Core Insights - New homes are becoming more affordable in the current housing market, with the median list price for newly built homes decreasing to $448,393 in Q1 2025, the lowest price gap with existing homes in five years [1][4] - The construction of smaller homes and lower mortgage rates for new home buyers are contributing to this affordability trend [1][3] Market Dynamics - The U.S. is facing a shortage of approximately four million homes, with new construction helping to bridge the affordability gap left by a tight existing home market [2] - Builders are focusing on delivering smaller homes at lower prices, often providing financial incentives to make monthly payments more manageable [2][5] Mortgage Rate Trends - Buyers of newly built homes are securing mortgage rates about 0.5 percentage points lower than those purchasing existing homes, translating to over $160 in monthly savings on a median-priced new home [3][9] Price Premium Analysis - The premium on newly built homes has decreased to 13.5% in Q1 2025, the lowest since tracking began in 2020, due to a 1.3% decline in new home prices compared to rising existing home prices [4][9] - Newly built homes now account for 18.5% of active listings, which is higher than during the pandemic years [4] Regional Insights - Among the 100 largest U.S. metropolitan areas, 26 markets have seen year-over-year declines in both median listing price and square footage of newly built homes, particularly in the South [6][7] - Notable price drops include Little Rock, Ark. with a 12.9% decrease, and significant reductions in Colorado Springs, Colo. and Oxnard, Calif. [7] Future Challenges - Proposed tariffs on key building materials, such as an increase in duties on Canadian lumber from 14% to 34%, could threaten the affordability gains achieved in recent quarters [8]

Core Insights - The annual income required for a U.S. household to afford a median-priced home has increased to $114,000, marking a 70.1% rise from $67,000 six years ago [1][4][8] - Despite affordability challenges, the housing market is showing signs of rebalancing, with increasing inventory and more flexible pricing from sellers [2][9] Housing Metrics - The median listing price in April 2025 is $431,250, reflecting a 1.5% increase from March 2025 and a 36.9% increase from April 2019 [3] - Active listings have risen to 959,251, a 30.6% increase year-over-year, although still 16.3% below the 2017-2019 norms [3][10] - The share of active listings with price reductions is at 18.0%, indicating sellers are adjusting prices to attract buyers [3][9] Required Income Analysis - The income required to afford a median-priced home has increased by $47,000 since 2019, driven by rising home prices and elevated mortgage rates [4] - Specific metro areas have significantly higher required incomes, with San Jose at $370,069, an increase of 54.3% since April 2019 [5] Pending Home Sales Trends - Pending home sales have declined for four consecutive months, with a 3.2% decrease in April 2025 compared to the previous year [6][7][8] - The rise in mortgage rates is a key factor contributing to the slowdown in pending home sales [6][9] Market Dynamics - The West and South regions have seen substantial growth in active listings, with San Diego and San Jose experiencing increases of 70.1% and 67.6%, respectively [10] - The current market conditions suggest that buyers may have more options and leverage, as sellers are becoming more accommodating [2][9]

Core Insights - The report highlights a nationwide housing shortage of over 4 million homes, emphasizing the growing concern of affordability for millions of Americans [1][5] - States are graded based on their housing affordability and homebuilding capabilities, with South Carolina, Iowa, and Texas receiving the highest marks [1][4] Affordability and Homebuilding Metrics - The grading system evaluates affordability through the REALTORS® Affordability Score and the percentage of median income spent on a median-priced home, while homebuilding is assessed via the permit-to-population ratio and the new construction premium [2] - Only 18 states meet the 30% income rule for housing affordability, with Texas, Florida, California, North Carolina, Georgia, Arizona, and South Carolina accounting for over half of all construction permits issued in 2024 [4] Regional Performance - The South and Midwest are leading in both affordability and homebuilding, with South Carolina achieving the highest grade of A due to proactive homebuilding efforts [5] - The Northeast and West Coast are lagging, facing high home prices and limited new construction, with Rhode Island ranking at the bottom of the list [6][7] Zoning and Regulatory Challenges - States on the coasts, such as Massachusetts, face stricter zoning regulations that hinder affordable housing development, with 76% of Massachusetts' land subject to zoning [8] State-by-State Rankings - The report provides a detailed ranking of all 50 states, with South Carolina scoring 75.2 (A), Iowa 71.6 (A-), and Texas 71.5 (A-) [9][10] - The lowest-ranked states include California (19.5, F), Hawaii (15.8, F), and New York (13.2, F), highlighting significant disparities in housing affordability and construction efforts across the U.S. [10]

