Tag Archives: median asking price

It’s a chicken-or-egg situation for homebuyers and sellers. Demand is rising partly due to an uptick in new listings, and listings are increasing partly because sellers are noticing more buyers enter the market.

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.

According to Dana Anderson, a Data Journalist for Redfin, median sales prices occurred in eight of the top 50 metropolitan markets, while pending sales fell in all 50 markets at an average rate of 13%.

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.

“There’s a fair amount of demand for lower-priced single-family homes, which in this area means around $400,000 and under,” said Redfin Premier Agent Brynn Rea.

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.

“Prices falling from a year ago is a milestone because it hasn’t happened since the housing market was recovering from the 2008 subprime mortgage crisis. But it’s not surprising and in many ways, it’s welcome,” said Redfin Deputy Chief Economist Taylor Marr.

As mortgage rates climb toward 7%, the decline in new listings of homes for sale has slowed since December. A new Redfin report examines why many homebuyers continue to pull back from their home search.

As costs continue to rise and buyers are priced out of their local market, Redfin has found that the length of time a home is on the market ...

As mortgage rates surge at their fastest pace in decades, a new Redfin study revealed that homebuyers could save more than $15k over five years by taking out an adjustable-rate mortgage rather than a typical 30-year fixed-rate mortgage.