Redfin’s Homebuyer Demand Index fell for the first time since June, and the share of home sellers dropping their asking price was the highest in five months.
Rising monthly mortgage payments—up 34% from a year ago, due largely to rising interest rates–are pricing more people out of the homebuying market, which could lead to even more increases in rents.
The hottest March on record ended with early signs of a cooldown as more buyers were edged out by soaring mortgage rates, sky-high prices and few new listings. It was the hottest March ever for the housing market, with homes selling at their fastest pace and for more above list price than any other March
Early indicators of homebuyer activity falter further as mortgage rates shoot up.
12% of homes for sale had price drops in the past four weeks—the highest level since early December—suggesting that sellers’ tight grip on the market is starting to loosen.
Homes sell even faster as dwindling supply and rapidly rising mortgage rates fuel fierce competition. Housing prices jumped the most since summer—up 17% year over year to a new high—as a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes were snapped up within two
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