Tag Archives: Redfin

A reluctance to sell means that increase has not yet translated to home sales, experts from Redfin report.

The MBA reports that mortgage app volume rose for the fourth consecutive week, fueled by a continued drop in rates at the outset of the spring buying season.

The share of U.S. homes worth at least $1 million slipped to 7% from 8.6% in June, according to a new report from Redfin, as inflated mortgage rates continue to cool the housing market.

The correlation between the asking price and the size of the down payment is behaving as expected—as the housing market has cooled over the past year, down payment amounts are down by 10%.

The dip in mortgage rates has kicked the spring homebuying season off on the right foot, as the MBA reports overall app volume on the rise for the third straight week, amid uncertainty over the health of the banking sector.

“Buyers today are way more demanding and selective. They’re willing to wait to find the perfect house, which wasn’t the case during the pandemic homebuying boom,” said Elena Fleck, a Redfin real estate agent in Palm Beach, Florida.

“Prices falling from a year ago is a milestone because it hasn’t happened since the housing market was recovering from the 2008 subprime mortgage crisis. But it’s not surprising and in many ways, it’s welcome,” said Redfin Deputy Chief Economist Taylor Marr.

Inflated mortgage rates and home prices pushed monthly housing payments to a record high of nearly $2,600, according to a new report from Redfin.

In a letter to President Joe Biden, Sen. Sherrod Brown, Chair of the Senate Banking Committee, has requested that the Administration utilize a “whole-of-government” approach to address housing affordability nationwide.

In April, the Five Star Institute will present its annual Government Forum, an event bringing together mortgage servicers and government officials under one roof to share their perspectives on the industry.