Whether more buyers return to the market depends largely on how the Fed reacts to unrest in the banking industry alongside persistent inflation. If the Fed presses pause on interest-rate hikes next week or announces just a small increase, mortgage rates will drop. Some homebuyers are returning to the market as mortgage rates decline from
Many homebuyers and sellers have backed off as persistent inflation and mixed economic signals send mortgage rates up. But for people who are moving now, Redfin’s economists provide tips on getting a lower rate and negotiating in a confusing market. Today’s housing market is confusing. Mortgage rates have gone up and down and back up
Elevated mortgage rates, along with prices that remain high–despite posting a 1% annual drop– pushed monthly housing payments to a record high of nearly $2,600. That’s dampening demand and preventing many would-be sellers from listing their homes. The typical homebuyer’s monthly payment hit a new all-time high of $2,563 this week, up 29% from $1,988
The share of U.S. homes worth at least $1 million has fallen to 7% from 8.6% last June as the housing market cools. Just over 7% of U.S. homes are worth $1 million or more. That’s down from June 2022’s all-time high of 8.6% and essentially unchanged from a year ago–but it’s up from 4.2%
The median U.S. home-sale price declined 0.6% year over year in February, marking the first annual drop since 2012–but high rates mean homes aren’t more affordable. The milestone comes as daily average mortgage rates hit 7.1%, dampening homebuying demand. U.S. home-sale prices have fallen from a year earlier for the first time in more than
Homeowner tenure is down slightly from the peak reached in 2020, but it has nearly doubled over the last couple decades, contributing to the lack of for-sale inventory. Baby boomers are driving the general trend of longer homeowner tenure; more than one-third of homeowners 65 and older have held onto their home for at least
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