Tag Archives: Redfin

“By Super Bowl weekend, we usually have a good idea how a given year’s housing market will play out. But this year is anything but typical,” said Redfin Economics Research Lead Chen Zhao.

The MBA reports a continued rise in borrower demand, as mortgage application volume rose for the third consecutive week, led by gains in both purchase and refi activity.

As homebuyers nationwide face inflationary home prices, those who purchased a home relocated at an unprecedented rate in Q4, as elevated mortgage rates and economic uncertainty drove many homebuyers to more affordable areas.

For the second consecutive week, mortgage rates have dipped, providing a much-needed boost to the housing marketplace and sparking a rise in overall mortgage app volume.

As the fixed-rate mortgage fell to a near-five-month low, prospective buyers and those seeking refis brought life into the marketplace, boosting mortgage apps 27.9% over last week’s totals.

New Redfin data reveals that Google searches for “homes for sale” were up nearly 50% from their November low during the week ending January 7. Here’s what else the data reveals about the state of the housing market.

An uptick in mortgage rates in November caused sales and prices to slow, but experts say there are early signs that housing demand may be creeping back around.

Redfin reports that 2023 has begun with homes selling for nearly the same price as a year earlier, with nationwide prices up just 0.5% year-over-year.

A new report from Redfin revealed homebuyers received concessions such as money for repairs and mortgage-rate buydowns in a record 42% of home sales in the fourth quarter, up 11% from a year earlier and marking the highest share of any three-month period recorded.

Elevated mortgage rates continue to accentuate affordability concerns, keeping many prospective buyers out of the market. Meanwhile, the MBA reports application volume slid to close out 2022.