Just 14 percent of homes that were on the market in 2018 in the
Home price gains and interest rate increases through 2018 combined to considerably reduce home affordability. Although the number of homes for sale is increasing, the number of affordable homes on the market has decreased in most metro areas.
"Homeownership is increasingly out of reach for the typical American," said Redfin chief economist
In many metro areas, even as the number of homes for sale has increased, the number of affordable homes for sale has shrunk over the past year. In the
Although the share of homes for sale that were affordable on a median income fell from 2017 to 2018 in all 49 of the metro areas we analyzed, there were a few metro areas where the number of affordable homes for sale increased, including
Homebuyers looking for affordable options still have plenty of choices in metro areas like
"We expect builders to shift their attention to more affordable homes during 2019," added Fairweather, "which along with rezoning efforts by local governments should reduce this pressure to some degree over time."
To read the full report, including a table of the number and share of affordable homes for sale in each major metro area, please visit: https://www.redfin.com/blog/2019/01/homes-for-sale-increases-but-fewer-homes-affordable-to-middle-class.html
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
View original content to download multimedia:http://www.prnewswire.com/news-releases/redfin-number-of-homes-for-sale-is-up-but-fewer-homes-are-affordable-to-middle-class-buyers-300782669.html
Redfin Journalist Services: Erin Osgood, 206-588-6863, email@example.com