Housing affordability

Median closing prices hit a new record high during the four-week period ended Sept. 6, Redfin said.

For both homeowners and renters, Philadelphia is a relatively affordable city with low housing costs when compared with other big cities, but Philadelphia's high poverty rate makes the city more expensive for its residents, especially renters.

Albuquerque, N.M., area home prices continued to rise in August, driven in part by a spike in demand for luxury homes.

More than half of listings underwent bidding wars in August with some housing markets peaking above 65%, according to Redfin.

Driven by robust purchase demand and tight housing supply, housing price growth reached a two-year high in July, according to CoreLogic.

As swelling demand constricts inventory to record-low levels, home price growth cuts into the purchasing power afforded by plunging interest rates, according to First American.

While those migrating from New York and New Jersey found housing they could afford, many Cape Cod residents saw the gap widen between what they could pay for a mortgage or rent given their diminished economic circumstances.

As inventory dropped to an all-time low in July, borrowers hunted for houses further and further from city centers, causing price spikes in rural markets, according to Redfin.

A survey conducted throughout the second quarter found knowledge gaps based on race and income.

About 54% of properties underwent bidding wars in July with some metro areas peaking at 75%, according to Redfin.