Coronavirus Housing Market News
Homebuyer Competition Drops to Lowest Level in Over Two Years
The bidding-war rate dipped below 50% for the first time since the start of the pandemic in June as rising mortgage rates and inflation took a bite out of homebuyer budgets. Nationwide, 49.9% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in June. That’s the lowest share since May
The Deal Is Off: Home Sales Are Getting Canceled at the Highest Rate Since the Start of the Pandemic
Some homebuyers are backing out of deals as a slowing housing market gives them more room to negotiate. Others are being forced to renege on contracts because higher mortgage rates mean some homes are no longer affordable. Nationwide, roughly 60,000 home-purchase agreements fell through in June, equal to 14.9% of homes that went under contract
Scores of Pandemic Homebuyers Purchased Vacation Homes With High Natural-Disaster Risk
Purchases of second homes with high flood, storm and/or heat risk surged roughly 40% over the past two years. Many pandemic homebuyers purchased vacation homes, which are frequently vulnerable to natural disasters. In 2020 and 2021, purchases of second homes with high flood risk rose 45% from the prior two-year period (2018-2019), according to a
Housing-Market Competition Dropped to a 15-Month Low in May
Surging mortgage rates and home prices are causing more buyers to back off. That means sellers are less likely to receive multiple offers—but they’ll also face less competition when they buy their next home. Nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level
Investor Home Purchases Slump 17% From Pandemic Peak as Interest Rates Rise
Surging borrowing costs and home prices prompted real estate investors to pump the brakes in the first quarter. Many are hoping prices will drop so they can get better deals. Still, investors bought a record 20% of homes sold in metros tracked by Redfin as a slowdown in homebuying nationwide allowed them to continue growing
Luxury-Home Sales Sink 18%, the Biggest Decline Since the Start of the Pandemic
The luxury-housing market, which experienced a meteoric surge last year, is coming back down to earth amid a slumping stock market, rising mortgage rates and economic uncertainty. Sales of luxury U.S. homes fell 17.8% year over year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent
Homebuyer Competition Drops to Lowest Level in Over Two Years
The bidding-war rate dipped below 50% for the first time since the start of the pandemic in June as rising mortgage rates and inflation took a bite out of homebuyer budgets. Nationwide, 49.9% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in June. That’s the lowest share since May
The Deal Is Off: Home Sales Are Getting Canceled at the Highest Rate Since the Start of the Pandemic
Some homebuyers are backing out of deals as a slowing housing market gives them more room to negotiate. Others are being forced to renege on contracts because higher mortgage rates mean some homes are no longer affordable. Nationwide, roughly 60,000 home-purchase agreements fell through in June, equal to 14.9% of homes that went under contract
Scores of Pandemic Homebuyers Purchased Vacation Homes With High Natural-Disaster Risk
Purchases of second homes with high flood, storm and/or heat risk surged roughly 40% over the past two years. Many pandemic homebuyers purchased vacation homes, which are frequently vulnerable to natural disasters. In 2020 and 2021, purchases of second homes with high flood risk rose 45% from the prior two-year period (2018-2019), according to a
Housing-Market Competition Dropped to a 15-Month Low in May
Surging mortgage rates and home prices are causing more buyers to back off. That means sellers are less likely to receive multiple offers—but they’ll also face less competition when they buy their next home. Nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level
Investor Home Purchases Slump 17% From Pandemic Peak as Interest Rates Rise
Surging borrowing costs and home prices prompted real estate investors to pump the brakes in the first quarter. Many are hoping prices will drop so they can get better deals. Still, investors bought a record 20% of homes sold in metros tracked by Redfin as a slowdown in homebuying nationwide allowed them to continue growing
Luxury-Home Sales Sink 18%, the Biggest Decline Since the Start of the Pandemic
The luxury-housing market, which experienced a meteoric surge last year, is coming back down to earth amid a slumping stock market, rising mortgage rates and economic uncertainty. Sales of luxury U.S. homes fell 17.8% year over year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent
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