Sales of existing homes dropped 1% month over month in August to a seasonally adjusted annual rate of 4 million, while pending sales fell 2%. Declining mortgage rates are giving buyers more purchasing power, but some house hunters are waiting on the sidelines in hopes that rates will fall further. Others are hesitant to buy […]
Home prices grew 0.5% month over month in August, the fastest pace since April. On a year-over-year basis, home prices rose 6.7%, the smallest annual increase since January. 20 of the 50 most populous U.S. metros recorded a drop in home prices month over month. U.S. home prices grew 0.5% in August on a seasonally
U.S. Home Prices Rose 0.5% in August, the Biggest Increase in 4 Months Read More »
Mortgage-rate locks for second homes have dropped 13% since last summer—more than twice as much as rate locks for primary homes. Demand for second-home mortgages is likely cooling in part because some buyers are paying in cash to avoid elevated mortgage rates. But high prices, economic jitters and a sluggish rental market have also made
Demand for Second-Home Mortgages Falls to Eight-Year Low Read More »
Falling mortgage rates have pushed the median U.S. housing payment down near its lowest level since January, but pending home sales have yet to improve. Many would-be buyers are hoping rates fall further, and others are waiting for clarity around the new NAR rules. The median U.S. monthly housing payment was $2,558 during the four
This was originally published to Forbes on August 29, 2024. The housing market is poised for a dynamic shift this fall, driven by recent declines in mortgage rates and the Federal Reserve’s anticipated rate cuts. This presents challenges for both buyers and sellers who want to time the market. Here’s what homebuyers and sellers can
What Homebuyers and Sellers Can Expect This Fall Read More »
The median asking rent climbed for the fifth consecutive month, up 0.9% year over year to $1,645. Rents dropped 17.9% in Austin—more than any other metro Redfin analyzed. East Coast and Midwest metros saw the steepest increases. Asking rents for 0-1 and 2 bedroom apartments remained flat, while 3+ bedroom apartments fell 1.7%. The median
