Monthly housing payments hit a new record high this week as mortgage rates jumped, pricing out many homebuyers, especially those with limited budgets. But Redfin agents report that many serious buyers are used to high rates and remain in the market. Housing payments hit a new high this week as mortgage rates jumped due to […]
Sellers are handing out freebies to attract bidders as high mortgage rates dampen homebuying demand. But in some markets, there are so few homes for sale that sellers are bringing in multiple offers and don’t have to offer concessions. Home sellers gave concessions to buyers in 42.9% of U.S. home sales during the three months
Prices are falling by double digits in the Bay Area and rising by double digits in South Florida–a gap that’s near a 30-year high. The wild pandemic-era housing market made price growth trends more local than they had been since 2009. Real estate trends have been more local in the last year than they have
Buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston. The largest homeownership premium is in the Bay Area, where it’s twice as expensive to buy than rent. Nationwide, the typical home costs an estimated 25% more per month to own than rent. A drop in mortgage rates would cause the homeownership premium
There Are Only Four Major U.S. Metro Areas Where It’s Cheaper to Buy a Home Than Rent Read More »
U.S. home prices are down 2.7%, the smallest decline in over a month, and prices are dropping in fewer metros. That’s because there’s so little inventory hitting the market, with homeowners handcuffed to their houses by low rates. The median U.S. home-sale price fell 2.7% during the four weeks ending May 14, the smallest decline
Fewer homes are selling than usual this spring–but the ones that are changing hands are going fast, with a small pool of buyers circling an even smaller pool of listings. This week’s inflation report, which shows slow but steady progress on easing price gains, confirms it’s likely the Fed will pause on interest-rate hikes next
