Redfin Reports: Starter Home Sales Increase in June
Starter home sales are at the highest level since June 2023, a glimmer in the otherwise soft market. The increase of sales is around 4% and can be due to multiple factors like increased inventory. Economists report that this is good news for first time homebuyers. They have more options and less competition leading to more sales. Factors like median home price, speed of sales and number of active listings vary by metro.
“In a market where it’s difficult for most Americans to afford a dream home, many are turning toward starter homes,” said Redfin Senior Economist Sheharyar Bokhari. “They’re typically smaller and more modest, but starter homes remain within reach for some buyers who have been priced out of higher tiers. First-time buyers are especially apt to go for starter homes, as they don’t have equity from a previous home sale to help with their payments.