Redfin Survey: Just 6% of Homebuyers Would Cancel Plans to Buy if Mortgage Rates Surpassed 5%

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A late-2017 Redfin-commissioned survey of more than 4,000 people who bought or sold a home last year, attempted to do so, or planned to do so soon revealed the following key findings related to the housing market and the economy: Only 6% of homebuyers said they would cancel their plans if mortgage rates surpassed 5%. The tax reform debate may … Read More

Here’s the #1 Reason It’s so Hard to Find an Affordable Home

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var divElement = document.getElementById(‘viz1508904329532’); var vizElement = divElement.getElementsByTagName(‘object’)[0];’800px’;’650px’; var scriptElement = document.createElement(‘script’); scriptElement.src = ‘’; vizElement.parentNode.insertBefore(scriptElement, vizElement); Today’s new construction homes become tomorrow’s housing market. Without affordable new construction, we find ourselves in a housing market marked by low inventory, high prices and bidding wars—and one where first-time homebuyers are often priced out. The average price of a new … Read More

Homes Sold Faster than Ever in April; Prices Marched Upward

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The median home sale price increased 6.2 percent in April to $280,000, continuing a five-year trend of steady annual growth. A lack of homes for sale kept a lid on sales, which inched up just 1.2 percent compared to last year. The number of homes for sale fell 13.3 percent, the steepest decline in four years. Since October 2015, the … Read More

Movement Out of California Was the Most Influential Driver of U.S. Migration Patterns in Early 2017

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In an analysis of a sample of nearly one million users searching for homes across 75 metro areas in the first three months of 2017, we found that one in five (19.8%) searched mostly1 for homes outside their home metro2. Among them, about half searched exclusively in other metros. Three trends dominated the migration patterns seen in user … Read More

Affordability Is Homebuyers’ Biggest Concern, Particularly Among Millennials

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This summer, worries about housing affordability are growing more predominant, according to a Redfin survey of more than 1,800 homebuyers conducted in August. More than 28 percent of homebuyers said “prices are rising or are too high,” when asked their biggest concern about the housing market, the highest number in the past year. The gap between affordability and other concerns … Read More

Supply Shortage Continues to Squeeze Homebuyer Demand, Down 17 Percent in June

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Homebuyer demand fell 17 percent in June, the fifth-consecutive month of year-over-year declines in early-stage homebuyer activity. The Redfin Housing Demand Index, based on thousands of Redfin customers requesting home tours and writing offers, fell 7 percent from May to a seasonally adjusted level of 88 in June. Today Redfin unveils an improved version of its Demand Index, which tracks … Read More

Homebuyers Don’t Think Housing Is An Important Political Issue. We Disagree.

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Several major states hold primaries today, with voters in delegate-rich Florida, Ohio, North Carolina and Illinois going to the polls. It could be a make-or-break day for some candidates. What’s on voters’ minds? Not housing. A Redfin survey of 750 homebuyers last month found that three-fourths of them don’t think housing is an important political issue this year. Nearly the … Read More

One in Four Homebuyers Cites High Rent as Reason for Buying

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One in four homebuyers is looking to purchase because their rent is too high, according to a Redfin survey of 750 homebuyers this month. That’s up from one in five in November, and up from one in eight last August. In each survey, when we asked buyers what most influenced their decision to buy, the only choice cited more frequently … Read More