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2023 was the worst year to buy a house since the 1990s. But there's hope for 2024

A home for sale sign on Tuesday, Jan. 16, 2024, in Kennesaw, Ga. On Friday, the National Association of Realtors reported that 2023 saw the smallest number of home sales in nearly 30 years. Mike Stewart/AP hide caption

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Mike Stewart/AP

Economy

2023 was the worst year to buy a house since the 1990s. But there's hope for 2024

Realtors hope it will be easier to buy a house in 2024. It can't get much harder: last year was one of the slowest on record thanks to high mortgage rates coupled with a housing shortage.

After the Surfside collapse, Florida is seeing a new condo boom

Driven by new regulations, developers are tearing down many older buildings on the waterfront in Miami and other cities in Florida and replacing them with luxury condominiums. Giorgio Viera/AFP via Getty Images hide caption

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Giorgio Viera/AFP via Getty Images

National

After the Surfside collapse, Florida is seeing a new condo boom

The 2021 collapse killed nearly 100 people. Regulations passed since then have raised costs for those living in older buildings. Developers want homeowners to sell so they can put up luxury condos.

After the Surfside collapse, Florida is seeing a new condo boom

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The 'Yellowstone' effect on Montana
Willy Sanjuan/Willy Sanjuan/Invision/AP

The Indicator from Planet Money

The 'Yellowstone' effect on Montana

Yellowstone first aired in 2018, quickly becoming one of television's most popular shows. The show follows John Dutton, played by Kevin Costner, as he feuds with real estate developers threatening to encroach on his family ranch. Today on the show, how life imitates art in Montana, where tourism has boomed, the population has grown and housing prices have soared.

The 'Yellowstone' effect on Montana

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WeWork files for bankruptcy in a stunning downfall from its $47 billion heyday

WeWork, which was founded in 2010 with the goal of revolutionizing the way people work, has filed for bankruptcy protection. It follows the company warning investors recently that was teetering on the brink of collapse. Ted Shaffrey/AP hide caption

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Ted Shaffrey/AP

Technology

WeWork files for bankruptcy in a stunning downfall from its $47 billion heyday

With its flexible office spaces, WeWork once was seen as a Silicon Valley darling led by an eccentric and charismatic founder. Financial troubled intervened, followed by the pandemic.

WeWork files for bankruptcy in a stunning downfall from its $47 billion heyday

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Are real estate agent fees a racket?
Joe Raedle/Getty Images

The Indicator from Planet Money

Are real estate agent fees a racket?

In the typical home sale, the home seller pays a commission, not just to their agent, but also to the buyer's agent. This fee-sharing arrangement is part of a decades-old practice involving what real estate agents call an "offer of compensation."

Are real estate agent fees a racket?

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To tackle homelessness faster, LA has a kind of real estate agency for the unhoused

Dan Valdez, housing acquisitions manager for the nonprofit Brilliant Corners, checks out a recently leased property near downtown Los Angeles. Grace Widyatmadja/NPR hide caption

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Grace Widyatmadja/NPR

National

To tackle homelessness faster, LA has a kind of real estate agency for the unhoused

A Los Angeles program aggressively scouts vacant units and lobbies landlords in one of the country's tightest real estate markets. Some landlords offer up units even before putting them on the market.

To tackle homelessness faster, LA has a kind of real estate agency for the unhoused

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Residents of four states will get more information about flood risk to their homes

Millions of Americans receive little or no information about flood risk before they buy a house or sign a lease, leading families to put their safety, belongings and financial security in harm's way. New rules in four states aim to address the problem. Ryan Kellman/NPR hide caption

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Ryan Kellman/NPR

Climate

Residents of four states will get more information about flood risk to their homes

Four states are strengthening rules that require home sellers and landlords to disclose information about whether a home has flooded in the past, or is likely to flood in the future.

Residents of four states will get more information about flood risk to their homes

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These are 5 ways surging mortgage rates are reshaping the housing market

A maintenance worker sweeps the street in front of a row of new homes in Fairfax, Va., on Aug. 22. Sales of new homes are taking off as current homeowners are reluctant to sell their houses, because they would face a higher mortgage for their next one. Andrew Caballero-Reynolds/AFP via Getty Images hide caption

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Andrew Caballero-Reynolds/AFP via Getty Images

Economy

These are 5 ways surging mortgage rates are reshaping the housing market

The housing market is showing a split: Sales of existing homes were down last month, but sales of newly built houses were up.

How two big Wall Street banks are rethinking the office for a post-pandemic future

Lord Norman Foster sits for a portrait on the 42nd floor of JPMorgan's current headquarters. Lord Foster is the architect for a new 60-story building the bank is building. He describes the new structure as a "a breathing building" because of the increased focus on air circulation. José A. Alvarado Jr. for NPR hide caption

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José A. Alvarado Jr. for NPR

Business

How two big Wall Street banks are rethinking the office for a post-pandemic future

From more air circulation to well stacked pantries, JPMorgan Chase and BNP Paribas are seeking to make the office a draw at a time when work-from-home is becoming commonplace.

