Tag Archives: Redfin

States including Florida, Texas, and Arizona exploded in popularity despite increasing climate change risk from storms, drought, wildfires, and extreme heat—but some insurance companies are pulling out of these markets.

A slowdown in inflation caused the 30-year, fixed-rate mortgage to take an 18-basis point week-over-week plunge after nearly crossing the 7%-mark the week prior.

“Even though buyers are trepidatious about high mortgage rates, we’re seeing bidding wars in several pockets of the market because there are so few options and even fewer good options,” said Redfin Premier Agent Jordan Hammond.

Redfin reports that just 11 of every 1,000 two-and three-bedroom urban homes have changed hands so far in 2023, as options for prospective buyers continue to dry up.

“Homebuyer demand has bottomed out,” Redfin Chief Economist Daryl Fairweather said. “High rates are still giving a lot of buyers pause, but the sticker shock is no longer as severe as it was when rates skyrocketed last year.

Taylor Marr, Deputy Chief Economist for Redfin, recently sat down with MortgagePoint to discuss recent migration trends, the direction of the market, and much more. Click through to hear his insights on the state of the nation’s housing landscape.

”It shows that the Fed’s interest-rate hikes are working and increases the chance they’ll only hike rates one more time this year,” said Redfin Economic Research Lead Chen Zhao.

Despite mortgage rates reaching their highest levels since November 2022, overall app volume rose week-over-week, led by an increase in both FHA and VA purchase applications.

Redfin reports that—for the first time since August 2022—the average sale-to-list price ratio has surpassed 100%, with low inventory and steady demand driving up home prices nationwide.

Due to a significant lack of homes for sale, the median U.S. home-sale price is down 0.9% year-over-year, according to a new housing market update from Redfin, representing the smallest decline in nearly four months.