Tag Archives: pending sales

A double-digit increase in new listings is helping bring house hunters off the sidelines, as Redfin reports new life in the marketplace to close out 2023.

As inflation eases and mortgage rates fell from their highest level, housing payments declined. A new Redfin report reveals an uptick in new listings, and what the drop in monthly payments could mean for homeowners and buyers in the coming year.

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.

Homebuyers backed out of deals at the highest rate on record in October, driving more home sellers to lower their prices and offer concessions to entice home shoppers. A new Redfin report revealed that a spike in new listings drove pending home sales to their highest level in a year.

According to a new report from Fannie Mae, a deceleration in home prices is likely in 2024, with economic growth projected to slow.

According to a new Redfin report, new listings have ticked up, but near-8% mortgage rates are causing many potential homebuyers to retreat, as purchase applications remain near their lowest level in nearly 30 years.

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.

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.

"The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers," said NAR Chief Economist Lawrence Yun.