Latest news with #SheharyarBokhari
Yahoo
24-06-2025
- Business
- Yahoo
U.S. Home Prices Edged Down 0.1% in May, Only the Fourth Monthly Drop in the Past Decade
Redfin reports 32 of the 50 most populous U.S. metros recorded a drop in home prices month over month SEATTLE, June 24, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — U.S. home prices edged down 0.1% in May on a seasonally adjusted basis, according to a new report from Redfin ( the technology-powered real estate brokerage. Home prices have only posted a month-over-month decline three other times in records dating back to 2012: April 2025, and August-September 2022—when mortgage rates were peaking. Home prices rose 3.6% on a year-over-year basis in May, down from 4.1% growth in April. It was the first time annual price growth has been below 4% since July 2023. This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. The homebuying market is cooling because sellers significantly outnumber buyers. Less than one-third (31.2%) of homes that sold in May went for over their asking price, the lowest May share in five years. At the same time, pending sales are ticking down and inventory is still rising. "Sellers are starting to feel pressure because many buyers have put their home search on pause in response to high housing costs, elevated mortgage rates and economic uncertainty," said Redfin Senior Economist Sheharyar Bokhari. "More sellers are likely to adjust their price expectations in the coming months as they see examples of the market shifting in favor of buyers, like homes selling below asking prices. Still, home price trends are always local and some areas—particularly on the East Coast—continue to see strong growth." Metro-Level Summary: Redfin Home Price Index, May 2025 Prices fell from a month earlier in 32 of the 50 most populous metro areas on a seasonally adjusted basis in May. The biggest decline was in Charlotte, NC (-2.7%), followed by San Francisco (-1.3%) and Seattle (-1.3%). Prices increased most in Nassau County, NY (2.1%), San Diego (1.6%) and Fort Lauderdale, FL (1.5%). On a year-over-year basis, five major metros are still posting double-digit growth: New York (12.4%), Nassau County, NY (11.3%), Detroit (11.2%), Philadelphia (11%) and Chicago (10.2%). At the other end of the spectrum, Tampa, FL posted a 5.5% decline in prices from a year ago—the biggest drop of any major metro. Next came Austin, TX (-3.6%) and San Antonio, TX (-2.4%). To view the full report, including charts, additional metro-level data and a full methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Angela Cherrypress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
24-06-2025
- Business
- Business Wire
U.S. Home Prices Edged Down 0.1% in May, Only the Fourth Monthly Drop in the Past Decade
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — U.S. home prices edged down 0.1% in May on a seasonally adjusted basis, according to a new report from Redfin ( the technology-powered real estate brokerage. Home prices have only posted a month-over-month decline three other times in records dating back to 2012: April 2025, and August-September 2022—when mortgage rates were peaking. Home prices rose 3.6% on a year-over-year basis in May, down from 4.1% growth in April. It was the first time annual price growth has been below 4% since July 2023. This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. The homebuying market is cooling because sellers significantly outnumber buyers. Less than one-third (31.2%) of homes that sold in May went for over their asking price, the lowest May share in five years. At the same time, pending sales are ticking down and inventory is still rising. 'Sellers are starting to feel pressure because many buyers have put their home search on pause in response to high housing costs, elevated mortgage rates and economic uncertainty,' said Redfin Senior Economist Sheharyar Bokhari. 'More sellers are likely to adjust their price expectations in the coming months as they see examples of the market shifting in favor of buyers, like homes selling below asking prices. Still, home price trends are always local and some areas—particularly on the East Coast—continue to see strong growth.' Metro-Level Summary: Redfin Home Price Index, May 2025 Prices fell from a month earlier in 32 of the 50 most populous metro areas on a seasonally adjusted basis in May. The biggest decline was in Charlotte, NC (-2.7%), followed by San Francisco (-1.3%) and Seattle (-1.3%). Prices increased most in Nassau County, NY (2.1%), San Diego (1.6%) and Fort Lauderdale, FL (1.5%). On a year-over-year basis, five major metros are still posting double-digit growth: New York (12.4%), Nassau County, NY (11.3%), Detroit (11.2%), Philadelphia (11%) and Chicago (10.2%). At the other end of the spectrum, Tampa, FL posted a 5.5% decline in prices from a year ago—the biggest drop of any major metro. Next came Austin, TX (-3.6%) and San Antonio, TX (-2.4%). To view the full report, including charts, additional metro-level data and a full methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here.
