Phoenix, Atlanta, Tampa and Miami, all Sun Belt metros popular with relocating homebuyers, have the highest inflation rates in the country. Housing prices make up a big portion of the rising costs in those places. The most popular destinations for relocating homebuyers have the highest inflation rates in the U.S., partly because they’re attracting so […]
Migration Hotspots Have the Highest Inflation Rates Read More »
Homebuyers are seeking out less expensive locales like Tampa and San Antonio, partly because the surging cost of housing and other goods is limiting their ability to buy homes in many U.S. cities. A record 32.6% of Redfin.com users nationwide looked to move from one metro to another in the second quarter, up slightly from
Home sellers are contending with apprehensive buyers amid rising mortgage rates and the possibility of an oncoming recession. Price drops have become a common feature of the cooling housing market, particularly in places that were popular with homebuyers earlier in the pandemic. Nearly two-thirds (61.5%) of homes for sale in Boise, ID had a price
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
San Jose, Oakland and San Francisco are among the fastest-cooling housing markets in the U.S. as mortgage rates remain above 5% and the stock market falters, pricing many would-be buyers out of the market. The 10 markets cooling most are all in the western U.S. Housing markets in northern California are cooling faster than anywhere
The Bay Area Housing Market Is Cooling More Rapidly Than Anywhere Else in the Country Read More »
Redfin economists answered questions about what’s likely to happen in the housing market as the economy stumbles. High mortgage rates will likely keep homebuyer demand below the pandemic peak. Whether mortgage rates go up or down from here depends largely on whether inflation calms down or remains stubbornly high. Home prices are past their peak
