anderson |Mark Worley
September 4, 2024 by Dana Anderson and Mark Worley Condo inventory is soaring and pending sales are dropping in major Florida and Texas metros like Miami, Jacksonville, Austin and San Antonio, causing prices to decline. Surging HOA fees, high insurance costs and destructive natural disasters are making buyers question the feasibility of owning a condo. Condo prices are falling in major Florida and Texas metros as inventory piles up and buyers back off, as high HOA fees and insurance costs...
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Aug 29, 2024 | 
redfin.com | Dana Anderson
August 29, 2024 by Dana Anderson Homebuyers need to earn roughly $80,000 to afford the median-priced starter home, up 4.4% from last summer and only about $500 below the all-time high. That makes starter homes just barely affordable to families earning the median U.S. income, and unaffordable to families earning less than the median income. In half of the 50 most populous U.S. metros, a family earning the local median income can’t afford a starter home. The gap is biggest in Los Angeles and...
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Aug 29, 2024 | 
redfin.com | Dana Anderson
August 29, 2024 by Dana Anderson Pending home sales posted their biggest decline in nearly a year, despite the median U.S. housing payment dropping to its lowest level in five months. Would-be homebuyers are waiting for clarity about the NAR settlement, the presidential election and whether mortgage rates will fall more. Pending home sales fell 6.9% during the four weeks ending August 25, the biggest annual decline in nearly a year. That’s despite the median monthly U.S. housing payment...
