The second of a series of three reports on the housing market analyzes how economic factors such as the expected mortgage rate hikes, and newly-passed tax reform have affected homebuyer and seller sentiments.
High taxes were cited in Redfin's survey as respondents' biggest economic concern at 38 percent. Residents in California, who pay some of the highest state, local, and property taxes, were more likely to say high taxes was the top economic concern, with 43 percent of San Francisco residents and 45 percent of San Diego residents. Affordable housing, at 33 percent, was the next highest economic concern.
“Tight credit, lack of inventory and high demand are the major factors that tell us there’s no housing bubble, despite rapid price increases,” said Redfin chief economist Nela Richardson. “There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can’t afford than during the housing boom a decade ago."
Advertisement
Related Stories
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers
