As many Americans consider buying a home this spring, they may want to take a closer look at the Cleveland metro area. Not only is it home to one of Redfin’s latest and most unique listings—the Cleveland Cavaliers’ Rocket Arena—it’s also one of the most affordable markets in the country. The typical Cleveland home sold […]
Cleveland Remains a Beacon of Affordability for Homebuyers Read More »
In dollar terms, there’s $347 billion worth of stale listings in the U.S., more than ever before for this time of year. That’s because there are hundreds of thousands more home sellers than buyers, leading to homes sitting on the market. Stale inventory is most common in Florida, and least common in the Bay Area.
Over Half of Home Listings Have Been Lingering on the Market For More Than 2 Months Read More »
Higher housing costs, along with economic uncertainty that comes with the Iran war, are causing some house hunters to think twice. The weekly average mortgage rate has hit a three-month high of 6.22% as the Iran war and jitters about inflation rattle markets. The daily average mortgage rate rose as high as 6.55% on Tuesday.
House hunters have the upper hand, allowing them to abandon deals over price, repairs or second thoughts. Cancellations are most common in Tampa and San Antonio, where there are roughly twice as many sellers as buyers. More than 42,000 U.S. home-sale agreements fell through in February, equal to 13.7% of homes that went under contract
14% of Home-Sale Agreements Fell Through Last Month–A Record for February Read More »
Home prices rose 0.1% month over month on a seasonally adjusted basis—the slowest growth in seven months. Prices fell in 16 major metros, with the biggest declines in Jacksonville, FL, Providence, RI and Columbus, OH. Prices rose most in Charlotte, NC, Portland, OR and West Palm Beach, FL. U.S. home prices were little changed from
U.S. Home Prices Barely Budged in February Read More »
When sellers outnumber buyers, the buyers who are in the market have bargaining power. In other words, it’s a buyer’s market. The strongest buyer’s markets are in the South, while the strongest seller’s markets are in the Northeast. There were an estimated 46.3% more home sellers than buyers in the U.S. housing market in February
There Are 630,000 More Home Sellers Than Buyers—the Biggest Gap on Record Read More »
