The typical home is taking longer to sell than any period since April 2020 and pending sales are at a record low, but online home searches and tour requests are ticking up. Those early signs of demand could translate into sales–especially as mortgage rates fall from their peak and inflation cools. Homes are selling at
The homes that are selling are going for about the same price as a year earlier, with nationwide prices up just 0.5% year over year–smaller than the 0.7% increase at the onset of the pandemic when the market reached a near standstill. Measures of early-stage homebuyer activity are mixed, with requests for tours and agent
The supply of homes for sale posted a record year-over-year increase this week as homes linger on the market. But some buyers are making their way back, with Redfin’s Homebuyer Demand Index showing an uptick in early-stage demand. The total number of homes for sale rose 18% from a year earlier during the four weeks
Redfin agents report some buyers are resuming their search as home prices and rates fall from their peak, but the uptick in house hunting hasn’t yet translated to sales. The typical U.S. home sold for roughly $352,000 during the four weeks ending December 18, down 10% from a peak of $391,000 in June and up
High mortgage rates are motivating affluent buyers to avoid loans and pay in cash. FHA loans are also making a comeback as a slowdown in homebuyer competition makes winning a home easier for bidders with lower down payments. Roughly one-third (31.9%) of U.S. home purchases were paid for with all cash in October, up from
The share of Redfin.com users moving away from their home metro is near its record high as 6%-plus mortgage rates and inflation cut into homebuying budgets. Places like Las Vegas and parts of Florida are especially popular. Nationwide, 24.1% of homebuyers looked to move to a different metro during the three months ending in November,
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