Tag Archives: Median Home Price

Despite the increasing risks of flooding, heat waves, and hurricanes, Americans are still flocking to metros such as Las Vegas, Sacramento, and Tampa, which topped the list of most popular migration destinations in Redfin's latest report.

“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.

"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun.

“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.

"The number of homes for sale on the market is up significantly from a year ago, even though fewer homeowners have listed their home for sale in recent months,” said Danielle Hale, Chief Economist for Realtor.com.

Records were broken in nearly every ZIP code across the nation, but these cities saw the biggest gains.

Despite ongoing price corrections, home values in the top 50 metropolitan markets remain elevated up to 66% since the start of the pandemic.

Although homes are staying on the market longer compared to last year, numbers are still moving faster than pre-pandemic norms. Meanwhile, homebuyers nationwide are pulling back or halting their home searches due to affordability constraints.

In September 2022, existing-home sales fell for the eighth consecutive month. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today," said Lawrence Yun, Chief Economist for NAR.

Fitch Ratings expects that most issuers should be able to withstand current market conditions and potentially gain market share through scalable technology platforms, diversification, balance sheet strength, and access to liquid capital, all of which should afford them the flexibility to mitigate operational losses.