Zillow released its November market report with some encouraging news for homebuyers as lower rates and slight declines in home values bring small improvements to housing affordability as sellers add new inventory and are more likely than normal to cut prices.
A new Redfin report shows homebuyers earning the national median income ($78,642) in 2023 would have spent 41.4% on housing costs for the median-priced home ($408,806), making 2023 the least affordable year on record. But there’s hope for 2024.
Zillow’s 2024 housing market predictions offer some hope with increased inventory, stabilized costs, and AI integration.
According to the National Association of Realtors® (NAR), existing home sales in October hit their lowest point since 2010, dropping 4.1% from September and falling 14.6% year over year.
The Black Knight Mortgage Monitor for November 2023 shows rising mortgage rates and home prices have increased the principal and interest payment (P&I) for a median-priced home to more than $2,500 for the first time.
A new report from RentCafe shows one in five millennials (20%) and two-thirds of Gen Zers (68%) live with family members in multigenerational homes, taking longer to leave than previous generations at their age. And many don’t expect to move anytime soon.
A new report on Realtor.com shares the results of the Fall 2023 Wall Street Journal/Realtor.com Emerging Housing Markets Index, highlighting the top 20 emerging markets for the season.
New reports from ATTOM and Redfin show a continued decline in housing affordability, driving the share of average income needed to cover housing costs up to 35% and increasing the number of listings with price reductions.
New research from Zillow shows that 83% of home buyers consider at least one climate risk when home shopping. Despite this, only 23% are considering relocating to areas less prone to natural disasters.
A Fannie Mae survey of renters and homeowners on work and housing preferences shows the share of non-retired persons working fully remotely or on a hybrid work schedule has held steady since the first quarter of 2021.
Zillow has released its 2023 Consumer Housing Trends Report showing that 50% of those purchasing homes in 2023 are first-time home buyers. That’s the highest share recorded by Zillow and up from 45% in 2022 and 37% in 2021.
The July 2023 Rental Report from Realtor.com shows rent prices dropping year over year for the third straight month as rental supply increases. July also marks the first annual rent price decline for studio units since 2020.
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