U.S. home prices nudged 0.1% lower in July on a seasonally adjusted basis—the third consecutive month that prices posted a monthly decline. On a year-over-year basis, price growth slowed to 2.9%, the lowest rate recorded in Redfin Home Price Index (RHPI) data going back to 2012.| Redfin Real Estate News
The percentage of U.S. home purchases made in cash fell to 32.6% in 2024, a three-year low, as the total number of all-cash purchases dropped to its lowest level in a decade. Florida homebuyers were most likely to pay cash.| Redfin Real Estate News
Rents have been falling most of the past year thanks to an increase in new construction, but permits for new apartment buildings are slowing. It’s too early to assess the impact of federal government layoffs on the D.C. housing market, but rents could fall more if significant numbers of workers move away.| Redfin Real Estate News
Developers obtained permits to build 12.4 multifamily housing units for every 10,000 people in the U.S. over the past year—down 27.1% from the pandemic building boom and down 5.5% from before the pandemic.| Redfin Real Estate News
The typical home bought in the U.S. hit a record age of 36 years in 2024—up from 27 years in 2012. Buyers pay less for older homes (over 30 years old) than for newer homes (under five years old), but the gap is shrinking.| Redfin Real Estate News
Empty-nest baby boomers own 28% of the nation’s large homes, while millennials with kids own just 14%. Empty nesters take up a lot of large homes because affordability was better when they were young, and there’s no financial incentive to sell now.| Redfin Real Estate News