How two big Wall Street banks are rethinking the office for a post-pandemic future

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Would you live next to co-workers for the right price? This company is betting yes

Cook employees Ryan and Shelby Bixler stand in front of the house they're buying from the company. They say they never could have afforded a new place like this at the full market price. Jennifer Ludden/NPR hide caption

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Jennifer Ludden/NPR

National

Would you live next to co-workers for the right price? This company is betting yes

Businesses like Cook Medical in Indiana say the housing shortage makes it harder to recruit and keep middle-income workers. Now, more companies are building places for employees to rent or even buy.

Would you live next to co-workers for the right price? This company is betting yes

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Racial bias often creeps into home appraisals. Here's what's happening to change that

Real estate appraiser Jack Sonceau (right) and his trainee, Devin Minnis, assess a rowhome in Baltimore. Shuran Huang for NPR hide caption

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Shuran Huang for NPR

National

Racial bias often creeps into home appraisals. Here's what's happening to change that

Black and Latinx homes are more likely to be undervalued by real estate appraisers, who are mostly older white men. New recruiting and technology aims to change how appraisals are done and by whom.

Appraisal industry tries new tech to limit racial bias

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2022 marked the end of cheap mortgages and now the housing market has turned icy cold

Children ride scooters past a house for sale in Los Angeles. Home sales have slowed as mortgage rates have climbed. Allison Dinner/Getty Images hide caption

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Allison Dinner/Getty Images

Business

2022 marked the end of cheap mortgages and now the housing market has turned icy cold

The buying frenzy of a year ago is long gone. Home buyers have pulled away, sellers are holding back, and the whole housing market is locked in a deep freeze.

2022 marked the end of cheap mortgages and now the housing market has turned icy cold

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It's harder to buy a house. This city fought back by outbidding corporate landlords

This is one of 194 homes The Port of Greater Cincinnati Development Authority bought this year. The purchase is a first for the agency, which wanted to prevent investors from buying the homes and possibly increasing rent or evicting tenants. Jeff Dean for NPR hide caption

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Jeff Dean for NPR

National

It's harder to buy a house. This city fought back by outbidding corporate landlords

A Cincinnati agency says large investors are taking some of the most affordable homes off the market, exacerbating the racial wealth gap. It's now helping its new tenants buy the homes themselves.

It's harder to buy a house. This city fought back by outbidding corporate landlords

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The promise and peril of mobile home ownership
Eva Marie Uzcategui/National Public Radio

The Indicator from Planet Money

The promise and peril of mobile home ownership

At first glance, mobile home ownership seems like the happy medium between renting and buying a house. But what happens when a tug-of-war ensues between the landlords and the residents? For the full read, click here.

The promise and peril of mobile home ownership

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From floods to slime: Mobile home residents say landlords make millions, neglect them

Mike Noel at the Heritage Plantation community, June 8, 2022. Noel retired and bought a home in the mobile home park and looked forward to fishing in the ocean 20 minutes away. "I thought I was moving to paradise," he says. Eva Marie Uzcategui for NPR hide caption

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Eva Marie Uzcategui for NPR

Investigations

From floods to slime: Mobile home residents say landlords make millions, neglect them

Elderly homeowners in Florida are suing the billion dollar company that owns their mobile home park. Big companies are buying up parks around the country, but critics say residents pay the price.

From floods to slime: Mobile home residents say landlords make millions, neglect them

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Is your house at risk of a wildfire? This online tool could tell you

Wildfires are causing billions in damage every year and yet many homebuyers have little idea whether their house is at risk. Josh Edelson/AFP via Getty Images hide caption

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Josh Edelson/AFP via Getty Images

Climate

Is your house at risk of a wildfire? This online tool could tell you

Many people move without realizing the danger that wildfires pose to their new home. A new risk rating system could help buyers learn more on real estate sites.

Is your house at risk of a wildfire? This online tool could tell you

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Home prices are up. For Black families, is selling Grandma's house the right choice?

Regan Adams at her home in northeast Knoxville. Lynsey Weatherspoon for NPR hide caption

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Lynsey Weatherspoon for NPR

National

Home prices are up. For Black families, is selling Grandma's house the right choice?

Fast-rising home prices are creating opportunities for some longtime Black homeowners. Those high valuations can also raise big questions about the best way to tap into that wealth.

Home prices are up. For Black families, is selling Grandma's house the right choice?

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iBuyers, Zillow, and 'the lemons problem'
Joe Raedle/Getty Images

The Indicator from Planet Money

iBuyers, Zillow, and 'the lemons problem'

With troves of data at their disposal, iBuyers like Opendoor, Redfin and Zillow have been trying to make money buying homes online and selling them — quickly. Armed with high-tech algorithms, what could go wrong? Lemons, for one thing.

iBuyers, Zillow, and 'the lemons problem'

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Zillow will stop buying and renovating homes and cut 25% of its workforce

Homes line the street of a neighborhood in Brooklyn, N.Y., in March. Zillow announced it will stop buying and reselling homes, citing the volatility of the housing market. Spencer Platt/Getty Images hide caption

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Spencer Platt/Getty Images

Business

Zillow will stop buying and renovating homes and cut 25% of its workforce

The company disclosed Tuesday that it lost about $304 million in the third quarter after purchasing homes at higher prices than it now expects to sell them at.

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