Tag Archives: Days on Market

Despite the early-June underperformance, Redfin reports that home-tour numbers indicate pent-up demand that should translate into improved sales once mortgage rates drop.

“First-time homebuyers are active and those entering the market have an edge as sellers are negotiating more and giving buyers a chance,” said RE/MAX President and CEO Nick Bailey.

"Although a lot of homebuyers have acclimated to rates in the 6% range and many are finding ways to lower their monthly payments, like using a 2-1 buydown, high rates are handcuffing potential sellers,” said Redfin Deputy Chief Economist Taylor Marr.

While spring is typically a hot homebuying season, new listings of homes for sale dropped 19% year-over-year in May, according to a new report from Redfin, leaving homebuyers circling an even smaller pool of listings.

According to HouseCanary's latest National Rental Report, demand for rentals is outpacing the increase in inventory, resulting in an increase in median listing prices and days on the market.

Both home sellers and homebuyers continue to struggle to navigate the market, with a new seller survey from Realtor.com revealing that home prices are up 7.8% from last year.

While overall home sales remain down 24.4% year-over-year, February home sales increased nearly 17% from January, according to the RE/MAX National Housing Report.

The RE/MAX National Housing Report revealed new listings recorded the largest month-to-month decline in December 2022, while markets with the biggest decrease in year-over-year new listing percentages were found in Sunbelt cities such as Las Vegas and Los Angeles.

The supply of homes for sale posted a record year-over-year increase in December, according to new data from Redfin's Homebuyer Demand Index, which showed an increasing rise in demand despite many homes lingering on the market due to rising mortgage rates.

According to a new report from Redfin, the Homebuyer Demand Index revealed declining rates have lured some homebuyers back into the housing market, with the typical home’s time on market rising at its fastest annual pace on record.