March Home Prices Up 8.9%, the Biggest Increase in Four Years

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The median home sale price increased 8.9 percent in March from a year ago, the highest price growth in four years. The median home sale price in March was $297,000 in the 174 markets that Redfin tracks. The lack of homes for sale, down 11.9 percent year over year, continued to constrain sales, which declined 3.7 percent. The number of … Read More

The State of the Union: What Role Does Housing Play?

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The U.S. enjoyed the strongest housing market in a decade last year. But in a speech full of economic accolades, President Trump missed an opportunity for a pat on the back. Housing was not mentioned once in his first State of the Union address. Here are three ways housing helped the economy last year: 1. Unprecedented wealth for homeowners Homeowners … Read More

Landlords Just Got a Big Tax Break

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Through a late provision added to the GOP tax plan last weekend, real estate investors may be on course for a multimillion-dollar tax break. The change would allow real estate investors to take advantage of a new break that provides a 20 percent deduction on taxable income for pass-through companies. A pass-through is a special type of corporate structure, popular … Read More

Time to Renovate the Mortgage Interest Deduction

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The lack of affordable housing in America’s fast growing cities is reaching epic proportions as more and more families are being priced out of homeownership .  In 2012, a middle class family could afford 44 percent of the homes for sale. By 2016, the share of affordable listings declined 12 percentage points to just 32 percent. This housing equality gap … Read More

The Wage Gap is Following Women Into Homeownership

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Single women build less home equity overtime than single men, according to a new Redfin analysis of 79,517 homes in purchased in 18 of the largest metros by single women in 2012. On those home purchases, women earned a median $171,313 of home equity over five years compared to $186,403 of equity earned by men—a difference of $15,090 or 8.1 … Read More

Home Prices and Buyer Competition Hit New Highs in June as Inventory Drought Dragged into 21st Consecutive Month

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The median home sale price increased 7.3 percent from a year ago to $298,000 in June. This is the highest national median sale price recorded since we began keeping track in 2010. Despite record-high buyer demand during the busy spring market, sales only increased 1.9 percent compared to last year, constrained by a low supply of homes on the market. … Read More

How Ben Carson and HUD Can Begin to Solve America’s Housing Affordability Crisis

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Image via Wikimedia Commons This afternoon Dr. Ben Carson, the newly-confirmed Secretary of the Department of Housing and Urban Development (HUD), addressed his staff, observing that because of its scope, the department was well-positioned to influence the country very broadly. On this point, we couldn’t agree more. Income inequality and a shortage of affordable housing are at the worst levels … Read More

Mortgage Rates Are Back Down: Why They’ll Stay Low

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Mortgage rates were down this week, averaging 4.09 percent for a 30-year, fixed-rate loan, down from 4.12 percent last week. Last year at this time, the rate was 3.81 percent, according to Freddie Mac . What’s going on? Immediately after Donald Trump’s unexpected victory in the presidential election, mortgage rates jumped, with the 30-year fixed climbing as high as 4.32 … Read More

Rising Mortgage Rates: Homebuyers Are More Resilient Than You Might Think

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Last week, the average 30-year fixed-rate mortgage rose to 4.16 percent , while the Federal Reserve raised the federal funds rate for the first time in a year, and only the second time this decade. How does this affect homebuyers? Redfin is on the record predicting that in 2017, rates won’t average above 4.3 percent for the year , as … Read More

The Fed Raised Rates, So What Will Happen With Mortgages?

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Mortgage rates were up this week, averaging 4.16 percent for a 30-year, fixed-rate loan, up from 4.13 percent last week. Last year at this time, the rate was 3.97 percent, according to Freddie Mac . As recently as late October, the 30-year fixed was at 3.47 percent, so the current rate does mark a notable hike. And just on Wednesday, … Read More