Tag Archives: Redfin

Just 21% of homes qualified as affordable to the average American as low inventory and rising interest rates are keeping people put.

The rate at which homes change hands is down from its 2020 peak but has overall doubled in the last few decades due to insufficient housing.

A record 25% of Redfin.com home searchers looked to move to a different U.S. metro in January, many in search of more affordable housing, as Miami, Sacramento, and Las Vegas were the most popular destinations.

As January 2023 marked the sixth month in a row with a single-digit rate rent increase, a new report from Realtor.com reveals less expensive metros are experiencing faster rent growth nationwide.

“A lot of sellers who don’t get the price they had hoped for are taking their homes off the market. Many of them have a rock-bottom mortgage rate and figure they can wait to sell,” said Shay Stein, a Redfin real estate agent in the Las Vegas area.

A four-month high in mortgage rates has led to a steady decline in overall mortgage application volume, as the MBA reports purchase applications falling to levels last seen in 1995.

According to a new Redfin report, the Bay Area housing market lost more value in percentage terms than anywhere else in the country as demand waned, while Florida continued to see large gains.

As mortgage rates climb toward 7%, the decline in new listings of homes for sale has slowed since December. A new Redfin report examines why many homebuyers continue to pull back from their home search.

“Homebuyers are starting to feel more confident as mortgage rates tick down closer to 6% than 7% and the overall economy chugs along with surprising resilience, especially in the labor market. Steadily cooling inflation is likely to prevent mortgage rates from jumping back up,” said Redfin Economics Research Lead Chen Zhao.

After five consecutive weeks of decreases, a slight uptick in mortgage rates forced mortgage app volume to fall nearly 8% week-over-week.