Most home listings were unaffordable for the typical household in 2023, real estate brokerage says

Most Americans cannot afford to buy the homes listed for sale in the U.S., real-estate brokerage Redfin said in report on Thursday. 

An analysis of listings in 97 of the most populous metropolitan areas in the country found that just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household. That's a decrease from last year, when Redfin found that 21% of homes listed for sale were affordable for the typical buyer. 

Redfin defines affordability based on the estimated mortgage payment equaling 30% or less of the average monthly income of residents in the local county.