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.

Seeking to reverse a decades-long disparity in homeownership, the Urban League of Greater Madison has launched a $5 million initiative to help more Black Madisonians own their own homes.

With infections resurging, consumer confidence in the housing market hit a snag in July, but sellers are feeling better about their prospects, according to Fannie Mae.

The American Dream Down Payment Act would let states establish and manage accounts, which would be similar in structure to 529 college savings plans.

For 32 years, the Bay Area city of Sausalito has used strict zoning restrictions to protect its scrappy industrial waterfront, banning both housing and offices in the 225-acre Marinship district, which stretches for about a mile north of downtown.

Housing prices continued to grow in June, maintaining a streak in monthly increases that began in February 2012. But the trend could be reversed in 2021 with the resurgent effects of the coronavirus, according to CoreLogic.

Record-low interest rates allowed homebuyers to purchase $32,000 more house for the same monthly payment compared to last July, boosting affordability to the highest level since 2016.

With low inventory and coronavirus limiting accessibility, nearly half of shoppers made offers sight-unseen in June, according to Redfin.

With inventory tight and demand compounded by a nonexistent spring home-buying season, a fifth of all buyers waived inspection or appraisal contingencies to win bidding wars, according to Redfin.

Congress should act in the next relief bill to provide the additional resources needed to build more affordable housing.

But the coronavirus put a hold on the market in April and remains an overhanging cloud for the future.