The Latest Breaking News from Redfin

A new Redfin report shows soaring luxury home prices, with a record number of wealthy buyers paying cash.

U.S. homeowners with mortgages were sitting on $23 trillion in housing wealth by the end of 2022.

The median mortgage payment fell 14% to $2,361 in December from a record high in October, when mortgage rates hit a 23-year peak.

A Redfin analysis showed only 16% of homes listed in 2023 were technically affordable.

The share of affordable homes plunged 40% from before the pandemic, according to a new analysis. The biggest drops were in smaller cities, where wages could not keep pace with spiking mortgage rates.

“We are still not building enough new housing to keep up with demand,” Bright MLS chief economist Lisa Sturtevant said.

Declining mortgage rates are “breathing new life” into housing market, Redfin says.

It’s not all good news for buyers, the median home sale price is still up 4.5%, according to Redfin.

"People relatively are seeing our current interest rates as a lot of money, they're really not, they're simply average."

Home affordability in America dropped to a record low in 2023, according to a report from the real estate brokerage firm Redfin released Thursday.

According to Redfin, 2023 was the least affordable homebuying year in over a decade.