“Elevated mortgage rates are preventing would-be buyers from buying and would-be sellers from selling. And because sellers aren’t selling, the buyers who are out there have very limited options,” said Redfin Chief Economist Daryl Fairweather.
Read More »Housing Market Struggles Headed Into Peak Summer Season
“The housing market remains sluggish heading into the spring homebuying season. While mortgage rates have retreated from recent peaks, they remain elevated compared with one year ago,” Chief Economist Mark Fleming said.
Read More »Higher Home Prices and Increasing Rates Causing Problems for Buyers
The “lock-in” effect is in full swing as the lack of sellers is impacting not just inventory but affordability as well.
Read More »Housing Demand, Home Prices Remain More Resilient Than Anticipated
According to Fannie Mae's Economic and Strategic Research Group expectations for Q1, the increase in the sales pace from the end of 2022 to the beginning of 2023 revealed that homebuying demand remains buoyant and was unexpectedly responsive to small declines in mortgage rates.
Read More »Q1 Home Prices Up Nearly 5% Percent YoY
"As expected, the annual rate of increase in home prices has slowed dramatically in response to the rapid and significant increase in interest rates," said Doug Duncan, SVP and Chief Economist at Fannie Mae.
Read More »Low Inventory Contributes to How Often Homes Change Owners
The rate at which homes change hands is down from its 2020 peak but has overall doubled in the last few decades due to insufficient housing.
Read More »Lock-In Effect Keeping Homeowners in Place
“A lot of sellers who don’t get the price they had hoped for are taking their homes off the market. Many of them have a rock-bottom mortgage rate and figure they can wait to sell,” said Shay Stein, a Redfin real estate agent in the Las Vegas area.
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