Core Insights - Realtor.com® and Local Logic released a ranking of the best U.S. cities for car-free transit, emphasizing sustainability through walking, biking, and public transit [1][3] - The top three cities are Hoboken, NJ; Cambridge, MA; and Brookline, MA, with a significant concentration of top-ranked cities in the Northeast and California's Bay Area [1][2] Ranking Methodology - The ranking was based on U.S. Census data regarding car-free commuters, combined with Local Logic's proprietary Location Scores that assess walkability, bikeability, and public transit access [3][4] - These Location Scores are derived from billions of data points related to local infrastructure and amenities, providing a comprehensive view of neighborhood functionality [3][4] Top Eco-Friendly Cities - **Hoboken, NJ**: Nearly 80% of residents commute without a car, benefiting from a dense, walkable grid and access to PATH trains, ferries, and buses [5] - **Cambridge, MA**: Known for smart city planning and significant investment in bike infrastructure, making car-free commuting a natural choice [6] - **Brookline, MA**: Well-connected by transit and designed for easy navigation on foot, promoting a car-free lifestyle [7] - **Berkeley, CA**: Strong cycling culture and progressive urban policies support car-free commuting [8] - **Washington, D.C.**: Approximately two-thirds of residents commute car-free, with a focus on safer, walkable streets [9] - **San Francisco**: Despite its hills, it remains transit- and pedestrian-friendly, with a long-standing transit-first policy [10] - **Somerville, MA**: Investments in active transportation and compact urban design facilitate car-free commuting [11] - **Boston, MA**: Nearly 58% of locals commute without a car, supported by strong transit coverage and modern mobility plans [12] - **Seattle**: Over half of residents commute without driving, aided by a growing transit network [13] - **Arlington, VA**: Focuses on growth around Metro stations, supporting sustainable commuting options [14] Key Statistics - The ranking includes median list prices, days on the market, and various friendliness scores for cycling, pedestrian access, and transit [15] - For example, Hoboken has a median list price of $785,000 and a cycling friendliness score of 7.0 [15]

Core Insights - Rents in the U.S. have declined for 20 consecutive months, with the median asking rent now at $1,694, which is $65 lower than the peak in 2022 [1][2] - Despite the decline, rents remain significantly higher than pre-pandemic levels, with a 20.2% increase from March 2019 to March 2025 [3] - New tariffs on building materials could threaten the ongoing decline in rents and impact multifamily housing supply by increasing construction costs [4][9] Rental Trends - The median asking rent has decreased by $65 monthly and over $700 annually, but remains above 2019 levels in nearly all major U.S. metros [2] - San Francisco is the only major market where the median asking rent is below pre-pandemic levels [3] - Markets with the fastest growth in permitted multifamily homes, such as Milwaukee, Oklahoma City, and Memphis, are expected to face the greatest impacts from new tariffs [5][9] Market Analysis - The increase in multifamily building and permitting has contributed to the decline in rents, but this trend is at risk due to rising construction costs from tariffs [2][4] - The following markets have seen significant growth in permitted multifamily units: Milwaukee (1,884 units), Oklahoma City (581 units), and Memphis (1,089 units) [7] - Overall, the national median rent is $1,694, with specific unit sizes showing varied year-over-year changes, such as studio rents at $1,407 and 2-bedroom rents at $1,878 [10]

Core Insights - 70% of potential sellers believe it is a good time to sell their homes, driven by optimism about home values and buyer offers meeting asking prices [1][2] - 55% of potential sellers who have been considering selling for over a year feel "locked in" due to high mortgage rates [8] Seller Motivations - 79% of potential sellers are motivated by necessity, with 46% seeking a different community, 34% needing more space, and 25% looking to downsize [2][10] - 61% of potential sellers have been contemplating selling for more than a year, with 46% of them considering it for one to two years [7][8] Seller Confidence - 81% of potential sellers expect to receive their asking price or more, and 75% believe their home will sell within the average time frame or quicker [3] - 96% of potential sellers have taken steps to prepare for a sale, with 71% checking their home's value and 61% researching neighborhood prices [4][6] Home Improvements - 38% of potential sellers have made home improvements, with 70% focusing on light renovations such as repainting and updating fixtures [5] - 65% of those who renovated addressed potential inspection issues, while 59% undertook major renovations like kitchen or bathroom remodels [5] Listing Process - 60% of potential sellers have initiated the listing process, with 36% contacting a real estate agent and 27% completing a home inspection [6] - 22% have already listed their home for sale [6] Regional Differences - Seller attitudes vary by region, with 80% of potential sellers in the Northeast believing it is a good time to sell, compared to lower percentages in the West (72%), South (69%), and Midwest (65%) [10] - The Northeast is identified as the most undersupplied region, contributing to heightened seller optimism [10] Interest Rate Impact - 78% of potential sellers anticipate that interest rates will remain the same or increase in the next year, influencing their likelihood to sell [9] - 66% of potential sellers plan to buy another home after selling, with half feeling "locked in" by current mortgage rates [8]

