A monthly update of housing market supply, demand, and prices.
Pending sales increased 3% in December from the month before, the first monthly gain since October 2021. But sellers remained on the sidelines, with new listings posting their biggest annual drop since the start of the pandemic. Seasonally adjusted pending home sales rose 2.9% nationwide in December, the first month-over-month increase since October 2021. Pending […]
Pending Home Sales Rise for First Time in 14 Months Read More »
A surge in mortgage rates in early November caused sales and prices to slow, but there are early signs that demand may be creeping back as rates reverse course. Home sales fell 35.1% year over year in November on a seasonally-adjusted basis—the largest decline in Redfin’s records that date back to 2012. Home-price growth also
Home Sales Slumped 35% in November, the Biggest Decline on Record Read More »
The historic slowdown may ease in the coming months if inflation continues to cool. Pending home sales fell the most on record in October and deal cancellations and price cuts hit record highs as buyers were spooked by the biggest mortgage-rate jump in over four decades. Pending sales dropped 32.1% year over year last month,
Both buyers and sellers retreated in September as surging mortgage rates made moving more expensive. Still, home prices rose 8% year over year due to persistent tight supply and inflation. About 60,000 deals were called off, equal to 17% of homes that went under contract—the highest share on record aside from March 2020. A record
New listings fell 8% in August to their lowest level since May 2020. Prior to the onset of the pandemic, the last time so few homes hit the market was August 2012.
Prospective Home Sellers and Buyers Retreated as Mortgage Rates Approached 6% Read More »
Buyers backed off amid high mortgage rates and economic uncertainty. New listings were also down, with some prospective sellers staying put as price growth slowed. Home sales dropped 19.3% year over year in July to their lowest level since the beginning of the pandemic, when the housing market was at a near standstill. That’s also
July Home Sales Dropped 19% Year Over Year to Lowest Level Since Mid-2020 Read More »
