Out-of-town moves among homebuyers have declined from a year ago because fewer people are moving, according to a new report from Redfin, as rising interest rates and high home prices continue to deter Americans nationwide.
Read More »Housing Payments Hit New High as Rates Surpass 7%
Monthly housing payments have reached a record-high of $2,614, as mortgage rates climbed to 7.12%, pricing out many homebuyers with tight budgets, according to Redfin.
Read More »Seller Concessions Becoming More Common, Especially in Pandemic-era Boomtowns
Sellers gave up the most in pandemic-era boomtowns, with Tampa, Florida reporting a bigger year-over-year growth in seller concessions than in any other metropolitan area.
Read More »The Lock-In Effect Keeping Inventory at Ultra-Low Levels
“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.
Read More »Metro Areas Where Homebuying Is Cheaper Than Renting Dwindling Nationwide
According to a new report from Redfin, while the typical U.S. home costs an estimated 25% more per month to own than rent, homebuying is only more affordable than renting in Detroit, Philadelphia, Cleveland, and Houston.
Read More »Elevated Mortgage Rates Continue to Handcuff the Housing Market
"Although a lot of homebuyers have acclimated to rates in the 6% range and many are finding ways to lower their monthly payments, like using a 2-1 buydown, high rates are handcuffing potential sellers,” said Redfin Deputy Chief Economist Taylor Marr.
Read More »Purchase Apps Fall to Slowest Pace in a Month
The MBA reports that overall app volume dropped nearly 6% week-over-week, with the 30-year fixed-rate mortgage jumping nine basis points to its highest level in nearly two months.
Read More »Fewer Homes Are Selling Than Usual This Spring
While spring is typically a hot homebuying season, new listings of homes for sale dropped 19% year-over-year in May, according to a new report from Redfin, leaving homebuyers circling an even smaller pool of listings.
Read More »Rent Hits an Average of $1,967
“The balance of power in the rental market is tipping back in tenants’ favor as supply catches up with demand. That’s easing affordability challenges and giving renters a little wiggle room to negotiate in some areas,” said Redfin Deputy Chief Economist Taylor Marr.
Read More »30-Year Mortgage Stands at 6.39%
According to new research from Redfin, the historic drop in active listings due to the “lock-in” effect is bringing back the pandemic trend of bidding wars as homeseekers compete for a shrinking share of homes.
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