Latest news with #SheharyarBokhari
Yahoo
29-07-2025
- Business
- Yahoo
Starter-Home Sales Rose 4% in June, a Bright Spot in a Sluggish Housing Market
San Diego recorded an 18% spike in starter-home sales, leading all major metros. Fort Lauderdale, FL recorded the biggest drop (-17%). SEATTLE, July 29, 2025--(BUSINESS WIRE)--Sales of starter homes rose 3.9% year over year in June to the highest level in two years, a bright spot in an otherwise sluggish housing market where sales fell across other price tiers. That's according to a new report from Redfin, the real estate brokerage powered by Rocket. June was the 10th consecutive month in which home sales rose year over year, indicating that first-time homebuyers are jumping into the market. Redfin Home Tiers Home Price Percentile Median Sale Price Median Sale Price YoY Homes Sold YoY Pending Sales YoY Active Listings YoY Starter 5%-35% $260,000 3.1% 3.9% 3.1% 19.0% Mid 35%-65% $370,784 2.1% -0.9% -0.7% 15.1% High 65%-95% $577,117 2.7% -3.6% -2.7% 13.2% Luxury Top 5% $1.29M 4.0% -6.7% -5.0% 9.1% In comparison, sales of mid-priced homes (35th-65th percentile of the market by sale price) fell 0.9% year over year in July, while high-price homes (65th-95th percentile) fell even more, down 3.6%. Pending sales of starter homes are also rising, up 3.1% year over year in June, a sign that closed sales are likely to continue increasing in the coming months. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership In comparison, pending sales of mid- and high-price homes fell 0.7% and 2.7% year over year in June, respectively. "In a market where it's difficult for most Americans to afford a dream home, many are turning toward starter homes," said Redfin Senior Economist Sheharyar Bokhari. "They're typically smaller and more modest, but starter homes remain within reach for some buyers who have been priced out of higher tiers. First-time buyers are especially apt to go for starter homes, as they don't have equity from a previous home sale to help with their payments. Even starter homes are too expensive for a large number of Americans, who are often forced to rent or live with family—especially in metros like San Francisco where the median price of a starter home is nearly $1 million. U.S. homebuyers need to earn $112,131 per year to afford the median priced home for sale, while the typical U.S. household earns an estimated $86,258. "With prices rising and mortgage rates elevated, some first-time buyers may be pushed out of the market by move-up buyers who aren't able to afford the next tier themselves," said Bokhari. Starter home prices hit record as inventory rises to pre-pandemic levels The typical U.S. starter home sold for a record $260,000 in June, up 3.1% year over year. In comparison, prices of mid-price homes rose 2.1% to $370,784 from a year earlier, while high-price homes rose 2.7% to $577,177. Both were just shy of price records set in previous months. While prices of starter homes remain at a record high, price growth has been slowing for six consecutive months. June's 3.1% pace was the slowest in a year. A big reason for slowing price growth in the starter-home segment—and another reason why sales are rising—is soaring inventory, with the number of active listings rising 19% year over year to the highest level for June since 2017. That was the fastest growth among the price tiers. Listings of middle-priced listings rose 15.1% year over year, while upper-priced homes grew 13.2%. More starter homes for sale is good news for first-time homebuyers, according to Redfin agents. "First-time buyers definitely have more opportunities now. Not only are there more lower-priced homes available, but there's less demand. The buyers who are out there are no longer in competition with 10 other offers, or all-cash buyers," said Kathy Scott, a Redfin Premier agent in Phoenix, where active listings of starter homes are up more than 40% from a year ago. "With so many starter homes on the market, buyers have an opportunity to take their time looking for houses that fit their needs. Some are waiting for prices to go down—and they might—but if your plan is to stay in the home for five to 10 years, you will build equity in your home." Metro-Level Starter Home Highlights: June 2025 Redfin's metro-level starter home data includes the 50 most populous U.S. metros. Some metros are removed from time to time, to ensure data accuracy. All changes noted below are year-over-year changes. Prices: The median sale price of starter homes rose most in Milwaukee (15.3% to $212,918), Detroit (13.6% to $93,140) and Newark, NJ (11.6% to $394,487). The largest falls were in San Antonio (-5.5% to $218,631), Austin, TX (-3.8% to $326,440) and Dallas (-1.2% to $297,079). Sales: Starter home sales increased most in San Diego (18%), Providence, RI (17.4%) and Sacramento (14.3%). They decreased most in Fort Lauderdale, FL (-17.5%), Miami (-17.4%) and San