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Housing costs could return to normal within 5 years
▲ 0 r/USHousingMarket

Housing costs could return to normal within 5 years

A new Redfin report reveals that U.S. housing costs could return to pre-pandemic "normal" levels within the next 5-6 years if mortgage rates ease and/or price growth flattens. Redfin defines "normal" as returning to August 2018 conditions, when the typical homebuyer spent roughly 30% of their household income on a mortgage payment.

Costs are closest to returning to normal in San Jose, Oakland, Seattle, Portland and Austin, where home prices are falling and incomes are projected to grow.

Housing costs could take at least a decade to return to normal in half of the metros in this analysis–including the New York City area–largely because home prices in those places are rising faster than incomes.

Do you think housing affordability will realistically catch up over the next 5 years, or have high costs permanently reshaped buyer expectations in your city?

u/RedfinJeremy — 6 days ago
▲ 28 r/USHousingMarket

A record 21% of home sellers dropped their asking price in September

According to a new Redfin report, 21% of U.S. home sellers cut their asking price over the four weeks ending September 20, which is up from 19.8% a year ago and the highest share for September in Redfin’s records.

Seller flexibility varies sharply depending on the local market: price drops were most common in cities like Denver, where inventory is giving buyers more leverage, while markets like San Francisco saw the fewest price cuts due to ongoing demand and AI-driven wealth.

Are sellers in your area starting to slash asking prices to close deals or are they still holding out?

u/RedfinJeremy — 15 days ago
▲ 38 r/USHousingMarket

Why are home prices still rising if August was the strongest buyer's market on record?

A new Redfin report reveals an interesting paradox. U.S. home prices rose 0.25% month-over-month in August, bringing annual growth to 3.7% which is the fastest year-over-year pace in a full year.

What makes this surprising is that August registered as the strongest buyer's market on record. While buyers hold more bargaining power nationally, prices are staying elevated because well-priced, move-in-ready homes are still scarce. San Francisco led annual home price gains (+12%) driven by tech wealth, while metros like Dallas (-1.4%) and Austin (-1.0%) continue to drop as inventory piles up.

In your area, are home prices holding firm despite the extra inventory, or are you actually seeing prices start to drop?

u/RedfinJeremy — 23 days ago
▲ 3 r/USHousingMarket

Pending home sales dipped to their lowest level in nearly three years.

Here’s what the latest Redfin housing market data shows:

  • Pending home sales hit a nearly three-year low. Pending sales fell 3.5% from the previous week, continuing a recent decline.
  • There are more homes to choose from. New listings fell slightly (-0.5%) from a week earlier but were up 1.5% year over year. With more sellers than buyers in the market, buyers generally have more options.
  • Home prices are still rising, but slowly. The median home-sale price rose 2% year over year, similar to the increases seen over the last several months.
  • Homes are taking time to sell. The typical home that sold spent 46 days on the market, unchanged from a year ago, while 29.5% went off the market within two weeks. Higher mortgage rates continue to limit buyer demand.
  • Some sellers are still getting more than asking. About one in four homes that sold (25.1%) went for more than their asking price, showing that competition hasn’t disappeared entirely.

Overall, buyers who are still in the market have more choices and less competition, while sellers are navigating slower demand.

How does that compare with what you’re seeing in your local market?

u/RedfinJeremy — 28 days ago
▲ 3 r/USHousingMarket

The Bay Area leads August’s most expensive home sales with a $70M Hillsborough estate

According to a new article from Redfin, a Bay Area estate in Hillsborough was the most expensive U.S. home sale of August, fetching $70 million. It’s followed by a $51.5 million waterfront villa in Miami Beach. California is home to six of last month’s 10 priciest sales, including four in the Bay Area and two in Orange County, while three of the priciest homes were in Florida.

u/RedfinJeremy — 29 days ago
▲ 81 r/USHousingMarket

Why are Gen Z and millennials moving to Texas?

A new report from Redfin says that young Americans are moving out of larger cities like LA or NYC and into Texas cities like San Antonio, Austin, and Houston. San Antonio is the most popular city for Gen Z with a net migration count of +10,678 while Houston saw the biggest net inflow of +16,365 millennials. 

While the move of both generations is impacted by affordability, Gen Z is additionally driven by career opportunity and millennials are moving to get bigger houses for less money.

What else do you think is driving young people to Texas?

u/RedfinJeremy — 30 days ago