The share of Redfin.com users looking to move to a different metro area is near its record high as high rates and prices up the appeal of affordable places. Coastal Florida is especially popular, even after getting pummeled by Hurricane Ian. Nearly one-quarter (24.1%) of U.S. homebuyers looked to move to a different metro area
Places where home prices shot up due to out-of-towners moving in with big budgets are now seeing prices rapidly decline. Home-price growth has slowed fastest in pandemic boomtowns including Austin, Phoenix and Boise as high mortgage rates and an uncertain economy deter would-be buyers. Austin’s median price per square foot was up 1.3% year over
Mortgage-purchase applications and Redfin’s Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up–posting a record annual increase–as pending sales fell the most on record. We are taking a short break from analysis
Mortgage rates dropped from over 7% to 6.6% this week on better-than-expected inflation news, bringing some hope to prospective buyers. The largest weekly drop in mortgage rates in four decades, along with the slowest annual home-price growth since the start of the pandemic, is providing some relief for would-be homebuyers’ budgets. Last week’s better-than-expected inflation
Homebuyers across the country need to earn substantially more money than they did a year ago to buy a home, due to high mortgage rates and persistently high home prices. The increases are especially big in Florida. A homebuyer must earn $107,281 to afford the $2,682 monthly mortgage payment on the typical U.S. home, up
High mortgage rates, persistently high home prices, inflation, considering crime and LGBTQ protections in deciding where to live: Those are some of the housing-related issues on Americans’ minds as they head to the polls for 2022’s closely watched midterm elections. That’s according to an October Redfin survey of 2,000 U.S. residents. With monthly mortgage payments
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