A homebuyer on a $3,000 budget has gained $26,000 since last year as mortgage rates drop to the low-6% range. But pending home sales are still slipping. The daily average mortgage rate dropped to 6.17% this week, near the lowest level in three years. Lower mortgage rates are curbing growth in monthly mortgage payments; the […]
Nationwide, there are an estimated 37% more sellers than buyers—a near-record gap that’s giving buyers across the country negotiating power. There are seven metros where sellers outnumber buyers by at least 2-to-1, and all but one are in Texas or Florida. There are five remaining seller’s markets, the strongest of which is Newark, NJ. Sale
Housing costs are frightful and economic jitters are in the air, leading some buyers to leave sellers in the lurch. Just over 53,000 home-purchase agreements nationwide were canceled in September, equal to 15% of homes that went under contract that month. That’s up from 13.6% a year earlier. This is based on a Redfin
Sellers Are Getting Ghosted: 15% of Homebuying Contracts Were Canceled in September Read More »
U.S. home prices increased 0.2% from a month earlier in September on a seasonally adjusted basis. On a year-over-year basis, home prices rose 3%, the slowest rate recorded in Redfin Home Price Index (RHPI) data going back to 2012. San Diego (+1.7%) recorded the highest month-over-month price growth of the 50 most populous U.S. metros,
U.S. Home Prices Rose 0.2% in September Read More »
The typical home that sold last month went for 1.4% less than its final list price—the biggest September discount in six years—as a slow housing market empowered buyers to negotiate. The typical home that sold also spent 50 days on the market—the slowest September pace in nearly a decade. Existing-home sales inched up to the
Homebuyers Are Scoring the Biggest Autumn Discounts Since 2019 Read More »
29% of U.S. homebuyers are paying in cash, down essentially unchanged from last year and down from a peak of nearly 35% two years ago due to declining mortgage rates. The typical down payment is climbing, partly because in today’s expensive market, many buyers are affluent. It now sits at a record $70,000, and in
29% of U.S. Home Purchases Are Made in Cash, Essentially Flat From a Year Ago Read More »
