Mortgage Rates Driven to Historic Lows by the Coronavirus Amp Up Homebuyer Purchasing Power
A dramatic drop in mortgage interest rates, driven by coronavirus fears, has given homebuyers a big boost in purchasing power in recent weeks.
Tim Ellis has been analyzing the real estate market since 2005, and worked at Redfin as a housing market analyst from 2010 through 2013 and again starting in 2018. In his free time, he runs the independently-operated Seattle-area real estate website Seattle Bubble, and produces the "Dispatches from the Multiverse" improvised comedy sci-fi podcast.
Email TimA dramatic drop in mortgage interest rates, driven by coronavirus fears, has given homebuyers a big boost in purchasing power in recent weeks.
A majority of offers submitted by Redfin agents faced competition in January according to a survey of more than 500 Redfin agents across the nation.
U.S. home-sale prices increased 6.7% year over year in January to a median of $306,400 across the 217 metros Redfin tracks.
Twenty-six percent of Redfin.com home searchers looked to move to another metro area in the fourth quarter of 2019, compared to 25% during the same period last year.
The US housing market is already off to a strong start in 2020, as buyers come out of winter hibernation early.
A record shortage of homes for sale drove prices up on a monthly and annual basis. U.S. home-sale prices increased 6.9% year over year in December to a median of $312,500 across the 217 metros Redfin tracks. Home prices were also up 1.1% month over month on a seasonally-adjusted basis, the largest increase since February
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