St. Louis Is The Best City For First-Time Buyers

First-time homebuyers will find the best mix of affordability, low competition, and young homeowners in Midwestern metros, a new report says. Zillow named the best markets for first-timers in 2024, with St. Louis taking the number one spot. Detroit, Minneapolis, Indianapolis, and Austin rounded out the top five. These cities offer reasonable prices and a relatively full arsenal of starter homes to choose from. Low-priced properties have been hard to come by due to rate lock-in keeping many families from moving up and a tendency for builders to produce big homes. That trend is changing, with builders now prioritizing smaller homes with fewer amenities, but until the construction wave is complete, first-time buyers need to prioritize metros that offer affordable…

Newly Built Home Share Hits Record-High

More than a third of US single-family homes for sale in December were newly built, the highest share on record, according to a new Redfin report. New construction accounted for 34.1% of single-family homes at the end of 2021, up from 25.4% year-over-year (YOY). These numbers are the result of builders trying to keep up with housing demand, which has increased while inventory dropped to historic lows. In December, existing-home inventory fell 14.2% YOY with a historic-low 1.8 months supply. However, new homes saw inventory increase 34.8% and had a 6 month supply. Though new home supply is rising, new home sales have remained consistent, which Redfin calls “another indicator that homebuyer demand is far outpacing supply.” “A lot of…