The supply of homes for sale posted a record year-over-year increase this week as homes linger on the market. But some buyers are making their way back, with Redfin’s Homebuyer Demand Index showing an uptick in early-stage demand. The total number of homes for sale rose 18% from a year earlier during the four weeks […]
Housing Market Update: Homes Linger on the Market as Buyers Take Their Time Read More »
Redfin agents report some buyers are resuming their search as home prices and rates fall from their peak, but the uptick in house hunting hasn’t yet translated to sales. The typical U.S. home sold for roughly $352,000 during the four weeks ending December 18, down 10% from a peak of $391,000 in June and up
High mortgage rates are motivating affluent buyers to avoid loans and pay in cash. FHA loans are also making a comeback as a slowdown in homebuyer competition makes winning a home easier for bidders with lower down payments. Roughly one-third (31.9%) of U.S. home purchases were paid for with all cash in October, up from
Share of Homes Bought With All Cash Hits Highest Level Since 2014 Read More »
The share of Redfin.com users moving away from their home metro is near its record high as 6%-plus mortgage rates and inflation cut into homebuying budgets. Places like Las Vegas and parts of Florida are especially popular. Nationwide, 24.1% of homebuyers looked to move to a different metro during the three months ending in November,
Homebuyers Are Flocking to the Sun Belt, Attracted to Relatively Affordable Home Prices Read More »
Mortgage-purchase applications and Redfin’s Homebuyer Demand Index are both up by double digits since bottoming out earlier this fall, but demand is still much lower than it was a year ago. This week’s positive inflation news could lead to mortgage rates declining further and a gradual home-sale recovery early next year, even with the Fed
Housing Market Update: Early-Stage Demand Up Notably From October Trough Read More »
Recent homebuyers in certain places, like Sacramento and Phoenix, are at higher risk of falling underwater on their mortgage, while Florida homeowners are at even lower risk. Just 3.4% of U.S. homeowners who bought in the last two years would be underwater on their mortgage if home values were to fall 4% by the end
