Home Prices Up 3 Percent in July as Supply Fell 3 Percent—The Largest Decline in a Year

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Home sales dipped slightly despite low mortgage rates. U.S. home-sale prices grew at a steady 3.3 percent rate year over year to a median of $318,100 across the metros Redfin tracks. Home prices have been growing in the healthy 3 percent range since May. Overall the market in July didn’t hold any big surprises, although it is notable that the … Read More

Survey: More Than Half of Homebuyers and Sellers Oppose Housing Density, Only a Quarter Support It.

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African American respondents and those under age 25 were the most likely to support policies that encourage dense housing to be built in their neighborhood. Homebuyers and sellers are nearly twice as likely to oppose the building of dense housing in their neighborhood than they are to support it. Fifty-three percent of them support zoning policies that limit housing density … Read More

Race Gaps in Homeownership Rates and Home Equity Have Widened During the Decade-Long Economic Expansion

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Since the end of the Great Recession, the homeownership rate for black Americans has fallen 5 percentage points to 40.6%. And while majority-black neighborhoods have seen an average of $121,000 in home-equity gains, it’s $191,000 for majority-white neighborhoods. Black Americans haven’t benefited from the prosperous U.S. housing market as much as white Americans in the past decade’s economic expansion, during … Read More

Home Prices up 3.4 Percent in June as Supply Flattens

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The typical home sold in June went under contract in just 35 days, matching last year’s record-fast pace, as falling mortgage rates lured more buyers to the market. U.S. home-sale prices rose for the third consecutive month in June, growing 3.4 percent year over year to a median of $321,200 across the metros Redfin tracks. The growth rate of home … Read More

One in 10 Millennial Homebuyers Say They’ll Rely on Parents for Mortgage Help, Down From 17% Last Year

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Millennials this year are less likely to be taking creative measures like co-ownership or renting out rooms to afford a mortgage, according to a Redfin survey. Millennial homebuyers in 2019 are less likely to take extraordinary measures to afford their mortgage payments, such as getting help from their parents or co-ownership with someone other than a spouse or partner, than … Read More

Supply of Homes for Sale Down 0.3 Percent in June, First Annual Decline in 10 Months

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Some expensive markets like San Jose, Seattle, and Boston are still seeing big gains in for-sale home inventory, while affordable markets like Oklahoma City, Buffalo, and Memphis are already experiencing big declines. The number of homes for sale nationally fell 0.3 percent year over year in late June—the first annual decline since inventory started climbing in September. This marks the … Read More

Here’s How Many Affordable Homes Could Be Purchased For $238 Million–The Price of Most Expensive U.S. Home Ever Sold

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Hint: it’s every single affordable house on the market in Deltona, Fl, or half of all homes for sale in Akron, OH.   For the $238 million spent on the most expensive American home ever sold , approximately 1,100 affordable homes could have been purchased. The record-breaking sale was made by the founder of a global investment firm in January … Read More

It’s Not All About Demand: Home Prices are Sky-High Where It’s Most Difficult and Most Expensive to Acquire and Develop Land

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In San Francisco, San Jose, Los Angeles and Boston, the value of land accounts for more than half of a typical home’s value. Land’s share of home value is roughly 20 percent in Buffalo, Omaha, Indianapolis and Cincinnati. Potential homebuyers are priced out because of high land costs making homes very expensive. In recent years, housing demand has outpaced housing … Read More

Tech Companies Want to Improve Housing Affordability — Which May be Just as Much a Business Strategy as a Community Initiative

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Tech companies like Google are committing to build more housing for their employees and neighbors. That could help housing affordability, but it could also ease employers’ recruitment costs. The nation’s largest companies, including Google , Microsoft and Facebook ,  have pledged billions of dollars to create affordable housing near their campuses, acknowledging their part in the housing affordability crisis facing … Read More

Here are the Most (And Least) Affordable Metros for Getting Married and Buying a Home in the Same Year

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Cleveland, where the average wedding costs $22,000 and the typical down payment is $34,000, is the most affordable place to get married and buy a new home.   Engaged couples in Cleveland , Detroit and Pittsburgh can have their wedding cake and eat it too–in their new home, that is. That’s because these three Midwestern metros are the most affordable … Read More