Category: Housing Affordability
Black homebuyers, who are less likely than their white counterparts to have jobs that can be done remotely, face higher home prices as white homebuyers move to more affordable suburbs Home prices in neighborhoods where Black people bought homes in 2019 were up 7% in July. Read More
Historically low rates are motivating homebuyers even though prices were up 8.2% year over year in July, effectively cancelling out the 6.9% increase in purchasing power. A homebuyer with a $2,500 monthly housing budget can afford a home priced $33,250 higher than a year ago, thanks to historically low mortgage... Read More
But prices of small homes were up 8.1% year over year in July, compared with 6.7% for large homes, reflecting the continuing importance of affordability for homebuyers. The typical home that sold in the four weeks ending August 16 was 3.7% larger (1,772 square feet) than the typical home that... Read More
There’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Still, prices are up 6.7% in urban areas. The housing market is hottest in less densely populated areas, with July data showing more buyer interest in rural and... Read More