Jackson Real Estate News
Jackson
One-Third of U.S. Home Sellers Give Concessions to Buyers
Based on new data from Redfin, U.S. home sellers gave concessions to buyers in 35% of U.S. home sales during the three months ending Oct. 31, 2023. That's about the same as one year earlier, but up from 27.6% from two years ago.
Thirty One Percent of all U.S. Home Sales Are New Construction in Q3
Based on new research by Redfin's data journalist Lily Katz, nationwide, 30.6% of U.S. single-family homes for sale in the third quarter were new construction. That's the highest share of any third quarter on record and up from 28.9% one year earlier and 25% two years earlier.
U.S. Mortgage Rates Rise Seven Straight Weeks
Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.79 percent as of October 26, 2023.
Driven by High Rates, U.S. Buyers Must Earn $115,000 to Buy a Typical Home in 2023
According to Redfin, a homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic. That's the highest annual income necessary to afford a home on record.
