More than half of U.S. metros offer more affordable mortgages, especially in the Midwest and South. Meanwhile, coastal cities have better deals for renters.
The cumulative discount on the average home listing in October amounted to $25,000. However, in traditionally expensive metros—including San Jose and Los Angeles—cumulative price cuts reached upwards of $70,000.
Sentiment toward the single-family housing market didn’t improve much in November, with more builders cutting list prices and using sales incentives to attract homebuyers.
In October, luxury home prices increased by more than 5%, compared with just 1.8% in the non-luxury category. Despite this growth, luxury home sales still outperformed the rest of the housing market.