Antonio (-9.6%). Active listings: The total number of starter homes for sale increased most in Las Vegas (53.6%), San Diego (44.1%) and Phoenix (43.1%). Only one metro—San Antonio—saw a fall in active listings (-2.2%). New listings: New listings of starter homes increased most in St. Louis (23.6%), Las Vegas (19.5%) and Newark (16.4%). New listings fell most in San Antonio (-13.8%), San Jose, CA (-13.4%) and Tampa, FL (-10.9%). Speed of sales: Starter homes sold fastest in Seattle with a median of nine days, followed by Montgomery County, PA (15 days) and Indianapolis (17 days). They sold slowest in Fort Lauderdale, FL (99 days), West Palm Beach, FL (91 days) and Miami (83 days). To view the full report, including charts and full metro-level data, please visit: About Redfin Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent. You can find more information about Redfin and get the latest housing market data and research at For more information about Rocket Companies, visit View source version on Contacts Contact Redfin Redfin Journalist Services: Kenneth Applewhaitepress@
Yahoo
25-07-2025
- Business
- Yahoo
Americans spend an entire week's worth of pay on rent every month—and in some cities, a full two weeks of income is just going to housing
U.S. median rent has risen from about $824 in 2008 to more than $1,300 in 2025. As rent has increased faster than wages, Americans are spending much more of their income on housing. On average, it now takes an entire week's worth of pay to afford monthly rent. It's hard to imagine today, but about 17 years ago, rent for Americans was less than $1,000 per month. In 2008, the median rent was just $824 per month; today it's more than $1,300—and many major metropolitan areas like New York City and Los Angeles dwarf that figure. Between 2022 and 2025 alone, rents jumped nearly 6%. That also means Americans are spending much more of their monthly income on housing. Although it's generally recommended not to spend more than a third of one's income on housing, many Americans are shelling out much more than that. That's largely due to rent prices rising faster than wage growth in the U.S. A recent Self Financial analysis of housing data from the U.S. Census, Apartment List, Bureau of Labor Statistics, and the Federal Reserve illustrates how many hours worth of work Americans are spending on housing each month. On average, Americans need to work 38.3 hours to cover their monthly rent, which works out to the average work week. But there's a decent spread on the number of work hours needed to pay for rent across the U.S. Vermont residents need to work 60.2 hours per month to meet the average monthly rental costs, the highest of any state, according to the Self Financial analysis. People living in South Dakota need just 27.6 hours to cover rent, placing them in the lowest spot. Unsurprisingly, New York City residents need to work the most hours to pay rent at 90.2 hours. These are the five U.S. states with the highest number of hours required to cover the average monthly rent: Vermont: 60.2 hours Hawaii: 59.9 hours California: 52.4 hours New Jersey: 50.4 hours Maryland: 50.3 hours And these are the five U.S. states with the fewest number of hours required to cover the average monthly rent: Maine: 32.3 hours North Dakota: 32.2 hours Alabama: 31.4 hours Arkansas: 31.1 hours South Dakota: 27.6 hours See the heat map below, which shows the number of hours required to cover the monthly rent in each state. To see the number of hours, hover over each state. Deeper red indicates a higher number of hours. While this may appear to be a grim outlook for rental housing in the U.S., there is a small glimmer of hope. As of May, median U.S. asking rent had actually dropped about 1% year-over-year, according to Redfin. That's because apartment construction is hovering near a 50-year high, Redfin economists said. 'Even though renter demand is strong, it's not keeping pace with supply,' said Sheharyar Bokhari, Redfin senior economist. 'Many units are sitting vacant for months, which means renters have power to negotiate concessions and landlords have less leeway to keep rents high.' Meanwhile, it's still much cheaper to rent than to buy a home in the U.S. thanks to sky-high mortgage rates nearing 7% and home prices that are 55% higher than at the beginning of 2020, according to the Case-Shiller U.S. National Home Price Index. Take Austin, Texas, for example. 'Many people in Austin are finding that it's a lot cheaper to rent than buy,' Austin real-estate agent Andrew Vallejo recently told Fortune. 'You could buy a home and have a monthly mortgage payment of $3,200, but the same home will rent for $1,900. Unless the buyer has a good amount of money for a down payment, renting is way less expensive.' This story was originally featured on
New York Times
24-07-2025
- Business
- New York Times
Buying a High-End Home? A Million Dollars Mostly Falls Short.
