Tag Archives: Months of supply

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.

Why did NAR Chief Economist Lawrence Yun state that "the Federal Reserve simply cannot keep raising interest rates”? Check out the latest housing market data breakdown from the Existing-Home Sales Report.

Sixty thousand home purchases fell through in August, a recent high, for reasons ranging from inflation to mortgage interest rates and evaporating work-from-home opportunities. Click through to dive into the data behind this trend.

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.

"The inventory situation is unique—we are seeing it differ across the country depending on what area, but demand for housing is still strong. As rates stabilize, consumers' confidence should strengthen, helping boost market activity," says Nick Bailey, President and CEO of RE/MAX LLC.

Home prices are increasing due to the mismatch between supply and demand, as inventory remains low due to the lock-in effect. The total number of homes for sale is down 19%, the biggest drop in a year and a half, and new listings are down 21%.

“Even though buyers are trepidatious about high mortgage rates, we’re seeing bidding wars in several pockets of the market because there are so few options and even fewer good options,” said Redfin Premier Agent Jordan Hammond.