Due to a plunge in home prices in the popular Bay Area metro, San Francisco homeowners were most likely to lose money when selling their home. According to a new Redfin report, the typical San Franciscan seller who took a loss sold their home for $100,000 less than they bought it for.
Read More »Overall Mortgage App Volume Falls to 27-Year Low
Despite a slight dip in mortgage rates, the MBA reports that mortgage application volume has fallen to lows last reported in December 1996, as rates and housing inventory continue to serve as major barriers to entry into the housing market.
Read More »Nationwide Home Prices Up 5% YoY
U.S. home prices experienced the biggest increase in 10 months due in part to a significant lack of inventory, increasing 5% year-over-year. Meanwhile, homes in the popular Miami metro surged 17% from last year.
Read More »Mortgage Rates Fall After Reaching Two-Decade High
After the fixed-rate mortgage hit levels recorded 21 years ago, Freddie Mac reported a five-basis point week-over-week slip in rates, and despite continued high rates, the nation’s short supply is keeping house prices steady.
Read More »Pending Home Sales Improve Over Recent Lows
“Fading recession fears and the prospect of further home price increases have brought some house hunters off the sidelines, but for the most part, buyers remain hesitant to jump into the market because their buying power is so much lower than it was a year ago,” said Redfin Chief Economist Daryl Fairweather.
Read More »Sun Belt, Florida Metros Remain Popular Despite Growing Climate Risks
Despite the increasing risks of flooding, heat waves, and hurricanes, Americans are still flocking to metros such as Las Vegas, Sacramento, and Tampa, which topped the list of most popular migration destinations in Redfin's latest report.
Read More »Despite High Rates, There are More Buyers than Inventory for Sale
“Some buyers are hoping they can get a home for under asking price to make up for high interest rates because they’re hearing the housing market is slow. But what’s happening nationally isn’t necessarily true [locally],” said Kristin Sanchez, a Redfin Premier Agent.
Read More »Mortgage Rates Bump Up to 21-Year High
Hitting levels last recorded in 2001, Freddie Mac reports the fixed-rate mortgage at 7.23% this week, forcing more prospective buyers to back to the sidelines and pushing purchase activity to a 28-year-low.
Read More »Demand Down Overall, Starter Homes at a Premium
“There’s a fair amount of demand for lower-priced single-family homes, which in this area means around $400,000 and under,” said Redfin Premier Agent Brynn Rea.
Read More »Home Builder Confidence Wanes in August
After seven straight months of positive sentiment in builder confidence, mortgage rates exceeding the 7% mark, as well as high shelter inflation, have eroded housing affordability and put a damper on consumer demand.
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