Housing affordability

More counties have median home prices above their historic averages for typical wage earners, the company found.

Outside the densely populated coastal hubs, annual home sales grew by leaps and bounds, as buying patterns shifted toward more space with less emphasis on proximity to urban centers, according to Redfin.

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.