Home sellers are contending with apprehensive buyers amid rising mortgage rates and the possibility of an oncoming recession. Price drops have become a common feature of the cooling housing market, particularly in places that were popular with homebuyers earlier in the pandemic. Nearly two-thirds (61.5%) of homes for sale in Boise, ID had a price
San Jose, Oakland and San Francisco are among the fastest-cooling housing markets in the U.S. as mortgage rates remain above 5% and the stock market falters, pricing many would-be buyers out of the market. The 10 markets cooling most are all in the western U.S. Housing markets in northern California are cooling faster than anywhere
Redfin economists answered questions about what’s likely to happen in the housing market as the economy stumbles. High mortgage rates will likely keep homebuyer demand below the pandemic peak. Whether mortgage rates go up or down from here depends largely on whether inflation calms down or remains stubbornly high. Home prices are past their peak
High home prices and mortgage rates, along with economic uncertainty and an increase in second-home loan fees, have put an end to the pandemic-driven vacation-home boom. Demand for vacation homes has fallen below the pre-pandemic baseline for the first time in two years, with mortgage-rate locks for second homes down 4% from before the pandemic
The Hispanic-white homeownership gap is narrowing as the largest group of Hispanic Americans ages into prime homebuying years. Nationwide, 49.1% of Hispanic families own their home. That’s essentially unchanged from 48.9% just before the pandemic began, but up from 46.3% a decade ago. As the Hispanic homeownership rate increases, the Hispanic-white homeownership gap has narrowed
Sellers are adjusting their expectations as they realize many buyers are no longer able to afford the type of home they could have before mortgage rates shot up. An increasing share of home sellers are lowering their asking price as rapidly rising mortgage rates cut into buyers’ budgets and homebuying sentiment drops. Price drops are
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