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Tag Archives: active listings

Rising Home Prices Fueled by Ongoing Supply Shortage

Redfin's latest housing market update showed that the total share of homes on the market is down nearly 18% year-over-year, representing the biggest decline since February 2022. A significant lack of homes for sale caused home prices to rise nearly 5% annually, as mortgage-purchase applications remain at their lowest level in nearly three decades.

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Mortgage Rates Keeping Inventory Down, Prices Up

“Even though buyers are trepidatious about high mortgage rates, we’re seeing bidding wars in several pockets of the market because there are so few options and even fewer good options,” said Redfin Premier Agent Jordan Hammond.

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Median Home-Sale Price Down YoY

Due to a significant lack of homes for sale, the median U.S. home-sale price is down 0.9% year-over-year, according to a new housing market update from Redfin, representing the smallest decline in nearly four months.

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Typical U.S. Monthly Housing Payment Nears Record Highs

According to a new report from Redfin, near-7% mortgage rates continue to prevent both would-be homebuyers and potential home sellers from entering the market, despite the construction of new single-family homes nearing their highest level in almost 20 years.

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Pending Home Sales Down 17% YoY

Pending home sales are down nearly 20%, representing the biggest decline in over four months, but people are still showing interest in homebuying despite the total number of U.S. homes for sale declining 6% from last June.

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