Home sellers are starting to come off the sidelines to meet buyer demand as mortgage rates steadily decline, with new listings and pending sales both posting their smallest drops in four months. A homebuyer on a $2,500 monthly budget can afford a $400,000 home for the first time in four months as mortgage rates dip
Prospective homebuyers are getting some relief as monthly housing payments fall from their peak due to declining mortgage rates and home prices. It’s one reason for renewed homebuyer interest. The median monthly housing payment for San Francisco homebuyers has dropped 14.8%, from $9,973 to $8,496, since mortgage rates hit their pandemic-era peak in October, the
Pending sales posted their smallest year-over-year decline in three months as mortgage rates ticked down. Early indicators of homebuyer demand, including tour requests and mortgage applications, are increasing from their low point. Pending home sales fell 26% year over year during the four weeks ending January 22, the smallest drop in more than three months.
Pending sales increased 3% in December from the month before, the first monthly gain since October 2021. But sellers remained on the sidelines, with new listings posting their biggest annual drop since the start of the pandemic. Seasonally adjusted pending home sales rose 2.9% nationwide in December, the first month-over-month increase since October 2021. Pending
Economic uncertainty and 6%-plus mortgage rates caused fewer Americans to purchase homes in the fourth quarter. But those who did buy relocated at an unprecedented rate due to remote work and the allure of more affordable options. A record one-quarter (24.6%) of Redfin.com users looked to move to a different metro area in the fourth
An increase in home searches and tours at the end of 2022 is starting to translate into purchases as mortgage rates fall. Mortgage applications are up 25% and the slowdown in pending sales is easing. The median U.S. home-sale price increased 0.9% from a year earlier to $350,250 during the four weeks ending January 15,
About Us
Updated January 2020: By searching, you agree to the Terms of Use, and Privacy Policy.
REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. READ REDFIN’S FAIR HOUSING POLICY.
Copyright: © 2022 Redfin. All rights reserved. Patent pending.
REDFIN and all REDFIN variants, TITLE FORWARD, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO.
California DRE #01521930
NY Standard Operating Procedures
TREC: Info About Brokerage Services, Consumer Protection Notice
If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732.
United States
Canada