Some homebuyers in pandemic boomtowns and expensive coastal markets have lower monthly housing costs than they would have a year ago. That’s because home prices have come down enough to offset rising mortgage rates in many of those places. Nationwide, just 7% of for-sale homes cost less than a year ago. One-quarter of homes for […]
Redfin.com home searches in out-of-town destinations have dropped 4% from a year ago, compared with a 16% drop for searches near home. Migration is holding up relatively well because high housing costs are pushing homebuyers to more affordable places, which is also the reason why a record one-quarter of home searchers are looking to move
New listings are down more than 20% from a year ago as homeowners hang onto low mortgage rates. That’s causing buyers to snap up homes quickly and keeping prices from falling further; prices are down by roughly 3% annually, similar to the declines we’ve seen over the last month. New listings of homes for sale
Housing Market Update: Dearth of New Listings Keeps Home Prices From Falling Further Read More »
Gen Zers are tracking ahead of their parents’ homeownership rate: 30% of 25-year olds owned their home in 2022, higher than the 27% rate for Gen Xers when they were the same age. But the Gen Zers who didn’t take advantage of the pandemic-era’s low mortgage rates could be left behind. Millennials are tracking behind
Despite high housing costs and a limited supply of homes for sale, many people are out house hunting. The typical U.S. homebuyer’s monthly housing payment hit an all-time high of $2,538 as average weekly mortgage rates rose to 6.39% after five consecutive weeks of declines. The new high comes in spite of the median home-sale
New listings of homes for sale are down 25% from a year ago, marking the eighth straight month of double-digit declines. That’s making it difficult for buyers to find homes but giving some sellers a competitive edge. New listings of U.S. homes for sale dropped 25% from a year earlier during the four weeks ending
Housing Market Update: Buyers Can’t Buy if Sellers Won’t Sell Read More »