Core Insights - Homebuyers in the U.S. set a new record for down payments in 2024, with significant increases in the Northeast and Midwest, while declines were observed in several Southern and Western states [1][2][3] Down Payment Trends - Delaware experienced the highest increase in median down payments at 38.6%, reaching $49,000, followed by Rhode Island at 32.8% and Maine at 32.0% [1][3] - In contrast, states like Texas and Florida saw substantial declines in down payments, with Texas down 16.5% to $15,350 and Florida down 14.1% to $27,566 [4][12] Regional Dynamics - The Northeast and Midwest are characterized by intense buyer demand and significant housing supply gaps, leading to higher prices and competitive market conditions [4][12] - Only eight out of the 50 states reported falling down payments in 2024, indicating a generally competitive market across the country [10] Metro-Level Analysis - The San Diego metro area saw the largest increase in down payments, with a 33.7% rise, while other metros like Cincinnati and New Orleans also reported significant increases [5][7] - Conversely, Cape Coral, Florida, experienced the largest decline in down payments at 31.2%, attributed to stagnant home prices [9][11] Future Outlook - Down payments are expected to remain high in competitive regions with limited inventory, while markets in the South and West may continue to experience softening trends [12]

Core Insights - A survey by Realtor.com® reveals that moving is a mix of excitement and stress, with 36% of movers feeling excited on moving day [1][2] Moving Costs and Spending - Movers spent nearly $17,000 on setting up their new homes, while those using Realtor.com® spent nearly $20,000 [1] Cleaning and Home Preparation - Over 60% of movers prefer DIY cleaning, focusing on areas like bathrooms and countertops [3] - 61% of movers purchased new cleaning products, with 51% opting for organic or natural options [4] Connectivity and Technology - Connectivity is a priority, with over 60% of movers having internet installed before or on moving day [5] - The use of 5G internet increased from 27% in previous homes to 35% in new homes [6] Brand Experimentation - Movers are open to trying new brands, with nearly one in three having purchased or leased a vehicle in the past year [7] - 33% of movers added new coverages to their homeowners insurance, with flood and fire coverage being the most common additions [8] Additional Insights - Common life events for movers include promotions (39%), new jobs (21%), and having a child (16%) [11] - 68% of movers relocate within 50 miles of their previous residence [11] - Neighborhood safety is a top influencer in home purchases, with movers equally prioritizing neighborhood and house features [11]

Core Insights - The U.S. housing market is showing signs of recovery with increased inventory and more homes for sale, but buyer caution persists due to economic uncertainties [1][2][8] Market Trends - The spring housing season is characterized by more sellers and a growing number of homes available, indicating a rebalancing market [2] - The median listing price remained stable at $424,900, with a year-over-year change of 0.0% and a significant increase of 38.9% since March 2019 [3] - Active listings increased by 28.5% year-over-year, while new listings rose by 10.2%, marking the strongest March performance in three years [3][9] Buyer Behavior - Pending home sales declined by 5.2% year-over-year in major metro areas, with 36 out of 44 metros experiencing decreases, particularly in Jacksonville and Miami [4] - Some markets, such as San Jose and Grand Rapids, saw increases in pending listings, suggesting local dynamics are influencing buyer sentiment [5] Pricing Dynamics - A record 17.4% of active listings had price reductions in March, the highest share for any March since 2016, indicating sellers are adjusting to budget-conscious buyers [6][7] - Markets with the highest price reductions included Phoenix (32.6%) and Tampa (28.9%), while tighter markets like Buffalo (5.4%) maintained firmer pricing power [7] Inventory Analysis - Total inventory remains 20.2% below typical levels from 2017 to 2019, with significant gains in inventory seen in San Jose (+67.9%) and Las Vegas (+67.8%) [9] - Despite improvements, the Northeast continues to lag with inventory nearly one-third below pre-pandemic levels, highlighting ongoing supply challenges [9]

Highest number of days: Hawaii (17 days), California (15 days), Massachusetts (15 days) and Montana (15 days). Lowest number of days: Kansas (7 days), Missouri (7 days), Indiana (7 days), Illinois (7 days), West Virginia (7 days), Michigan (7 days), and Ohio (6 days)  AUSTIN, Texas, April 2, 2025 /PRNewswire/ -- The median national home price in the U.S. is $412,000 and for Americans looking to buy a home, the magic number of days required to work per month to afford the mortgage payment is 10, according t ...