Migration

According to a new report from Redfin, some homebuyers are resuming their search as home prices and mortgage rates dip.

Marking a shift from 2021's leaders from the West Coast, a new Zillow study of the nation’s most searched markets found the town of Prairie Village at the top of its popularity rankings with site-leading page views of for-sale listings per day.

While the market continues to moderate, existing home sales slipped nearly 8% from October and 35.4% from the previous year, according to the National Association of Realtors.

The MBA reports that the downturn in mortgage rates has triggered homebuyer interest, as overall app volume has increased for the second consecutive week, and refinance activity rose 6% week-over-week.

Reaching their lowest point of the year, new listings dropped 21.4% from October, while home sellers also saw median sales price slip, though numbers remain nearly 4% higher than November 2021.

Though high mortgage rates and economic inflation are discouraging many Americans from moving, among the people who are still buying homes, one in four are searching outside of their hometown in relatively affordable areas and hotspots like Las Vegas and Florida.

“Slowing inflation and the hope of the Fed easing rate hikes in the new year are likely to bring mortgage rates down further and thereby improve homebuying demand,” said Redfin Deputy Chief Economist Taylor Marr.

A new study from RentCafe breaks down that information and examines where the nation’s most competitive rental markets can be found.

The latest analysis from LendingTree revealed that homes in snow-heavy states cost nearly $57,000 more than those that see fewer winter flurries, but many homebuyers are willing to pay.

A Harvard University study revealed people of color are far less likely to own their homes than whites nationwide, as newly established special purpose credit programs aim to address policies and practices that have restricted homeownership by Black, Indigenous, and other minority households.