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1 month ago | 
redfin.com | Dana Anderson |Sheharyar Bokhari
Investor activity is declining nationwide due to slow homebuying demand, a lackluster rental market, economic uncertainty and elevated interest rates. Investor market share is falling, too: They bought 17% of homes that sold in the fourth quarter, down from 19% a year earlier. Florida investors are pulling back fastest, with purchases down 28% year over year in Orlando and down 21% in Miami. Investor purchases of condos fell 13% year over year to their lowest level of any fourth quarter since 2012.
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1 month ago | 
themortgagepoint.com | Eric C. Peck |Sheharyar Bokhari
As inflation continues to impact the wallet of Americans, potential home buyers are being impacted as well. Whereas 10% of the price of a home was the standard fare for down payments, a new report from Redfin has found that the typical U.S. homebuyer’s down payment was 16.3% of the purchase price in December 2024, up from 15% a year earlier. In dollar terms, the typical homebuyer’s down payment was $63,188—up 7.5% from a year earlier, marking the biggest increase in five months.
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2 months ago | 
redfin.com | Mark Worley |Sheharyar Bokhari
Home prices grew 0.6% month over month in January, equal to the quickest pace since November 2023. On a year-over-year basis, home prices rose 5.4%—the slowest pace since August 2023. Ten of the 50 most populous U.S. metros recorded a drop in home prices month over month, led by Tampa (-1.6%). U.S. home prices rose 0.6% from a month earlier in January on a seasonally adjusted basis, a tick faster than the 0.5% growth experienced each of the three months prior.
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2 months ago | 
redfin.com | Mark Worley |Sheharyar Bokhari
The percentage of U.S. home purchases made in cash fell to 32.6% in 2024, a three-year low, as the total number of all-cash purchases dropped to its lowest level in a decade. Florida homebuyers were most likely to pay cash. Just under one-third (32.6%) of U.S. home purchases were made in cash in 2024, down from 35.1% the year before and the lowest share since 2021. Still, all-cash sales made up a bigger piece of the homebuying pie than before the pandemic, when the share ranged from 25% to 30%.
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2 months ago | 
yieldpro.com | Mark Worley |Sheharyar Bokhari |Mary Radcliffe |Kaleigh Rogers
Over a third of U.S. renters have lived in the same home for at least five years—up from 28.4 percent a decade ago according to a new report from Redfin. Economic fundamentals are likely a strong contributor to the ebb in move outs. In June 2022, consumer sentiment was at the lowest level recorded since 1966. The record-breaking University of Michigan Consumer Sentiment Index came in even lower than that during the Great Recession of 2008.
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2 months ago | 
redfin.com | Mark Worley |Sheharyar Bokhari
The median asking rent for an apartment in downtown Seattle grew 2.5% year over year in December to $2,000—the first rise in 17 months. Seattle has built more new apartments than most major metros over the past few years, helping to keep rents in check, but demand may start to increase as companies like Amazon require staff to work in the office more frequently. Of Seattle’s inner neighborhoods, Capitol Hill (7.2%) saw rents rise the most in December, while Queen Anne fell the most (-13.7%).
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Jan 22, 2025 | 
redfin.com | Mark Worley |Sheharyar Bokhari
Renters need to earn $63,680 to afford the median asking rent for a U.S. apartment—the lowest income required since early 2022. Texas metros Austin, Houston and Dallas are the most affordable for renters, while Providence, Miami and New York are the least affordable. The typical renter earns enough to afford the median rent in 15 of the 44 major metros Redfin analyzed.
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Jan 21, 2025 | 
redfin.com | Mark Worley |Sheharyar Bokhari
Home prices grew 0.4% month over month in December, rising at a slightly slower pace than the past four months. On a year-over-year basis, home prices closed out the 2024 calendar year up 5.4%, the smallest annual increase since 2015. 15 of the 50 most populous U.S. metros recorded a drop in home prices month over month. U.S. home prices rose 0.4% from a month earlier in December on a seasonally adjusted basis, slightly slower than the 0.5% growth posted in November.
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Dec 11, 2024 | 
redfin.com | Mark Worley |Sheharyar Bokhari
The median asking rent fell 0.7% year over year in November to $1,595, dropping 1.1% month over month. The asking price per square foot for rental apartments fell 2.2% year over year to the lowest level since December 2021. Rents dropped across all bedroom counts for the fifth consecutive month. Cleveland recorded the biggest rent increase, while Austin, TX posted the biggest decrease. The median U.S. asking rent fell 0.7% year over year in November to $1,595, the lowest level since March 2022.
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Nov 19, 2024 | 
redfin.com | Sheharyar Bokhari |Mark Worley
Home prices grew 0.5% month over month in October, rising at the same pace as September. It was the 12th consecutive month with price growth between 0.2% and 0.7%. On a year-over-year basis, home prices rose 5.9%, the smallest annual increase since December. Eight of the 50 most populous U.S. metros recorded a drop in home prices month over month. U.S. home prices grew 0.5% from a month earlier in October on a seasonally adjusted basis, matching September’s increase.
