Even as mortgage rates fall, continued inventory concerns and affordability issues are keeping many on the sidelines as the summer buying season gets underway.
Read More »Typical U.S. Monthly Housing Payment Nears Record Highs
According to a new report from Redfin, near-7% mortgage rates continue to prevent both would-be homebuyers and potential home sellers from entering the market, despite the construction of new single-family homes nearing their highest level in almost 20 years.
Read More »Bidding Wars are Back Due to Low Inventory
Bidding wars, a trend that rose to record levels during the pandemic, are back due to lack of inventory, meaning that homes sold in May typically went for more than their list price.
Read More »Mortgage Apps Rise Slightly Week-Over-Week
While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.
Read More »Pending Home Sales Down 17% YoY
Pending home sales are down nearly 20%, representing the biggest decline in over four months, but people are still showing interest in homebuying despite the total number of U.S. homes for sale declining 6% from last June.
Read More »Refi Demand Falls 40% Behind Last Year’s Pace
Despite a rise in overall mortgage apps week-over-week, the MBA reports that mortgage rates are a percentage point higher than a year ago, and when combined with low for-sale inventory, is constraining home buying activity in many markets.
Read More »Rents Cool Nationwide as Rental Supply Continues Upward Trend
According to a new report from Redfin, asking rents fell just 2% in the West but rose 5% in the Northeast and Midwest as supply increased and rents began to cool nationwide.
Read More »Mortgage Rates Turn Downward
“While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers,” said Freddie Mac Chief Economist Sam Khater.
Read More »June Listings Lag, Hampering Home Sales & Shoring Up Prices
Despite the early-June underperformance, Redfin reports that home-tour numbers indicate pent-up demand that should translate into improved sales once mortgage rates drop.
Read More »All-Cash Home Purchases Account for Bigger Slice of Housing Market
According to a new report from Redfin, some 33.4% of U.S. home purchases in April were made in cash, marking the highest share of all-cash home sales since 2014.
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