Tag Archives: Homes for Sale

Record-high mortgage payments continue to motivate sellers to lower asking prices to attract more buyers, as a new Redfin report revealed the average homebuyer’s monthly housing payment is up nearly 9% year-over-year, reaching a new all-time high.

"The dynamics influencing the U.S. housing market appear to continuously work against everyday Americans, potentially to the point where they could start to have a significant impact on home prices," said Rob Barber, CEO for ATTOM.

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.

While economic uncertainties remain a struggle for many Americans, rate hikes continued to slow overall housing market activity in August as mortgage rates reached their highest in over two decades, according to HouseCanary's Market Pulse report.

"The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers," said NAR Chief Economist Lawrence Yun.

“Applications for purchase loans on newly constructed homes remained strong in July, up 36% annually, as new homes continued to account for a growing share of homes available for sale,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

A new report from NAR shows existing-home sales dipped 3.3% from May, while the median existing-home price for all housing types reached its second-highest mark of all time in June.

Following three quarters of decline, ATTOM reports that home investment returns rose in Q2, led by a springtime surge in buyer demand, pushing seller profits back up to nearly their highest level recorded in the past decade.

According to HouseCanary's latest Market Pulse report, net new listing volume continues to trail behind contract volume, putting further downward pressure on housing inventory and dampening market activity nationwide.

“Confidence in the housing market appears to have plateaued at a relatively low level, suggesting that many consumers may be coming to terms with elevated mortgage rates and high home prices,” said Doug Duncan, Fannie Mae SVP and Chief Economist.