Coronavirus Housing Market News
Homebuyers Are Grappling With the Most Volatile Mortgage Rates in Over Three Decades
A house hunter looking for a $500,000 home saw their potential total mortgage payment fall by $64,000 from July to August, and then jump by $118,000 from August to September. Seesawing mortgage rates, which have swung from nearly 6% to below 5% to above 6% in the last three months, are causing headaches for homebuyers.
Sun Belt Homebuyers Are Backing Out of Purchases at a Higher Rate Than Anywhere Else in the U.S.
Sun Belt cities including Phoenix, Tampa and Las Vegas attracted scores of house hunters during the pandemic, driving up home prices. Now their housing markets are among the fastest-cooling in the nation, giving buyers the flexibility to bow out. Nationwide, roughly 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went
85% of Homeowners with Mortgages Have a Rate Far Below Today’s Level, a Factor Prompting Many to Stay Put
Some Americans are hesitant to sell their homes as mortgage rates soar because they have a low interest rate locked in. That’s contributing to a nearly-20% slump in new listings. Roughly six of every seven (85%) U.S. homeowners with mortgages have a mortgage interest rate far below today’s level of 6%. With rates now at
Housing Market Update: Slowdown Starts to Ease as Drop in New Listings Hampers Supply
A number of metrics that reflect a cooling market are now leveling off—among them, housing supply and the share of sellers slashing their list prices—as would-be sellers back away in response to dampened homebuyer demand. The housing-market slowdown is starting to slow down. Fewer homeowners are listing their homes due to ebbing homebuyer demand. That’s
Homebuyers Are Increasingly Backing Out of Deals as Slowing Market Boosts Negotiating Power
About 63,000 home-purchase agreements were called off in July, equal to 16% of homes that went under contract that month. That’s the highest rate in more than two years. Nationwide, roughly 63,000 home-purchase agreements fell through in July, equal to 16.1% of homes that went under contract that month. That’s the highest percentage on record
Homebuyer Competition Falls to Lowest Level Since Early Months of Pandemic
Higher mortgage rates and home prices are pushing some house hunters out of the market, leaving those who remain with more options and negotiating power. Nationwide, 44.3% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in July, compared with a revised rate of 50.9% one month earlier and 63.8%
Homebuyers Are Grappling With the Most Volatile Mortgage Rates in Over Three Decades
A house hunter looking for a $500,000 home saw their potential total mortgage payment fall by $64,000 from July to August, and then jump by $118,000 from August to September. Seesawing mortgage rates, which have swung from nearly 6% to below 5% to above 6% in the last three months, are causing headaches for homebuyers.
Sun Belt Homebuyers Are Backing Out of Purchases at a Higher Rate Than Anywhere Else in the U.S.
Sun Belt cities including Phoenix, Tampa and Las Vegas attracted scores of house hunters during the pandemic, driving up home prices. Now their housing markets are among the fastest-cooling in the nation, giving buyers the flexibility to bow out. Nationwide, roughly 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went
85% of Homeowners with Mortgages Have a Rate Far Below Today’s Level, a Factor Prompting Many to Stay Put
Some Americans are hesitant to sell their homes as mortgage rates soar because they have a low interest rate locked in. That’s contributing to a nearly-20% slump in new listings. Roughly six of every seven (85%) U.S. homeowners with mortgages have a mortgage interest rate far below today’s level of 6%. With rates now at
Housing Market Update: Slowdown Starts to Ease as Drop in New Listings Hampers Supply
A number of metrics that reflect a cooling market are now leveling off—among them, housing supply and the share of sellers slashing their list prices—as would-be sellers back away in response to dampened homebuyer demand. The housing-market slowdown is starting to slow down. Fewer homeowners are listing their homes due to ebbing homebuyer demand. That’s
Homebuyers Are Increasingly Backing Out of Deals as Slowing Market Boosts Negotiating Power
About 63,000 home-purchase agreements were called off in July, equal to 16% of homes that went under contract that month. That’s the highest rate in more than two years. Nationwide, roughly 63,000 home-purchase agreements fell through in July, equal to 16.1% of homes that went under contract that month. That’s the highest percentage on record
Homebuyer Competition Falls to Lowest Level Since Early Months of Pandemic
Higher mortgage rates and home prices are pushing some house hunters out of the market, leaving those who remain with more options and negotiating power. Nationwide, 44.3% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in July, compared with a revised rate of 50.9% one month earlier and 63.8%
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