Tag Archives: new listings

Even the most affordable metro areas analyzed in NerdWallet's latest Q2 housing activity report experienced price increases that decreased overall affordability, as rising home prices and high interest rates continue to make the homebuying process even more difficult for potential first-time buyers.

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.

Due to a plunge in home prices in the popular Bay Area metro, San Francisco homeowners were most likely to lose money when selling their home. According to a new Redfin report, the typical San Franciscan seller who took a loss sold their home for $100,000 less than they bought it for.

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.

“Fading recession fears and the prospect of further home price increases have brought some house hunters off the sidelines, but for the most part, buyers remain hesitant to jump into the market because their buying power is so much lower than it was a year ago,” said Redfin Chief Economist Daryl Fairweather.

A new report from CoreLogic revealed annual single-family rent growth has returned to pre-pandemic rates, growing by just 3.3% year-over-year in June, representing the lowest gain since autumn 2020.

Housing demand remains strong across the U.S., according to the RE/MAX National Housing Report for June, as home sales rose 5.4% from May, posting the highest median sales price since June 2022's peak price of $426,000.

“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.

"Home buyers have persisted this spring despite daunting affordability challenges and record-low inventory," said Jeff Tucker, Senior Economist at Zillow.

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.