The ability to buy a high-end home for under $1 million in the 50 largest U.S. metropolitan areas is becoming increasingly elusive. Luxury homes — those in the top 5 percent of the market by sale price — now cost over a million in all but seven of the country's largest metros, according to a recent report from Redfin. The report compared median prices from 2013 to 2025, in the three months of February through April, in the analysis. In 2013, the median luxury home cost under $1 million in 35 metros. By 2020, that figure fell to 30 metros. Historically low mortgage interest rates of the early 2020s help fuel pandemic home buying, reduce inventory and drive up prices. By 2025 the number of metros where luxury homes cost under $1 million fell to just seven. In 2025, Detroit was the most affordable metro to buy a luxury home, with a median price of $753,851, about 44 percent less than the nationwide average. Cleveland, Pittsburgh and Indianapolis followed in the ranking. 'Buyers can get historic charm, large lots, and upscale finishes — often in walkable, tree-lined neighborhoods — for a small fraction of what a similar home would cost in cities like San Francisco or New York,' said Sheharyar Bokhari, a senior economist at Redfin who was quoted in the report. San Francisco was the most expensive metro, with the median price of a luxury home there surpassing $6 million. San Jose and Anaheim, also in California, were next, and Miami and New York rounded out the top five most expensive metros. But prices rose across the board, even in the least expensive places: Over the past decade, the median price of luxury homes in Detroit rose 81 percent, and in all seven metros where they come in at under $1 million, prices rose at least 52 percent. The Trailing Metros Luxury homes — those in the top 5 percent by sale price — cost over a million dollars in all but seven major U.S. metro areas. MEDIAN LUXURY HOME PRICE IN 2015 MEDIAN LUXURY HOME PRICE IN 2025 MEDIAN LUXURY HOME PRICE IN 2015 MEDIAN LUXURY HOME PRICE IN 2025 METRO METRO Detroit Cleveland Pittsburgh Indianapolis St. Louis Cincinnati San Antonio United States $415,955 $476,170 $552,799 $553,161 $753,851 $757,046 $846,715 $914,276 $602,076 $547,238 $567,799 $717,004 $914,453 $931,145 $957,854 $1,348,065 MEDIAN LUXURY HOME PRICE IN 2015 MEDIAN LUXURY HOME PRICE IN 2025 METRO Detroit Cleveland Pittsburgh Indianapolis St. Louis Cincinnati San Antonio United States $415,955 $476,170 $552,799 $553,161 $602,076 $547,238 $567,799 $717,004 $753,851 $757,046 $846,715 $914,276 $914,453 $931,145 $957,854 $1,348,065 Source: Redfin By The New York Times
Yahoo
24-06-2025
- Business
- Yahoo
U.S. Home Prices Edged Down 0.1% in May, Only the Fourth Monthly Drop in the Past Decade
Redfin reports 32 of the 50 most populous U.S. metros recorded a drop in home prices month over month SEATTLE, June 24, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — U.S. home prices edged down 0.1% in May on a seasonally adjusted basis, according to a new report from Redfin ( the technology-powered real estate brokerage. Home prices have only posted a month-over-month decline three other times in records dating back to 2012: April 2025, and August-September 2022—when mortgage rates were peaking. Home prices rose 3.6% on a year-over-year basis in May, down from 4.1% growth in April. It was the first time annual price growth has been below 4% since July 2023. This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. The homebuying market is cooling because sellers significantly outnumber buyers. Less than one-third (31.2%) of homes that sold in May went for over their asking price, the lowest May share in five years. At the same time, pending sales are ticking down and inventory is still rising. "Sellers are starting to feel pressure because many buyers have put their home search on pause in response to high housing costs, elevated mortgage rates and economic uncertainty," said Redfin Senior Economist Sheharyar Bokhari. "More sellers are likely to adjust their price expectations in the coming months as they see examples of the market shifting in favor of buyers, like homes selling below asking prices. Still, home price trends are always local and some areas—particularly on the East Coast—continue to see strong growth." Metro-Level Summary: Redfin Home Price Index, May 2025 Prices fell from a month earlier in 32 of the 50 most populous metro areas on a seasonally adjusted basis in May. The biggest decline was in Charlotte, NC (-2.7%), followed by San Francisco (-1.3%) and Seattle (-1.3%). Prices increased most in Nassau County, NY (2.1%), San Diego (1.6%) and Fort Lauderdale, FL (1.5%). On a year-over-year basis, five major metros are still posting double-digit growth: New York (12.4%), Nassau County, NY (11.3%), Detroit (11.2%), Philadelphia (11%) and Chicago (10.2%). At the other end of the spectrum, Tampa, FL posted a 5.5% decline in prices from a year ago—the biggest drop of any major metro. Next came Austin, TX (-3.6%) and San Antonio, TX (-2.4%). To view the full report, including charts, additional metro-level data and a full methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Angela Cherrypress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
24-06-2025
- Business
- Business Wire
U.S. Home Prices Edged Down 0.1% in May, Only the Fourth Monthly Drop in the Past Decade
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — U.S. home prices edged down 0.1% in May on a seasonally adjusted basis, according to a new report from Redfin ( the technology-powered real estate brokerage. Home prices have only posted a month-over-month decline three other times in records dating back to 2012: April 2025, and August-September 2022—when mortgage rates were peaking. Home prices rose 3.6% on a year-over-year basis in May, down from 4.1% growth in April. It was the first time annual price growth has been below 4% since July 2023. This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. The homebuying market is cooling because sellers significantly outnumber buyers. Less than one-third (31.2%) of homes that sold in May went for over their asking price, the lowest May share in five years. At the same time, pending sales are ticking down and inventory is still rising. 'Sellers are starting to feel pressure because many buyers have put their home search on pause in response to high housing costs, elevated mortgage rates and economic uncertainty,' said Redfin Senior Economist Sheharyar Bokhari. 'More sellers are likely to adjust their price expectations in the coming months as they see examples of the market shifting in favor of buyers, like homes selling below asking prices. Still, home price trends are always local and some areas—particularly on the East Coast—continue to see strong growth.' Metro-Level Summary: Redfin Home Price Index, May 2025 Prices fell from a month earlier in 32 of the 50 most populous metro areas on a seasonally adjusted basis in May. The biggest decline was in Charlotte, NC (-2.7%), followed by San Francisco (-1.3%) and Seattle (-1.3%). Prices increased most in Nassau County, NY (2.1%), San Diego (1.6%) and Fort Lauderdale, FL (1.5%). On a year-over-year basis, five major metros are still posting double-digit growth: New York (12.4%), Nassau County, NY (11.3%), Detroit (11.2%), Philadelphia (11%) and Chicago (10.2%). At the other end of the spectrum, Tampa, FL posted a 5.5% decline in prices from a year ago—the biggest drop of any major metro. Next came Austin, TX (-3.6%) and San Antonio, TX (-2.4%). To view the full report, including charts, additional metro-level data and a full methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here.
