Tag Archives: Redfin

According to the latest Redfin analysis, a surge in construction during the pandemic boom resulted in nationwide inventory growth, as the share of single-family homes is up 25% from Q3 of 2021.

Many Americans who were priced out of California moved in search of more affordable housing during the pandemic buying frenzy. The latest analysis from Redfin reports Nevada and Arizona lost Democrats but gained Independents as Californians migrated to majority-Republican states.

“With a recession looming and household expenses high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” said Redfin Economics Research Lead Chen Zhao.

Early in the pandemic, many made the decision to leave urban centers in favor of the suburbs and beyond. But according to Redfin, those who moved took not only their belongings but also their voting preferences too, turning some counties from red or blue to purple.

With home sales on the decline and mortgage application volume falling to a 25-year low, Redfin reports sellers’ time on market has doubled from the spring as buyers wait for both prices and rates to come down.

As overall mortgage rates edge closer to 7%, mortgage app volume experienced their fourth consecutive month of declines, with an uptick in ARM loans demonstrating that they remain a feasible option for borrowers seeking ways to reduce their monthly payments.

Continued economic instability and inflationary concerns forced more potential homebuyers to pull back from the market in September, as the MBA reported builder applications fell by 7% over August 2022’s data.

The pandemic threw many wrenches into the housing market, and a new report notes that, for the first time in years, space in suburban homes is now worth more than space in urban homes.

While rising supply is causing rent growth to slow, Redfin’s latest market report revealed rent growth experienced its first single-digit increase in a year, marking a significant slowdown from the estimated 20% growth in Q1. Here are the latest findings.

Redfin reports that housing market activity is plunging further this fall than it did over the summer, with increased concern over 20-year high mortgage rates compounded by a volatile U.S. economy.