New York Post
12-06-2025
- Business
- New York Post
Just 7 US cities offer luxury homes for less than $1M — a massive decline from 2020
A million bucks ain't what it used to be. In today's pricey housing market, buyers may wonder how far $1 million or less may go towards the purchase of a luxury home. Spoiler alert: not very far. But it depends on where you look. Just five years ago, buyers could land a top-tier home for less than seven figures in 30 major US cities. Today, that number has shriveled to just seven cities, as soaring prices across the country have turned what was once an exclusive threshold into a starting line. A new report from Redfin underscores just how swiftly the luxury real estate landscape has shifted. 7 Luxury home prices in the US have surged 88% over the past decade, dramatically shrinking the number of cities where high-end homes cost less than $1 million. Fotoluminate LLC – 7 According to a new Redfin report, only seven of the country's 50 largest metro areas now meet that criteria — down from 30 cities just five years ago. Ted – Back in 2020, more than half of the nation's 50 largest metropolitan areas boasted median prices for luxury homes — defined by Redfin as the top 5% of listings — for less than $1 million. Now, only a handful remain, with the vast majority located in the industrial Midwest. Detroit currently tops the list of affordability, with Motor City's median luxury home priced at about $753,851 — though that's still up more than 80% over the past decade. 7 The study's findings. Redfin 7 Pittsburgh remains one of the affordable markets. Tupungato – Cleveland follows closely, with Pittsburgh, Indianapolis, St. Louis and Cincinnati rounding out the list. The only non-Midwestern — and notably non-Rust Belt — holdout is San Antonio, where the median luxury price is just below $1 million, at $957,854. While prices in these cities have climbed — each saw luxury costs jump more than 50% since 2015 — they've done so at a slower pace compared to coastal markets, where price tags for high-end homes have gone into overdrive. 7 The lone non-Rust Belt outlier is San Antonio, Texas, where the median luxury home price remains under $1 million at $957,854. Getty Images/iStockphoto 'The Rust Belt's relative affordability has preserved opportunities for luxury buyers that have all but disappeared in much of the country,' said Redfin senior economist Sheharyar Bokhari in the report. 'Buyers can get historic charm, large lots and upscale finishes — often in walkable, tree-lined neighborhoods — for a small fraction of what a similar home would cost in cities like San Francisco or New York.' Nationally, the median price of a luxury home has soared 88% over the past decade, from $717,000 in 2015 to more than $1.3 million today. That jump has pushed most large metros out of reach for luxury buyers who once viewed $1 million as a benchmark for high-end real estate. 7 Detroit tops the affordability list with a median luxury price of about $753,851, despite an 80% price increase since 2015. Leonid Andronov – At the other end of the spectrum, the country's most expensive luxury markets remain familiar. San Francisco leads with a median luxury price exceeding $6 million, followed by California's San Jose and Anaheim, both topping $5 million. In Miami, where luxury prices more than doubled in 10 years, the median now sits at $4.38 million — just ahead of New York City's $4.22 million. 7 These cities, many in the Rust Belt, offer historic homes, large lots and upscale amenities at a fraction of the cost of homes in places like San Francisco or New York. Henryk Sadura – New York has seen the slowest luxury price growth among major metros, climbing just 33.1% over the decade. Meanwhile, West Palm Beach notched the fastest growth, with high-end home prices tripling from $1.34 million to $4.31 million in the same span. In sum, 17 of the 50 largest US metros saw the median price of luxury homes double in the last 10 years.
