(1/6) Starter homes sold for a record $243,000 in June—a 45% jump from before the pandemic.

Rising home prices and elevated mortgage rates have pushed the annual income necessary to buy starter homes to $64,500, up 13% over the last year. #realestate redfin.com/news/starter-h… (2/6) Home prices shot up during the pandemic due to record-low mortgage rates and remote work. Now, rising rates are exacerbating the affordability crisis.

A first-time homebuyer must earn roughly $64,500 per year to afford the typical starter home, $7,200 more than a year ago.

(1/6) Investor home purchases fell a record 46% year over year in the fourth quarter amid rising costs of borrowing money and projections of home-price declines.

The second biggest decline occurred in 2008 during the subprime mortgage crisis. #realestate (2/6) Investors piled into the housing market in 2021 due to rock-bottom mortgage rates and surging housing demand.

As the housing market cooled in Q4 2022, they bought half as many homes as the prior year.

(1/6) More homebuyers are returning to the market, motivated by a record share of listings with price drops and mortgage rates falling to a four-month low.

“Homebuyers may catch a break this month,” said our Deputy Chief Economist @TaylorAMarr. #housing (2/6) Our Homebuyer Demand Index—a measure of Redfin homebuying activity—rose 7 points during the last week of July.

Meanwhile, mortgage purchase applications increased for the first time in five weeks.