Skip to main content

Redfin: More Inventory, Less Affordable Homes

Phil Hall
Jan 23, 2019
Do you agree with me that today’s housing supply has narrowed, and mortgage demand is uncertain

There is good news and bad news in the current housing market, according to a new data analysis from Redfin. The good news is that housing inventory levels are rising. The bad news, unfortunately, is that affordable homeownership opportunities are shrinking.
 
"Homeownership is increasingly out of reach for the typical American," said Redfin Chief Economist Daryl Fairweather. "Over the last few years builders have focused on luxury homes, and there hasn't been enough construction of affordable starter homes."
 
In some markets, the lack of affordable homes is particularly acute despite inventory gains. For example, the San Diego metro area saw a 10 percent increase in housing inventory from 2017 to 2018, but the number of affordable homes for sale fell 16 percent. In the Seattle metro area, there were four percent more homes for sale year-over-year, but the share of affordable homes dropped by 17 percent. Among the markets where the share of affordable homes for sale increased were Hartford, Conn. (19 percent), Jacksonville, Fla. (nine percent) and Nashville (four percent).
 
"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."
There is good news and bad news in the current housing market, according to a new data analysis from Redfin

 
Published
Jan 23, 2019
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022
Nominations Open For Industry Titans Award

NMP Magazine to honor people who represent industry with professionalism.

Industry News
Sep 23, 2022