Newly Listed Homes in Short Supply, Down 12% in January
Home sales posted strong monthly gains despite rising mortgage rates and record-low supply.
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 TimHome sales posted strong monthly gains despite rising mortgage rates and record-low supply.
Portland and Austin saw the largest increases, with rents surging more than 30% year over year.
A record 57% of homes sold in two weeks and the typical monthly mortgage payment soared to a new high, approaching $2,000.
People who need to move now are pinched by rising mortgage rates, sky-high home prices and rising rents.
Redfin economists predict mortgage rates will hit 3.9% by the end of the year. At that level, homebuyers could afford a $382,250 home on $2,000 per month, down from $396,000 at today’s mortgage rate. Austin, Atlanta and Phoenix—all popular migration destinations—would see among the biggest drops in the share of homes affordable on a $2,000
Despite a dearth of homes for sale and the typical monthly mortgage payment reaching a new high, homebuyers are eager to get their foot in the door before mortgage rates tick up further.
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