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Recent reports show a cooling US housing market with increased buyer leverage, more concessions from sellers, and rising inventory. Luxury markets see more cash deals, while affordability remains a concern for typical buyers amid higher mortgage rates and economic uncertainty.
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Austin, Texas, has emerged as the most affordable U.S. city for renters, with rents declining 7% year-over-year and only 16.5% of income spent on rent. This shift follows increased housing supply and policy reforms after pandemic-driven migration, contrasting with other major metros where rent-to-income ratios remain high.
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The US housing market shows signs of stagnation with record-low home turnover rates, rising mortgage rates, and declining homeownership. Fewer homes are changing hands, and buyer activity remains subdued amid economic uncertainty and high prices, impacting affordability and mobility.