Yahoo
05-06-2025
- Business
- Yahoo
Atlanta rent prices down 1% compared to 2024, but rose month-to-month
The median rent prices across the United States are starting to trend lower, and the same is true for Atlanta. While the dollar amounts differ, Atlanta and the United States writ large both had year-over-year rental price decreases of 1%. Similarly, both the country overall and the city saw rent prices creep upward by 0.5% in May, according to real estate firm Redfin. According to Redfin's latest report, the median rent in Atlanta is $1,549, lower than the U.S. average of $1,633. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: 19 arrested for stealing thousands from Mall of Georgia Man accused of depositing check meant for GA county commissioners into personal account Possible burial site discovered during trail construction at Decatur's Legacy Park The data comes from rent prices reported for new listings with buildings that have five more more units available, according to the company. Redfin reported that, nationally, 'the rental vacancy rate for buildings with five or more units was 8.2% in the first quarter" of 2025. The company said rent prices are also less volatile than during the COVID-19 pandemic. 'Apartment construction in America has been hovering near a 50-year high, and even though renter demand is strong, it's not keeping pace with supply,' Redfin Senior Economist Sheharyar Bokhari said. 'Many units are sitting vacant for months, which means renters have power to negotiate concessions and landlords have less leeway to keep rents high.' [SIGN UP: WSB-TV Daily Headlines Newsletter]
Yahoo
04-06-2025
- Business
- Yahoo
Redfin Reports Asking Rents Are Falling in 28 Major U.S. Metros—the Most Since 2023
The median U.S. asking rent dropped 1% year over year to $1,633 in May as elevated apartment supply gave renters room to negotiate SEATTLE, June 04, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — The median U.S. asking rent fell 1% year over year in May to $1,633, which is $72 below the August 2022 record high, according to a new report from Redfin ( the technology-powered real estate brokerage. On a month-over-month basis, the median U.S. asking rent rose 0.5% in May—typical for this time of year. Overall, 28 of the 44 major U.S. core-based statistical areas (CBSAs) Redfin analyzed saw asking rents decline last month—the highest number since September 2023. "Apartment construction in America has been hovering near a 50-year high, and even though renter demand is strong, it's not keeping pace with supply," said Redfin Senior Economist Sheharyar Bokhari. "Many units are sitting vacant for months, which means renters have power to negotiate concessions and landlords have less leeway to keep rents high." Multifamily construction surged in the wake of the pandemic moving frenzy, and while it has started to taper off, it's still at historically high levels. As it continues to slow, asking rents may rebound. The rental vacancy rate for buildings with five or more units was 8.2% in the first quarter—the most recent period for which data is available. That's tied with the prior quarter for the highest level since early 2021. Less than half of newly built apartments are getting rented out within three months—one of the lowest shares on record. While asking rents are falling, they're much less volatile than they were during the pandemic. May marked the 15th-straight month in which asking rents barely decreased or increased, with a year-over-year change of roughly 1% or less during each of those months. Those changes pale in comparison to the wild swings during the pandemic era, when asking rents jumped as much as 17.7% and fell as much as 4.1%. Austin Asking Rents Drop to Four-Year Low as Building Spree Continues In Austin, TX, the median asking rent dropped 8.8% year over year to $1,385 in May—the lowest level since February 2021 and $414 below the August 2023 record high. That's the largest decline in percentage terms among the 44 major CBSAs Redfin analyzed. Next came Minneapolis (-6.3%), Columbus, OH (-3.5%), Nashville (-3.4%) and Portland, OR (-3.4%). Austin granted permits to build 64.5 multifamily units for every 10,000 people from April 2024 to March 2025—a higher number than any other metro Redfin analyzed in a separate report. Columbus and Nashville also ranked in the top 10 when it came to multifamily permitting. Columbus's 3.5% asking-rent decline marked the largest drop for that metro in records dating back to 2019. With rents falling and homebuying costs rising in many U.S. cities, a lot of Americans are opting to keep renting. "I'm not seeing many first-time homebuyers right now," said Nicole Stewart, a Redfin Premier real estate agent in Boise, ID. "Rental rates here are still more manageable than saving up for a down payment and mortgage. People are finding rentals that are nicer than the house they could afford at the same monthly cost. That's in part because a lot of home sellers are overpricing their properties as they struggle to adjust to the changing housing market." The typical U.S. homebuyer needs to earn over $50,000 more than the typical renter to afford monthly housing payments, and the gap has been widening due to high home prices and mortgages rates. Asking Rents Hit Record High in Four U.S. Metros In Cincinnati, the median asking rent rose 7.4% year over year to a record $1,460 in May—the largest increase among the 44 CBSAs Redfin analyzed. The second largest gain was in Tampa, FL (4.2%), followed by St. Louis (4%), Pittsburgh (3.5%) and Birmingham, AL (2.4%). Aside from Cincinnati, three metros saw rents hit a record high in May: Chicago (up 1.9% Y/Y to $1,781), Memphis (1.9% to $1,274) and Washington, D.C. (2.4% to $2,104). All metros in this section aside from Tampa and Washington D.C. are permitting less multifamily construction than the national average, which may be buoying rents. Asking Rents Are Falling Fastest for Two Bedroom Apartments The median asking rent for 0-1 bedroom apartments fell 0.7% year over year to $1,492. For 2 bedroom apartments, it decreased 1.8% to $1,704—the largest decline since February 2024. And for 3+ bedroom apartments, it fell 0.2% to $2,009—the smallest decline in about a year. To view the full report, including charts as well as additional metro level data and methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Angela Cherrypress@ Sign in to access your portfolio
