Redfin reports that the median U.S. asking rent in September was little changed from a year earlier for the sixth straight month, with a rise in the number of rentals making it harder for landlords to boost prices.
Read More »Black, Hispanic Homebuyers Continue to Experience Discrimination During Homebuying Process
According to a new Redfin survey, discrimination drove roughly 1 in 10 Black, Hispanic, and LGBTQ+ respondents away from their previous residences. In addition, some 32% of Black and Hispanic respondents reported facing discrimination during their recent home search, while 22% of LGBTQ+ respondents reported feeling the same.
Read More »Home Prices, Listings Up; Pending Sales Down
According to Dana Anderson, a Data Journalist for Redfin, median sales prices occurred in eight of the top 50 metropolitan markets, while pending sales fell in all 50 markets at an average rate of 13%.
Read More »Fed Pauses Rate Hike, Mortgage Rates Follow Suit
Mortgage rates gained just one basis point week-over-week according to Freddie Mac, marking the sixth consecutive week that the 30-year rate exceeded the 7% mark, pushing down home builder sentiment nationwide.
Read More »Purchase Apps for Conventional and FHA Mortgages on the Rise
Despite mortgage rates hitting the highest levels seen in a month, the MBA reports a week-over-week rise in overall mortgage application volume, led by renewed interest in FHA and conventional purchase apps.
Read More »Rents Remain Elevated But Show Signs of Cooling
Experts from Redfin explain why declining rent costs aren’t showing up in the data just yet, as landlords nationwide are issuing one-time discounts to attract tenants.
Read More »Economic Strength Keeping Mortgage Rates Above 7% Mark
As challenges persist for first-time homebuyers, mortgage rates trended upward yet again, rising six basis points week-over-week and remaining above the 7% mark for the fifth straight week.
Read More »Generation Z Feeling Crunch of Affordability Concerns
“The worsening housing affordability crisis has an outsized impact on Gen Zers and millennials because they’re much less likely to own a home than older generations,” said Redfin Chief Economist Daryl Fairweather.
Read More »Mortgage Rates Top 7% for Fourth Straight Week
“The housing market appears to be stuck heading into autumn, with sales activity likely to stay stagnant until housing inventory increases, and mortgage rates decline to more affordable levels,” said MBA President and CEO Bob Broeksmit. Click through to read more on this week's mortgage rates.
Read More »Rising Home Prices Fueled by Ongoing Supply Shortage
Redfin's latest housing market update showed that the total share of homes on the market is down nearly 18% year-over-year, representing the biggest decline since February 2022. A significant lack of homes for sale caused home prices to rise nearly 5% annually, as mortgage-purchase applications remain at their lowest level in nearly three decades.
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